This paper analyses the interaction between exploiting and further investing in dynamic capabilities during a crisis, taking the prevailing COVID-19 pandemic as case study. In line with Wenzel et al. (2020), we show that exploiting, and investing in, capabilities act as complement to boost...

The literature has long emphasized that ICT returns are boosted by ICT complements. especially for disruptive and transformational technologies, such as digital technologies. We estimate returns associated with a broad family of digital technologies, and zoom at two types of complements:...