The notion of dynamic capabilities complements the premise of the resource‐based view of the firm, and has injected new vigour into empirical research in the last decade. Nonetheless, several issues surrounding its conceptualization remain ambivalent. In light of empirical advancement, this paper aims to clarify the concept of dynamic capabilities, and then identify three component factors which reflect the common features of dynamic capabilities across firms and which may be adopted and further developed into a measurement construct in future research. Further, a research model is developed encompassing antecedents and consequences of dynamic capabilities in an integrated framework. Suggestions for future research and managerial implications are also discussed.
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