Business strategy – A systematic literature review

Abstract

This study conducts a systematic literature review to consolidate and systematize the knowledge base on business strategy (BS) from the dynamic capabilities perspective. Drawing on a dataset of 35 articles retrieved from the Scopus database over the period 2016–2025, the study employs bibliometric analysis using the bibliographic coupling technique implemented in VOSviewer to identify the intellectual structure and prominent research streams in this field. The results reveal five major research streams: (i) business strategy in relation to sustainability and organizational capabilities; (ii) business strategy and firm performance; (iii) business strategy and corporate finance; (iv) business strategy and corporate governance systems; and (v) business strategy in the context of digital technologies and innovation. This review provides an integrative framework that systematizes the fragmented literature on business strategy by clarifying the linkages among strategy, dynamic capabilities, organizational mechanisms, and firm outcomes. The identified research clusters highlight the multidimensional nature of business strategy, which is shaped by both internal resources and environmental contexts while simultaneously influencing firms’ financial and non-financial performance. Overall, the study addresses key theoretical gaps and proposes directions for future research on digital transformation, sustainability, and firms’ strategic adaptability in increasingly turbulent business environments.