Correlation analysis
| Variables | Mean | SD | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Control | |||||||||||
| Firm size | 431.63 | 543.26 | 1.00 | ||||||||
| Firm age | 34.57 | 31.25 | 0.002 | 1.00 | |||||||
| Industry factors | 3.267 | 1.236 | −0.007 | −0.112 | 1.00 | ||||||
| Independent | |||||||||||
| Tangible resources | 1.497 | 0.9476 | 0.176* | 0.182* | −0.097** | 1.00 | |||||
| Intangible resources | 2.778 | 0.7883 | 0.089* | 0.073 | −0.046 | 0.214** | 1.00 | ||||
| Capabilities | 3.582 | 0.5364 | 0.210* | 0.147* | 0.003 | 0.186** | 0.265** | 1.00 | |||
| Dependent | |||||||||||
| Sales turnover | 5.167 | 1.569 | 0.069 | 0.002 | 0.054 | 0.003 | 0.099** | 0.281** | 1.00 | ||
| Market share | 4.872 | 1.395 | 0.008 | 0.056 | −0.083** | 0.110** | 0.164** | 0.376** | 0.393** | 1.00 | |
| Profitability | 5.329 | 1.482 | 0.095** | 0.143* | 0.032 | 0.197* | 0.239** | 0.388** | 0.402** | 0.436** | 1.00 |
| Variables | Mean | SD | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Firm size | 431.63 | 543.26 | 1.00 | ||||||||
| Firm age | 34.57 | 31.25 | 0.002 | 1.00 | |||||||
| Industry factors | 3.267 | 1.236 | −0.007 | −0.112 | 1.00 | ||||||
| Tangible resources | 1.497 | 0.9476 | 0.176* | 0.182* | −0.097** | 1.00 | |||||
| Intangible resources | 2.778 | 0.7883 | 0.089* | 0.073 | −0.046 | 0.214** | 1.00 | ||||
| Capabilities | 3.582 | 0.5364 | 0.210* | 0.147* | 0.003 | 0.186** | 0.265** | 1.00 | |||
| Sales turnover | 5.167 | 1.569 | 0.069 | 0.002 | 0.054 | 0.003 | 0.099** | 0.281** | 1.00 | ||
| Market share | 4.872 | 1.395 | 0.008 | 0.056 | −0.083** | 0.110** | 0.164** | 0.376** | 0.393** | 1.00 | |
| Profitability | 5.329 | 1.482 | 0.095** | 0.143* | 0.032 | 0.197* | 0.239** | 0.388** | 0.402** | 0.436** | 1.00 |
Notes: *p<0.05; **p<0.01
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