Table VII

Correlation analysis

VariablesMeanSD123456789
Control
Firm size431.63543.261.00        
Firm age34.5731.250.0021.00       
Industry factors3.2671.236−0.007−0.1121.00      
Independent
Tangible resources1.4970.94760.176*0.182*−0.097**1.00     
Intangible resources2.7780.78830.089*0.073−0.0460.214**1.00    
Capabilities3.5820.53640.210*0.147*0.0030.186**0.265**1.00   
Dependent
Sales turnover5.1671.5690.0690.0020.0540.0030.099**0.281**1.00  
Market share4.8721.3950.0080.056−0.083**0.110**0.164**0.376**0.393**1.00 
Profitability5.3291.4820.095**0.143*0.0320.197*0.239**0.388**0.402**0.436**1.00

Notes: *p<0.05; **p<0.01

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