When and How Much? Dynamic Capabilities Investment as Resilience Responses during the COVID-19 Crisis

This paper analyses the interaction between exploiting and further investing in dynamic capabilities during a crisis, taking the prevailing COVID-19 pandemic as case study. In line with Wenzel et al. (2020), we show that exploiting, and investing in, capabilities act as complement to boost superior corporate resilience, while the effect is contingent on the pandemic life-cycle, i.e., is especially visible and positive when crisis has peaked.