Edited by Hartmut Hirsch-Kreinsen and Isabel Schwinge
Chapter 7: The relevance of the 'dynamic capabilities' perspective in low-tech sectors
Dynamic capabilities (DCs) and their role in firm strategy, value creation and competitive advantage have attracted a great deal of attention among scholars in recent years (e.g. Teece et al., 1997; Eisenhardt and Martin, 2000; Winter, 2003; Teece, 2007; Helfat et al., 2007). In their landmark article Teece et al. (1997) argue that dynamic capabilities enable organizations to integrate, build and reconfigure their resources and competencies and, therefore, maintain performance in the face of changing business environments. The notion of DCs was subsequently refined and expanded (e.g. Eisenhardt and Martin, 2000; Zollo and Winter, 2002; Teece, 2007; Helfat et al., 2007, among others) and was also related to the concept of entrepreneurship (e.g. Zahra et al., 2006; Boccardelli and Magnusson, 2006; Teece, 2010), entrepreneurial management (e.g. Augier and Teece, 2009) and knowledge management (e.g. Easterby-Smith and Prieto, 2008). Yet, despite the increasing research interest, there is limited empirical and theoretical work on dynamic capabilities and their role in knowledge-intensive entrepreneurship (KIE) (Protogerou and Karagouni, 2012). Therefore, several questions-related to DCs' conceptualization and role-still remain open. There is significant variation in the literature regarding the kind of external business environments that are relevant to dynamic capabilities: researchers have not yet reached a consensus on the role and usefulness of DCs in environments of varying degrees of dynamism (Zahra et al., 2006; Barreto, 2010).
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