Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494 485

Print ISSN: 2288-4637 / Online ISSN 2288-4645
doi:10.13106/jafeb.2020.vol7.no8.485

A Review of Dynamic Capabilities, Innovation Capabilities,

Entrepreneurial Capabilities and Their Consequences

Hieu Minh VU1

Received: June 02, 2020  Revised: June 28, 2020  Accepted: July 09, 2020

Abstract
The paper proposes a conceptual model which provides direction for researchers to empirically establish the connections between dynamic
capabilities, innovation capabilities, entrepreneurial capabilities and financial and strategic performance. The author uses systematic
literature review process to select the articles used in this study. First, the present paper review and discuss some major contributions
to the theories of dynamic capabilities, innovation capabilities, entrepreneurial capabilities and their consequences. The author seeks to
highlight different understandings of the concepts to clarify the distinctions between them. Second, the conceptual model and propositions
for future studies were developed. The proposed model highlights the different measures of dynamic capabilities, innovation capabilities,
entrepreneurial capabilities and their consequences. The model with its associated propositions was developed base on limitations and
gaps observed from past studies. It is focused on empirically testing the direct impact of dynamic capabilities, innovation capabilities, and
entrepreneurial capabilities on the performance of SMEs in Vietnam. Nevertheless, the proposed model can be applied to similar situations in
different contexts and countries. Further empirical testing of proposed model would contribute to enriching existing knowledge of dynamic
capabilities, innovation capabilities and entrepreneurial capabilities within SMEs and how these capabilities foster superior performance.

Keywords: Dynamic Capabilities, Entrepreneurial Capabilities, Financial Performance, Innovation Capabilities, Strategic Performance

JEL Classification Code: M10, L25, L26

1. Introduction capabilities (Eisenhardt & Martin, 2000; Winter, 2003),

in terms of how firms deploy resources and competences
There is a growing research interest on how firm (Johnson et al., 2014). The concept of capabilities and
capabilities promote competitiveness, business practice resources are not the same (Amit & Schoemaker, 1993).
and performance. In the past scholars have focused on It is not enough for firms to control tangible or intangible
organisations’ resources as a source of growth, competitive resources to survive in the marketplace. To meet the demands
advantage and innovation (e.g., Penrose, 1959; Wernerfelt, from new markets, revolutionary changes in technology
1984; Barney, 1991). Differences in firms’ performance or new business models, firms need to renew themselves
cannot be explained by the industry itself (Rumelt, 1991; (Chakravarthy & Doz, 1992) and be innovative. The ability
McGahan & Porter, 1997) but by differences in strategic to configure and reconfigure resources is important. There
are several types of capabilities in the literature.
The present paper focuses on dynamic capabilities,
innovation capabilities and entrepreneurial capabilities.
First Author and Corresponding Author. Lecturer, Faculty of Business
1
Amit and Schoemaker (1993) argue that capabilities can
Administration, Van Lang University, Vietnam [Postal Address: 45 be functional and rooted in specific areas of the firm.
Nguyen Khac Nhu, Co Giang Ward, District 1, Ho Chi Minh, 700000,
Vietnam] Email: [email protected] Dynamic capabilities explain the firm’s ability to develop
competitive advantage in the time of uncertainty and change
© Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution (Teece et al., 1997). Dynamic capabilities are useful in
Non-Commercial License (http://Creativecommons.org/licenses/by-nc/4.0/) which permits
unrestricted noncommercial use, distribution, and reproduction in any medium, provided the
coping with dynamic environments. According to Teece’s
original work is properly cited. (2014) dynamic capabilities involves sensing opportunities
486 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494

