This study examines how dynamic capabilities influence firm performance in Japan. Using integrated reports (N = 62), we identify a U-shaped relationship between transforming capability and operating profit margin, suggesting ‘transformation pain’ – an initial performance decline during reconfiguration. Crucially, female board representation significantly moderates this link, acting as a strategic buffer. Corporate values also positively impact performance. These findings suggest that this diversity enhances organizational resilience during structural renewal in the Japanese context.
SUZUKI et al. (Thu,) studied this question.