Dynamic capabilities research is hampered by a theoretical divide. This divide concerns, first, whether dynamic capabilities are routine or not, and, second, whether firms in dynamic environments deploy routine or non‐routine dynamic capabilities. The divide is significant for theory, as it...

This article investigates why either the buyer or the supplier would accept the greater risks associated with asymmetrical investments in specific assets in an exchange relationship. It proposes theoretical arguments and offers empirical evidence from a sample of 149 buyer–supplier...