to meet customer needs, seizing opportunities to mobilize to cope with fast-changing environments. According to
resources and capture value, and continued renewal through Barreto (2010), dynamic capabilities are the firm’s potential
transformation. Extant literature shows several theoretical to systematically solve problems by sensing opportunities
studies on dynamic capabilities (e.g., Teece et al., 1997; and making timely market-oriented decisions. Eisenhardt
Eisenhardt & Martin, 2000; Teece, 2014). Yet, we do and Martin (2000) submitted that dynamic capabilities
not fully understand the relationship between dynamic comprise of product development, strategic decision making
capabilities and strategic performance in an emerging and alliancing. They assert that these capabilities are
market such as Vietnam. Innovation capability is a firm’s identifiable, and the basic processes and activities are similar
ability to mould and manage multiple capabilities (Lawson across firms but they are not equal across industries. Helfat
& Samson, 2001). Innovation capability enables firms et al. (2007) note that dynamic capability is the capacity of a
to integrate key capabilities and resource to successfully firm to purposefully develop, expand or modify its resource
stimulate innovation. Few scholars have examined the role base. Most literature reviews on the nature of dynamic
of entrepreneurial capability on new venture performance capabilities (e.g., Wang & Ahmed, 2007; Easterby-Smith et
(e.g., Zahra et al., 2011; Zhang et al., 2009; Abdelgawad et al., 2009; Breznik & Hisrich, 2014) treat Teece et al. (1997)
al., 2013). Yet, there is a lack of consensus on the concept of as the original definition of dynamic capabilities.
entrepreneurial capability (Afzal et al., 2018). In light of Teece (2014), dynamic capabilities seek to
Prior studies place less emphasis on the importance match business opportunities and user needs by learning
of using the firm’s capabilities to keep them current and processes that are hard to copy. For analytical purposes,
productive (Zollo & Winter, 2002; Winter, 2003). To Teece (2007) notes that dynamic capabilities can be
develop and optimise entrepreneurial capability, firms operationalised as the capacity (1) to sense and shape
need to coordinate the mindsets and actions of managers to opportunities and threats, (2) to seize opportunities, and
spot and exploit opportunities. Entrepreneurial capability (3) to sustain competitiveness by improving, combining,
facilitates the internal and external changes that enable firms protecting, and, when necessary, reconfiguring the business
to be competitive in the marketplace (Zahra et al., 2011). enterprise’s resources. According to Teece (2007), sensing
Thus, this paper x-rays the relationship between dynamic capability is the capacity of firms to constantly scan, spot,
capabilities, innovation capabilities, entrepreneurial and explore opportunities across technologies and markets.
capabilities their consequences. The objective of this In a fast-changing market, new information and knowledge
study is to develop a Dynamic Capability-Innovation can create opportunities for innovation. Sensing involves
Capability-Entrepreneurial Capability-Performance link investment in research and development. Extant literature
model and suggest propositions for validation of the suggests that research activity promote a firm’s knowledge
proposed model. This objective is achieved by reviewing and the ability of firms to evaluate the new information
and discussing some central contributions to the literature (Cohen & Levinthal, 1990; Todorova & Durisin, 2007).
on capabilities (dynamic capabilities, innovation capabilities Other studies demonstrate that externally available
and entrepreneurial capabilities). This paper is arranged information and resources influence all innovation activities
as follows. In the following section, this paper presents an and the development of a firm (Yam et al., 2011). Integration
overview of the review of concepts of dynamic capabilities, capability is one of the three components of managerial
innovation capabilities and entrepreneurial capabilities. functions which are relevant to dynamic capabilities (Teece
Followed by the methodology used in this study. Finally, et al., 1997). Structural complexity and the number of
discussion, conclusions and limitations and suggestions for
organizational units leads to an increase of transactional cost
future research are presented.
across organizational units (Teece, 2007). In this context,
dynamic capability emphasizes more on optimising the
2.  Literature Review
transfer of technology/information between and among
2.1.  The Concept of Dynamic Capabilities the various units in a firm. Indeed, integration facilitates
learning, sharing of know-how and expertise through the
Collis (1994) opine that dynamic capabilities are transfer of technology and know-how within an organisation
organizational capabilities that make it possible to transform (Teece, 2014).
ordinary capabilities over time. He adds that dynamic Integration capability focuses on both internal
capabilities face three challenges; erosion, substitution coordination and external integration activities such
and learning about higher-order capabilities over time. as integrating market and customer knowledge and
In the word of Teece, Pisano, and Shuen (1997), dynamic integrating knowledge of emerging technologies
capabilities, connotes the ability of a firm to integrate, (Iansiti & Clark, 1994) and transforming resources into
develop, and reconfigure internal and external competences innovative outputs. Reconfiguration capability enables
 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494 487

