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.

While most researchers interested in the concept of dynamic capabilities focus their attention on analyzing how companies transform their resources to compete in their environment, the process of developing dynamic capabilities is treated as a marginal issue. Although the literature suggests various approaches to developing dynamic capabilities, they are formulated in general terms, and doubts can be raised about the links between actions. There is also a lack of empirical research indicating the links between activities in the process of developing dynamic capabilities and their influence on the effectiveness of an organization. The aim of the study is to formulate a proposal for a model of the process of developing dynamic capabilities aimed at increasing the economic effectiveness of a company and to determine the links between the activities in the model. The theoretical contribution of the paper consists in presenting a model of the process of developing dynamic capabilities aimed at increasing the economic effectiveness of the company. The results presented in the paper refer to an empirical examination of the model of developing dynamic capabilities, covering five activities: searching for opportunities; knowledge management and learning; coordination; configuration and reconfiguration; and organizational adaptation. The study also includes an examination of the possible impact the components of the dynamic capabilities building process have on a company’s performance. The study uses the survey method and data was obtained from top managers. The conclusion, based on data from 471 Polish companies, was made using structural equation modelling. The results of the empirical research suggest that the individual activities in the process of developing dynamic capabilities are interconnected, and through mutual interactions and couplings, they positively affect the economic effectiveness of an enterprise. The results indicate that searching for opportunities is the precursor, and the main factor influencing the other activities in the process, which suggests that managers should focus on improving activities in this area.

Taking into account the impact of the COVID-19 and adopting the assessment optics of students from Generation Z currently entering the labor market, we have made the aim of this article to provide better insight into the relationship between Industry 4.0 and corporate social responsibility. The survey was conducted in the form of an online survey in two leading universities in Poland in the field of economic education. 646 students took part in the survey. The data were analyzed using logit regression models. The results of the study suggest that the increase in the use of management solutions supporting Industry 4.0 in the wake of the COVID-19 crisis will increase the importance of the economic, social, and environmental dimensions of corporate social responsibility. Pointing to the forecasted increase importance of corporate social responsibility, we suggest linking management solutions supporting Industry 4.0 with corporate social responsibility. However, we also draw attention to the impact of individual management solutions supporting Industry 4.0 on specific Corporate Social Responsibility (CSR) dimensions.

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SummaryDynamic capabilities are an essential theoretical construct that is useful for understanding the phenomenon of competition. Still, in spite of the apparent popularity of this subject, the existing management literature could do with more studies into processes that shape dynamic capabilities.The purpose of this article is to systematise different approaches to the dynamic capabilities concept as they are found in the existing literature, with a particular focus on its relevance to modern-day organisations as a tool to increase their competitiveness. The other goal is to discuss two issues that are critical to the dynamic capabilities concept. Firstly, what are the conditions for the predominant role of dynamic capabilities in the area of strategic management? Secondly, can the dynamic capabilities concept be treated as an underlying theoretical and methodological framework for strategic choices in modern-day organisations?