Abstract: Based on the reflection of traditional capability research and the rise of microfoundations research, the existing researches focus on the concept of dynamic managerial capabilities (DMC), as well as the relationships between it and organizational strategic change/performance/capability, but lacks theoretical supplement to the DMC mechanism under the data-driven background. In this paper, we take Fanscar as the case to explore the new connotation of DMC in data-driven enterprises. The findings are as follows: (1) Data-driven DMC presents new changes on the basis of managerial cognition, managerial human capital and managerial social capital. (2) Each foundation interweaves with each other and acts on the construction of DMC. (3) Executive behavior as an explanatory mechanism externalizes individual characteristics. Unlike previous studies, which are based mainly on the perspective of enterprise as a whole, this paper reveals the DMC construction model based on data-driven from the perspective of individual, which has practical significance for the ability training of top management team and digital innovation decision-making.

Key words: data-driven, dynamic managerial capabilities, top managers’ behavior, microfoundations, case study