firms to maintain profitable growth by recombining and 2.3.  The Concept of Entrepreneurial Capabilities
reconfiguring assets and organisational structures to adapt
to changing markets and technologies. Reconfiguration Extant literature suggests that entrepreneurial capabilities
capability support firms to maintain evolutionary fitness consists of four distinct and interrelated dimensions that
and enable them to escape from unfavourable path focus on sensing, selecting, shaping, and synchronizing
dependencies (Teece, 2007). Karim and Capron (2016) of opportunities (Birkinshaw, 2001; Bingham et al., 2007;
pointed out that reconfiguration capability includes Felin, Zenger, & Tomsik, 2009). The sensing dimension
activities such as adding, redeploying, recombining, or is about spotting or envisioning market and technological
divesting resources or business units. opportunities within and outside an industry (Burgelman
Adaptive capability suggests a firm’s ability to quickly & Grove, 2007; Klein, 2008). Alert scanning and searching
coordinate and reconfigure resources to respond to sudden (Tang, Kacmar, & Busenitz, 2012), experimenting (Dyer,
environmental changes (Gibson & Birkinshaw, 2004) while Gregersen, & Christensen, 2009), and imagining (Felin et al.,
sustaining performance (Aggarwal, Posen, & Workiewicz, 2009; Klein, 2008) are important mechanisms for sensing.
2015; Kaur & Mehta, 2016). It has been argued that adaptive Sensing opportunities can come from employees, managers
capability allows a firm to spot and leverage the opportunities and decision-making process of an organisation. Shaping
emerging in the market (Tseng & Lee, 2014; Hofer, Niehoff, connotes orchestrating of relationships among internally and
& Wuehrer, 2015). Firms possessing adaptive capability learn externally available capabilities and resources for opportunity
faster (Akgün, Keskin, & Byrne, 2012), quickly respond to realization (e.g., Felin et al., 2009). Synchronizing focuses on
changes in line with firm priorities (Wang & Ahmed, 2007) simultaneous exploration and exploitation of opportunities
and integrate external information into the knowledge base and harmonizing a firm’s actions with the speed of the
of the firm (Tseng & Lee, 2014). environment (Bourgeois & Eisenhardt, 1988; Eisenhardt,
1989). Synchronizing operates through three mechanisms:
2.2.  The Concept of Innovation Capabilities temporal heuristics focus on sequence, pace, and timing.
Procedural heuristics articulates process or actions
The concept of innovation capabilities is confusing and for opportunity execution. Priority heuristics emphasizes
is complementary to that of dynamic capabilities (Brezinik the ranking of opportunities in terms of their importance
for the firm (Bingham et al., 2007). Entrepreneurial
& Hisrich, 2014). Wang and Ahmed (2007) use innovation,
capabilities co-evolve with the environment (Lewin &
adaptive and absorptive capabilities to conceptualise
Volberda, 1999; Volberda & Lewin, 2003) and is developed
innovation capabilities. Teece (2007) assert that selecting
through experience and reflection (Bingham et al., 2007).
products and business models are two core business
In this context, entrepreneurs can re-conceptualize their
processes central to innovation. From strategic management
environments, identify changes and emerging opportunities.
stance, innovation and innovation capabilities can be an
Considering the skills and resources needed by entrepreneurs,
aspect of dynamic capabilities. entrepreneurial capabilities must align with the dynamics of
According to Lawson and Samson (2001), innovation the ecosystems and opportunities being optimised. Other
capability connotes the ability to mould and manage several scholars suggest that entrepreneurial capabilities consist of
capabilities. Arguably, firms with innovation capability can several subtle human characteristics such as passion and self-
integrate important capabilities and resources to successfully achievement, integrity and commitment, ethical leadership
foster innovation. Indeed, a firm’s reconfiguration capability and active learning and analysis (Ohyama, Braguinsky, &
promote continuous transformation and enable them to Murphy, 2004; Cardon et al., 2005; Cardon et al., 2009;
obtain new resources and capture innovation benefits. Tang, Kacmar, & Busenitz, 2012).
Other scholars have conceptualised innovation capabilities
as consisting of marketing innovation, product innovation 2.4.  Empirical Review
and process innovation capabilities (e.g., Camison & Villar-
Lopez, 2014; Nwachukwu, Chladkova, & Olatunji, 2018). 2.4.1.  Dynamic Capabilities and Its Consequences
Product innovation capability allows firms to effectively
change their resources into innovative offerings that are Chakrabarti, Vidal, and Mitchell (2011) demonstrated
unique and are better in terms of quality to exceed customers’ that the development of the institutional market environment
expectations (Camison & Villar-Lopez, 2014). Process influences the ability of firms to benefit from the
innovation capabilities are linked to a firm ability to improve reconfiguration of resources and businesses. The literature
its internal processes (Damanpour, Walker, & Avellaneda, shows that the relationship between dynamic capabilities
2009) and reduce the cost of production (Damanpour, 2010) and competitive advantage of firms is unclear (e.g.,
which foster superior performance. Chaharmahali & Siadat, 2010; Krzakiewicz, 2013). Some
488 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494

