COVID-19 wreaked havoc on public health and the global economy. Small and medium-sized enterprises (SMEs) were hit especially hard. In this research note, we test the ability of dynamic capabilities (DCs) to predict SME performance during the pandemic. Based on our analysis of data from a survey conducted in the United States, we find that DCs meaningfully predicted both operational levels and revenue. Furthermore, while the empirical literature suggests that SME size is positively related to DC efficacy, we found that this effect was reversed during COVID-19, as the positive link between DCs and performance was stronger for smaller SMEs.

COVID-19 对公共卫生和全球经济造成了严重破坏。中小企业受到的打击尤其严重。在本研究报告中，我们测试了动态能力 (DC) 在大流行期间预测 SME 绩效的能力。根据我们对在美国进行的一项调查数据的分析，我们发现 DC 对运营水平和收入都有有意义的预测。此外，虽然经验文献表明 SME 规模与 DC 效率呈正相关，但我们发现这种效应在 COVID-19 期间被逆转，因为 DC 与绩效之间的正向联系对于较小的 SME 更强。