Knowledge transfer within multinational companies can impact subsidiary performance. Two sources of knowledge transfer, from headquarters and peer subsidiaries, influence a subsidiary's capabilities and performance. Both sources positively affect a subsidiary's capabilities, but at different rates. An entrepreneurial culture in a subsidiary can enhance the impact of headquarters knowledge transfer on capabilities, but weaken the impact of peer subsidiary knowledge transfer. This shows that an entrepreneurial culture can have both positive and negative effects on knowledge transfer within a multinational company network.