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The article integrates theoretical perspectives from the resource-based view of the firm, dynamic capabilities and contingency. It explains one particular characteristic of the general business environment of the firm, regulatory uncertainty, and its influence on dynamic capabilities of a corporate political strategy (nonmarket strategy) and value creation. I argue that scanning and predictive capabilities as well as institutional influence capabilities will lead to a reduced perceived uncertainty by the firm. In consequence, firms that perceive a high regulatory uncertainty aim at developing these dynamic capabilities. Further, I argue that firms with stronger nonmarket capabilities will rather drive to pursue investments under perceived regulatory uncertainty than firms with weaker nonmarket capabilities.