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| David J. Collis | Bharat N. Anand
2020, Paper: "Dynamic capabilities have been identified as a key determinant of competitive advantage. This paper explores the foundations of dynamic capabilities, and the limits to their effectiveness, first theoretically and then through the case of Danaher, the most successful US conglomerate for over three decades. Limitations of dynamic capabilities include that they (a) can be substitutable and (b) embody strategic choices themselves. The…