Navigating the perpetual paradox: Unpacking dynamic managerial capabilities through a liminal lens

Abstract This study redefines dynamic managerial capabilities (DMCs) through the framework of liminality, revealing their emergence amidst the paradox of change and stability. Integrating liminality theory with DMC micro‐foundations—managerial cognition, human capital, and social capital—it proposes a novel position‐processual framework across pre‐liminal, liminal, and post‐liminal phases. The key finding is that DMCs are not just sustained but actively forged within change, leveraging liminality as a productive adaptive space. As managers transform their cognition, human, and social capital through these phases, DMCs dynamically evolve via a cyclical process of sensing, seizing, and reconfiguring. This perspective underscores how the strategic leveraging of these managerial factors bridges individual capabilities to robust, firm‐level dynamic capabilities, positioning managers as central to generating dynamic stability through continuous change.