Dynamic managerial capabilities: A critical synthesis and future directions

The literature on dynamic managerial capabilities (DMCs) has grown considerably and has evolved over the past two decades. Helfat and Martin (2015) reviewed this literature, which helped clarify the nomological network surrounding DMCs while synthesizing the empirical literature related to its impact on strategic change and firm performance. In this paper, we build on their work by applying bibliometric techniques to trace the evolution of this multidisciplinary construct. The analysis of 33 key journals and 188 articles spanning more than three decades (1989–2023) comprises distinct time periods and longitudinal trends that support meaningful visual representations of the bibliographic data. The findings reveal seven foundational themes for DMC research: upper echelons, cognitive biases, cognitive strategic groups, capability configurations, issue interpretation, individual & group characteristics, and market & network orientation. We also extend the DMC framework of Helfat & Martin (2015) by including political capital as the fourth underpinning. On the basis of the temporal and topic trend analysis, we conclude with recommendations for further research avenues that can shed light on the future of DMC literature. We also highlight practical implications for practicing managers and firms to strengthen competitive differentiation by building and leveraging DMCs.