The entrepreneurial capability (EC) environment of a given local or regional system refers to a set of social and economic factors that exert influence on entrepreneurial processes occurring within said system. To this end, the goal of the currently presented work is to determine and empirically validate the said EC factors in relation to the entrepreneurial environments of the Association of South East Asian Nations (ASEAN)-5, namely Indonesia, Thailand, Singapore, Malaysia, and the Philippines, both at the regional and national levels. For this purpose, the presented research adapted the entrepreneurial perceived capabilities framework to first investigate the key determinants of EC that affect key entrepreneurial processes, such as the seeking of new opportunities and the decision to venture into new commercial opportunities, within the context of ASEAN-5 economies. Next, the identified variables were empirically tested via an examination of their coefficients in relation to their impact on entrepreneurial perceived capabilities. Succinctly, the current work applied recent consistent estimation of panel bootstrap random-effects model to determine time variant changes with respect to the studied variables in the panel sample. The data used in the current work was obtained from the Global Entrepreneurship