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Dynamic capabilities, value creation and value capture: Evidence from SMEs under Covid-19 lockdown in Poland

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  • Wojciech Dyduch
  • Paweł Chudziński
  • Szymon Cyfert
  • Maciej Zastempowski

Abstract

Dynamic capabilities, resulting from activities that allow conscious and skillful modification of a firm’s strategic potential, are seen as one of the key drivers of a firm’s value creation, competitive advantage and above-average performance in changing environments. However, little is known about how dynamic capabilities can shape business survival and performance during crises. The research objective of this paper is twofold. First, through a literature review, we seek to identify which first-order dynamic capabilities–managerial decisions under uncertainty—are vital for rapid response to a crisis. Second, we present the results of research carried out among 151 small and medium-sized companies in Poland immediately after the beginning of the economic lockdown (April 2020). The survey that we developed identifies which dynamic capabilities were essential for businesses to survive during this unexpected black swan event. We also present dependence and regression analyses showing the links between the identified dynamic capabilities and value creation, understood as retaining employees and production levels, as well as value capture, understood as maintaining cash flow and current revenues.

Suggested Citation

  • Wojciech Dyduch & Paweł Chudziński & Szymon Cyfert & Maciej Zastempowski, 2021. "Dynamic capabilities, value creation and value capture: Evidence from SMEs under Covid-19 lockdown in Poland," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-28, June.
    • Handle: RePEc:plo:pone00:0252423
    DOI: 10.1371/journal.pone.0252423
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    References listed on IDEAS

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    1. J. L. Morrow & David G. Sirmon & Michael A. Hitt & Tim R. Holcomb, 2007. "Creating value in the face of declining performance: firm strategies and organizational recovery," Strategic Management Journal, Wiley Blackwell, vol. 28(3), pages 271-283, March.
    2. David J. Teece, 2007. "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance," Strategic Management Journal, Wiley Blackwell, vol. 28(13), pages 1319-1350, December.
    3. Sidney G. Winter, 2003. "Understanding dynamic capabilities," Strategic Management Journal, Wiley Blackwell, vol. 24(10), pages 991-995, October.
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    2. Batara Surya & Hernita Hernita & Agus Salim & Seri Suriani & Iwan Perwira & Yulia Yulia & Muhlis Ruslan & Kafrawi Yunus, 2022. "Travel-Business Stagnation and SME Business Turbulence in the Tourism Sector in the Era of the COVID-19 Pandemic," Sustainability, MDPI, vol. 14(4), pages 1-37, February.
    3. Eltigani Ahmed & James Kilika & Clare Gakenia, 2021. "SME Resilience to Covid-19: Insights from Non-Essential Service Providers in Nairobi," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(4), pages 24-39, October.
    4. Zbigniew J. Makieła & Magdalena M. Stuss & Karolina Mucha-Kuś & Grzegorz Kinelski & Marcin Budziński & Janusz Michałek, 2022. "Smart City 4.0: Sustainable Urban Development in the Metropolis GZM," Sustainability, MDPI, vol. 14(6), pages 1-19, March.
    5. Grzegorz Kinelski & Jakub Stęchły & Piotr Bartkowiak, 2022. "Various Facets of Sustainable Smart City Management: Selected Examples from Polish Metropolitan Areas," Energies, MDPI, vol. 15(9), pages 1-23, April.
    6. Marzena Czarnecka & Grzegorz Kinelski & Magdalena Stefańska & Mateusz Grzesiak & Borys Budka, 2022. "Social Media Engagement in Shaping Green Energy Business Models," Energies, MDPI, vol. 15(5), pages 1-19, February.
    7. Zbigniew J. Makieła & Grzegorz Kinelski & Jakub Stęchły & Mariusz Raczek & Krzysztof Wrana & Janusz Michałek, 2022. "Tools for Network Smart City Management—The Case Study of Potential Possibility of Managing Energy and Associated Emissions in Metropolitan Areas," Energies, MDPI, vol. 15(7), pages 1-21, March.
    8. Eltigani Ahmed & James Kilika & Clare Gekenia, 2022. "Strategy-induced organisational resilience through dynamic resource orchestration: Perspectives of former Kenyan bankers," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(2), pages 92-103, March.
    9. Jacques Bughin & Francis Hinterman & Sybille Berjoan, 2022. "A Good Crisis (not) Wasted: How Exploiting and Expanding Dynamic Capabilities Shape Corporate Performance During the Covid Pandemic," Working Papers TIMES² WP2022-051, ULB -- Universite Libre de Bruxelles.
    10. Trujillo-Gallego, Mariana & Sarache, William & Sousa Jabbour, Ana Beatriz Lopes de, 2022. "Digital technologies and green human resource management: Capabilities for GSCM adoption and enhanced performance," International Journal of Production Economics, Elsevier, vol. 249(C).

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