In this study, we seek to understand how four dimensions of national business systems surrounding the corporate headquarters of multinational firms influence corporate technological entrepreneurship (CTE). After controlling for fairly well‐established antecedents of corporate technological entrepreneurship at the firm and industry levels, we find that national‐level predictors explain considerable variance above and beyond our control variables. Furthermore, we find that various national‐level dimensions influence different measures of CTE. Overall, our study points to the remarkably strong role of home institutional context for understanding two types of technological entrepreneurship pursued by relatively large, multinational firms based in 24 different economies.