scholars opine that dynamic capabilities do not show the that innovation capability is essential for firms to cope with
attributes of heterogeneity and hence cannot be a source of the rapid-changing turbulent environment and to gain a
competitive edge (e.g., Zahra, Sapienza, & Davidsson, 2006; competitive advantage.
Easterby-Smith & Prieto, 2008; Ogunkoya et al., 2014) and Past studies have shown that firms with higher
that the impact of dynamic capabilities is limited (Zott, 2003) innovative capabilities outperform competitors, post higher
and indirect (Cepeda & Vera, 2007; Nieves & Haller, 2014). profitability and survive in the marketplace for a long time
Other researchers argue that dynamic capabilities foster (Alfirevic & Talaja, 2013; Agbim et al., 2014; Alrubaiee, Al-
competitive advantage (e.g., Ambrosini & Bowman, 2009; zubi, Hanandeh, & Ali, 2015; Granados, 2015; Wijekoon &
Arndt, 2011; Aramand & Valliere, 2012; Li & Liu, 2014; Galahitiyawe, 2015). Other scholars suggest that different
Wang et al., 2015; Lee, Wu, Kuo, & Li, 2016) and technical innovation capabilities such as marketing innovation
performances (Yi, Han & Cha, 2018). The author reason that capability (e.g., Nwachukwu et al., 2018), product
dynamic capabilities promote competitiveness and enhance innovation and process innovation capabilities (Camison &
firm performance. Indeed, past studies that affirmed the Villar-Lopez, 2014) are important for firm success. More
connection between the individual dynamic capability and of that, innovation capabilities have positive impacts on
competitiveness are highlighted below. financial performance (Hoang & Ngoc, 2019). The findings
Adaptive capability helps a firm to quickly adapt to the fast- of the study done by (Lee & Xuan, 2019) suggest that
changing environment (Kaehler, Busatto, Becker, Hansen, & manufacturing (i.e. technology and product innovation) is
Santos, 2014), create value and survive in the marketplace positive relation to the total factor productivity increase in
(Rouse & Ziestma, 2008). Thus, adaptive capability can the short-run and total output growth in the long-run. Also,
enable a multinational firm to gain a competitive advantage promoting technology and innovation management and
(Dixon, Meyer, & Day, 2013). Absorptive capability supporting R&D subsidies may reduce the marginal cost of
facilitates the transformation of new or acquired knowledge conducting R&D and increase the rate of technology and
into usable knowledge that allows a firm to gain competitive innovation management and R&D activity.
advantage (Zhou & Li, 2010; Adeniran & Johnston, 2012)
and strategic edge over competitors (Delmas, Hoffmann, 2.4.3. Entrepreneurial Capabilities and Its
& Kuss, 2011; Duchek, 2013; Su, Ahlstrom, Li, & Cheng, Consequences
2013). A firm ability to absorb external knowledge can lead
to the firm achieving competitive advantage (Fogg, 2012). In the literature, entrepreneurial capability has been
Even though researchers recognise that dynamic capabilities examined using two perspectives; institution and individual
of the firm may positively contribute to firm performance. skill and knowledge. Afzal, Siddiqui, and Dutta (2018)
Yet, there is no strong empirically evidence in the literature examined the influence of entrepreneurial capabilities on
that supports this notion (Hitt et al., 2001; Helfat et al., 2007). innovation performance and new venture performance. They
More so, most of the studies were conducted in developed found that entrepreneurial capability dimensions of passion,
countries. It will not be out of place to examine this subject integrity and commitment, leadership and management
in emerging market contexts. capability and learning capability have a positive impact
on innovation performance. Further, entrepreneurial
2.4.2.  Innovation Capabilities and Its Consequences capabilities dimensions are positively associated with new
venture performance and prior experience. Zahra and George
Extant literature suggests that innovation promote (2002) reported that entrepreneurial capabilities promote
competitiveness and growth (e.g., Pitelis, 2009), performance organisational change. Burgelman and Grove, (2007)
(e.g., Cho & Pucik, 2005; Lestari, Leon, Widyastuti, Brabo, submitted that entrepreneurial capabilities induce change
& Putra, 2020) and firm’s price to book value (Basuki, into the firm’s environment to foster a competitive edge.
Pulungan, & Udin, 2020). Firms need to deploy, mobilize, Entrepreneurial capability involves judgments and
actions of an entrepreneur that contributes to reshaping and
integrate and dynamically align their resources and
leveraging a firm’s capability portfolio (Adner & Helfat,
capabilities to innovate and achieve competitive advantage
2003; Augier & Teece, 2009), firm competitiveness and
(Liao, Kickul, & Ma, 2009; Yam, Lo, Tang, & Lau, 2011). In
performance (Lestari, Leon, Widyastuti, Brabo, & Putra,
the study of Chinese firms, Guan and Ma (2003) found that 2020). Entrepreneurship plays an important role in creating
innovative capabilities influence export performance. They corporate capabilities as (e.g., marketing, R&D, operations
concluded that export growth is associated with the total capability), has a positive effect on dynamic capability (Yi,
improvement of innovation capability dimensions, except Han, & Cha, 2018). Empirical studies on entrepreneurial
for manufacturing capabilities. Keskin (2006) submitted capability are scanty. The author reason that more studies
that market orientation and learning impact positively on will uncover the role entrepreneurial capability plays in
innovation capabilities in SMEs. Cabral (2010) reported promoting superior performance in varying contexts.  
 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494 489

