Strategic flexibility: a systematic review and future research directions

Abstract

Purpose

Strategic flexibility (SF) has become an important factor for firm viability and success amidst uncertain and fast-changing environments. Firms should supplement their primary strategy with alternative ones to change courses of action whenever required. Despite these benefits, some firms are constrained by the high costs of investments. Hence, this paper aims to synthesize and systematically review extant empirical studies on SF and to provide suggestions for future research.

Design/methodology/approach

The authors conducted a systematic review following the Theory, Context, Characteristics, and Methods (TCCM) framework based on 88 journal articles from 34 high-ranking publications.

Findings

The study shows that extant SF literature focuses on antecedents and outcomes and draws on three main theoretical perspectives. It also presents a growing trend of SF literature in various contexts.

Originality/value

This study provides a systematic review of SF literature from both theoretical and empirical perspectives using the TCCM framework. It highlights the significance of SF in management research and global context.

Citation

Chanphati, J. and Thosuwanchot, N. (2023), "Strategic flexibility: a systematic review and future research directions", Journal of Strategy and Management, Vol. 16 No. 3, pp. 470-491. https://doi.org/10.1108/JSMA-08-2022-0134