The paper by Véronique Ambrosini and Cliff Bowman reviews the concept of dynamic capabilities in strategic management. Dynamic capabilities are processes that enable firms to create and renew valuable, rare, imperfectly imitable, and substitutable (VRIN) resources in changing environments. The concept emerged in the 1990s as an extension of the resource-based view (RBV), addressing how firms can adapt and sustain competitive advantage over time. The authors highlight that dynamic capabilities are shaped by internal and external factors, including managerial perceptions and motivations. They also identify key processes such as reconfiguration, leveraging, learning, and creative integration. However, the paper notes that dynamic capabilities do not automatically lead to performance improvements and can have negative outcomes if misused. The authors discuss the challenges in empirical research and the need for further theoretical and empirical work to better understand and apply dynamic capabilities in practice. They conclude that while dynamic capabilities provide valuable insights into change processes within firms, their current utility is limited due to a lack of empirical evidence and managerial prescriptions.The paper by Véronique Ambrosini and Cliff Bowman reviews the concept of dynamic capabilities in strategic management. Dynamic capabilities are processes that enable firms to create and renew valuable, rare, imperfectly imitable, and substitutable (VRIN) resources in changing environments. The concept emerged in the 1990s as an extension of the resource-based view (RBV), addressing how firms can adapt and sustain competitive advantage over time. The authors highlight that dynamic capabilities are shaped by internal and external factors, including managerial perceptions and motivations. They also identify key processes such as reconfiguration, leveraging, learning, and creative integration. However, the paper notes that dynamic capabilities do not automatically lead to performance improvements and can have negative outcomes if misused. The authors discuss the challenges in empirical research and the need for further theoretical and empirical work to better understand and apply dynamic capabilities in practice. They conclude that while dynamic capabilities provide valuable insights into change processes within firms, their current utility is limited due to a lack of empirical evidence and managerial prescriptions.