3.  Research Methodology performance and environmental performance. The author

anticipates that future empirical research will support the
A systematic literature review was done to identify relationship between these variables and provide insight
relevant articles within the entrepreneurship, innovation into the capabilities that can foster performance. Based
and strategic management literature. Systematic literature on the literature review, the author makes the following
review method reduces bias through a comprehensive propositions;
literature search (Tranfield, Denyer, & Smart, 2003). The
author conducted a search using the keywords, dynamic 1. Dynamic capabilities will foster financial and strategic
capabilities, innovation capabilities and entrepreneurial performance
capabilities. The review focused on both qualitative and 1a. Integration capability will foster financial and
quantitative studies from 1959 to 2020. The author included strategic performance
studies that focussed on dynamic capabilities, innovation 1b. Reconfiguration capability will foster financial and
capabilities and entrepreneurial capabilities related concepts. strategic performance
In total 102 articles from EBSCO host, Google Scholar, 1c. Adaptive capability will foster financial and
Scopus and Web of Science databases were reviewed. strategic performance
2. Innovation capabilities will positively influence
4.  Findings and Discussion financial and strategic performance
2a. Product innovation capability will positively
Capabilities focus on how a firm optimise and align with influence financial and strategic performance.
environmental changes to gain competitive advantage. It 2b. Process innovation capability will positively
shows an organisation ability to assess changes in market influence financial and strategic performance
trends and share resources accordingly (Oktemgil & 2c. Marketing innovation capability will positively
Gordon, 1997). Thus, competitive advantage emanates from influence financial and strategic performance.
competitive behaviour and depend on strategic resources and 3. Entrepreneurial capabilities promote financial and
capabilities owned and controlled by a firm (Nwachukwu strategic performance.
& Chladkova, 2019). Even though past studies have
demonstrated a connection between the analysed concepts, Building on literature, the author proposes a framework
competitive advantage and new venture performance. Yet, that draws on past studies to stimulate research agenda in
research that examines the relationships between dynamic strategic management (organisational capabilities) and
capabilities, innovation capabilities, entrepreneurial entrepreneurship within Small and Medium Enterprises
capabilities, and financial and strategic performance (SMEs) in the emerging market, particularly Vietnam.
simultaneously is still lacking. Figure 1 shows the proposed relationship between dynamic
Therefore, this study develops and presents a conceptual capabilities, innovation capabilities, entrepreneurial
model and propositions to examine the direct and combine capabilities and performance. Based on Figure 1, this paper
effects of dynamic capabilities, innovation capabilities, identifies three propositions in a bid to empirically test the
entrepreneurial capabilities, and their consequences relationships.
(financial and strategic performance). Consequently, the Where: DC- dynamic capability, INC- innovation
proposed perspective will require further investigations capability, EC- entrepreneurial capability, IC- integration
into the relationship between dynamic capabilities, capability, RC- reconfiguration capability, AC- adaptive
innovation capabilities, entrepreneurial capabilities and capability, PIC- product innovation capability, PSIC- process
