Scholars have primarily used case studies or simulations to understand dynamic capabilities; there have been very few empirical studies. The sample was drawn, from companies listed in the Top 1000 Firms in Taiwan. The final tally showed 157 firms, corresponding to a valid return rate of 15.7%. In this paper we conduct empirical tests using second order factor analysis on a model of dynamic capabilities. We found that a firm's dynamic capabilities can be inferred from its capability to integrate, learn and reconfigure. Using hierarchical regressions, we also found that the firm's resources and social capital have impact on its dynamic capabilities. However, path dependency does not seem to positively impact the firm's dynamic capabilities.