Table 2.

Results of regression analysis for dynamic capabilities and firm performance.

Variables	Dynamic Capabilities		Firm Performance
	Model 1	Model 2	Model 3	Model 4	Model 5
Controls
CEO male	0.136	0.117	0.232	0.162	0.044
CEO age	−0.053	−0.053*	−0.071	−0.044	−0.038
CEO education	−0.061	−0.066	−0.031	−0.000	−0.047
CEO tenure	0.002	0.001	0.001	0.000	−0.000
Private firm	−0.231*	−0.227*	0.081	0.200	0.163
Firm size	−0.174	−0.157	−0.499**	−0.410**	−0.499**
Firm age	−0.003	−0.002	−0.013*	−0.012*	−0.011*
Independent
CEO EO	0.242***	0.240***	0.217***	0.092	0.072
Mediator
Dynamic Capabilities				0.514***	0.485***
Moderator
Manufacturing		−0.083			−0.365*
Interaction
CEO EO* Manufacturing		0.143*			0.034
R2	0.369	0.390	0.219	0.292	0.314
R2 change	0.192	0.021	0.067	0.073	0.022

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

^* p<0.05;

^** p<0.01;

^*** p<0.001.