Abstract
 

Dynamic capabilities represent one of the most active research areas in the strategy field of study. However, there are still many questions that scholars have not yet answered. A research question of particular relevance today is: How can dynamic capabilities support SMEs during an economic crisis caused by a pandemic? 

In the year 2020, a global coronavirus pandemic (COVID-19) emerged that has damaged several sectors, in particular by weakening the economy of small and medium-sized businesses. This paper addresses this issue by examining the literature available to date and provides a theoretical answer by investigating the influence of dynamic capabilities on the resilience of SMEs during the COVID-19 outbreak and previous exogenous crises. The paper shows that several companies have exploited dynamic capabilities in the past to deal with economic crises caused by exogenous factors. Moreover, it emerges that dynamic capabilities can represent a winning strategy for SMEs in surviving extreme uncontrollable turbulences.