Penelitian ini bertujuan untuk menginvestigasi anteseden dynamic capabilities dan pengaruhnya terhadap kinerja perusahaan dengan konteks transformasi di Sub-Holding Pembangkitan Listrik PT PLN (Persero) menuju net-zero emission. Terdapat enam anteseden dynamic capabilities yaitu resource, knowledge management and learning, alliance, entrepreneurial orientation, environmental dynamism dan stakeholder pressure yang diuji pengaruhnya terhadap dynamic capabilities dan kinerja perusahaan. Dynamic capabilities juga diteliti sebagai mediator antara hubungan anteseden dengan kinerja perusahaan. Terdapat sejumlah 13 hipotesis yang diuji menggunakan partial least square structural equation modeling (PLS-SEM) dengan teknik pengumpulan data menggunakan survei dan berhasil terkumpul sampel sejumlah 250 responden. Model struktural dibangun berdasarkan kerangka teoritis kemudian disesuaikan dengan konteks penelitian dan hasil uji validitas dan reliabilitas. Hasil analisis menunjukkan bahwa resource tidak berpengaruh positif terhadap dynamic capbilities serta dynamic capbilities tidak dapat memediasi hubungannya terhadap kinerja perusahaan. Walaupun demikian, knowledge management and learning, alliance, entrepreneurial orientation, environmental dynamism dan stakeholder pressure berpengaruh positif terhadap dynamic capabilities serta dynamic capabilities dapat memediasi hubungannya terhadap kinerja perusahaan. Pengaruh paling besar terhadap dynamic capabilities ditunjukkan oleh entrepreneurial orientation dimana membuktikan perusahaan dalam rangka untuk mengintegrasikan, membangun, dan mengkonfigurasi ulang kompetensi internal dan eksternal mereka memerlukan entrepreneurial orientation yang kuat untuk mendukung keberhasilan proses dynamic capabilities. Hasil analisis juga menunjukkan bahwa dynamic capabilities pengaruh positif kinerja perusahaan.

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This research aims to investigate the antecedents of dynamic capabilities and their influence on company performance in the context of transformation in the Sub-Holding Generation Company of PT PLN (Persero) towards net-zero emissions. There are six antecedents of dynamic capabilities, namely resources, knowledge management and learning, alliance, entrepreneurial orientation, environmental dynamism, and stakeholder pressure, which are tested for their influence on dynamic capabilities and company performance. Dynamic capabilities tested as a mediator between the antecedents of dynamic capabilities and company performance. There were 13 hypotheses tested using partial least squares structural equation modeling (PLS-SEM) with data collection techniques using surveys and a sample of 250 respondents was successfully collected. The structural model is built based on a theoretical framework and then adapted to the research context and with the results of validity and reliability tests. The results of the analysis show that resources do not have a positive impact on dynamic capabilities and dynamic capabilities cannot mediate their relationship with company performance. However, knowledge management and learning, alliance, entrepreneurial orientation, environmental dynamism, and stakeholder pressure have a positive impact on dynamic capabilities and dynamic capabilities can mediate their relationship to company performance. The greatest influence on dynamic capabilities is shown by entrepreneurial orientation, which proves that PT PLN (Persero) in order to integrate, build and reconfigure their internal and external competencies requires a strong entrepreneurial orientation to support the success of the dynamic capabilities process. The analysis results also show that dynamic capabilities have a positive impact on company performance.