From Financial Crisis to Operational Disruption: Understanding How Dynamic Capabilities Drive Crisis Recovery
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2026-07-10
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en
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This study explores how dynamic capabilities influence firm recovery from financial crises, and whether this relationship is moderated by operational disruptions. Drawing on secondary data, dynamic capabilities are operationalized through R&D and advertising investments. The dataset includes 740 Chinese firms affected by the 2015 stock market crash and 316 Japanese firms impacted by the 2011 Great East Japan Earthquake and Tsunami. Using linear regression analysis, the study assesses the effect of dynamic capabilities on firm performance, measured by return on assets (ROA). The findings indicate that firms with high dynamic capabilities have significantly better firm performance than those with low capabilities during and after a crisis. Surprisingly, firms affected by an operational disruption demonstrate more effective recovery than those facing financial crises. These findings contribute to strategic and crisis management literature and underline the importance of investment in dynamic capabilities to enhance firm performance during difficult and uncertain times
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Faculteit der Managementwetenschappen