Abstract

The COVID-19 pandemic heightened environmental uncertainty and challenged efficiency-oriented innovation strategies. This study examines how crisis-responsive dynamic capabilities affect firm performance in the post-COVID-19 era and whether these effects differ across technology levels. Using panel data on 174 firms from the Survey on Technology of Small and Medium Enterprises (2022– 2023), dynamic capabilities are measured by changes in R&D intensity and shifts in innovation types, while performance is captured by sales growth. The results show that dynamic capabilities do not uniformly improve short-term performance; changes in R&D intensity exhibit negative and nonlinear effects, reflecting adjustment costs and learning delays. Importantly, these effects vary by technology level, with pronounced nonlinear patterns observed among medium-high- and high-technology firms. The findings highlight the contingent and nonlinear nature of dynamic capabilities in the post-pandemic context.