financial and strategic performance indicators. It is evident innovation capability, MIC- marketing innovation capability,
from the literature review that dynamic capabilities have PF- Performance, FP- financial performance, SP- strategic
three dimensions; integration capability, reconfiguration performance.
capability and adaptive capability. Innovation capabilities
focus on product innovation capability, process innovation 5. Conclusions
capability and marketing innovation capability. The
present study focuses on human characteristics aspect of Firms can reduce inefficiencies and post superior
entrepreneurial capabilities (e.g. passion, self-achievement, performance by developing innovative capabilities. The
integrity and commitment, and active learning and analysis). proposed model highlights the different measures of
Consequences are operationalised based on Santo and dynamic capabilities, innovation capabilities, entrepreneurial
Britos (2012) which measured financial performance capabilities and their consequences. The model with its
with profitability and growth and strategic performance associated propositions was developed base on limitations
with customer satisfaction, employee satisfaction, social and gaps observed from past studies. It is focused on
490 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494

Figure 1: Conceptualization of dynamic capability, innovation capability,

entrepreneurial capability-performance link proposed model.

empirically testing the direct impact of dynamic capabilities, research should empirically test the goodness of fit
innovation capabilities, entrepreneurial capabilities on and variables conceptualised in this study. Researchers
the performance of SMEs in Vietnam. Nevertheless, the need to empirically examine the connections between
proposed model can be applied to similar situations in dynamic capability, innovation capability, entrepreneurial
different contexts and countries. Further empirical testing capability and performance. It would be interesting to
of proposed model would contribute to enriching existing ascertain if there are different types of dynamic capability,
knowledge of dynamic capabilities, innovation capabilities
innovation capability and entrepreneurial capability; such
and entrepreneurial capabilities within SMEs and how these
capabilities foster superior performance. The author proposes variety could explain, the different strategic actions that
that each of these capabilities consists of several multiple firms pursue in their respective industries. It would be
dimensions. Arguably, dynamic capability, innovation useful to explore how these different capabilities influence
capability and entrepreneurial capability are important to organisational adaptation, survival and performance. A
changing the competitive game. Thus, adding to the existing five-point Likert scale ranging from 1 = strongly disagree
literature explaining game change. The current paper sets to 5 =strongly agree should be used to collect data from
an agenda for research on these issues and call for future respondents. SmartPLS Structural equation Modelling
empirical studies of how SMEs deploy their capabilities to (SEM) should be employed to test the relationship in the
enhance both financial and strategic performance. proposed research model. Smart PLS software is useful
for prediction-oriented and exploratory study (Hair et al.,
6.  Limitations and Future Research Agenda
2016). More so, Smart PLS is suitable for simultaneously
The present study only developed a conceptual model addressing multiple dependency associations with higher
and three main propositions for empirical testing. Future statistical efficiency (Ringle & Sarstedt, 2016).
 Hieu Minh VU / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 485–494 491

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