Table 1.

Descriptive statistics and correlations among the variables.

Variables	Mean	S.D.	1	2	3	4	5	6	7	8	9	10
1. CEO male	0.94	0.29
2. CEO age	4.49	1.67	−0.024
3. CEO education	4.01	1.26	0.121	−0.105
4. CEO tenure	60.67	57.09	0.055	0.117	0.038
5. Private	0.54	0.50	0.094	−0.192**	0.076	0.276**
6. Manufacturing	0.53	0.50	−0.285**	0.199**	−0.401**	−0.165*	−0.262**
7. Firm size	0.59	0.50	0.115	−0.103	0.180*	0.065	0.267**	−0.357**
8. Firm age	15.53	13.63	0.069	0.131	−0.304**	−0.100	−0.270**	0.255**	−0.341**
9. CEO EO	5.07	1.31	0.022	−0.284**	−0.110	0.130	0.096	−0.191*	−0.073	−0.151*
10. Dynamic capabilities	5.80	0.66	0.036	−0.196**	−0.167*	0.116	−0.085	−0.083	−0.180*	−0.035	0.552**
11. Firm performance	5.22	0.99	0.009	−0.211**	−0.039	0.097	0.086	−0.183*	−0.170*	−0.164*	0.382**	0.209**

N=188; CEO, Chief Executive Officer; and EO, Entrepreneurial Orientation.

^* p<0.05;

^** p<0.01.