Third, despite the substantial body of work that has examined dynamic capabilities, the
approach has been subject to some important criticism. For instance, Williamson (1999)
argued that the concept of dynamic capabilities is tautologically linked to success and that
fundamental constructs are not properly operationalized, whereas Winter (2003) attributed
some mystery and confusion around the concept to its excessive connection to generic
formulas for universal effectiveness. Kraatz and Zajac (2001: 653) stated that “while the
concept of dynamic capabilities is appealing, it is a rather vague and elusive one which has
thus far proven largely resistant to observation and measurement.” Newbert (2007) found a
low level of support for a limited subset of empirical tests employing the dynamic capabilities
approach. Thus, the field would benefit from an enlarged overview of the research
produced so far to assess whether and to what extent such recurring criticisms are justifiable
and, more importantly, which specific procedures should be followed in future research