DOES STRATEGIC FLEXIBILITY INFLUENCE ORGANISATION PERFORMANCE OF COMMERCIAL BANKS IN KENYA? THE MODERATING ROLE OF ENVIRONMENTAL DYNAMISM
Main Article Content
Abstract
Commercial banks offer crucial financial services for a country's economic growth. However, a noticeable erratic trend in profitability in this banks has raised a lot of concern. In addition, the banks are facing challenges regarding customer satisfaction, corporate reputation and brand loyalty. Consequently, this study sought to determine whether environmental dynamism has a moderating effect on the relationship between strategic flexibility and organisation performance of commercial banks in Kenya. Positivism philosophy provided the foundation of this study. The study adopted descriptive and explanatory research designs. The target population comprised the 39 commercial banks in Kenya. Stratified random sampling was used to select 207 heads of functional areas. This cross-sectional survey used a semi-structured questionnaire to collect primary data. The questionnaire was administered using the drop and pick method to give respondents ample time to fill them. The validity of the instrument was determined through face, construct and content validity. The reliability was assessed by conducting a pilot study to determine the Cronbach’s alpha index whose value was 0.844, thus met the threshold of 0.7. The research yielded a response rate of 72.5%. Diagnostic tests for multicollinearity, homoscedasticity, linearity and normality were conducted. Descriptive and inferential statistics were used to analyze quantitative data. Frequency counts, percentages, sample means, sample standard deviations, and coefficients of variation were all used in descriptive analysis. Regression analysis, correlation, and inferential statistics were utilized to test the hypothesised association at a 95% confidence level and determine the type and strength of the relationships between the variables. While narratives were used to present qualitative data, text, tables, and statistical measurements were used to present quantitative data. The findings indicate that strategic flexibility has a significant effect on organisation performance in commercial banks in Kenya. Secondly, the findings indicate that environmental dynamism partially moderates this association. Consequently, the study recommends that heads of corporate strategy should implement policies that support the need for investing in rigorous environmental scanning processes that can assist them to monitor environmental changes, anticipate potential disruptions and proactively adjust their strategies. Similarly, it is recommended that the chief finance officer should focus on development of financial flexibility in their banks to ensure that resources needed to address changes in the environment are readily available when needed.
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References
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Ajike, E. O., Nwankwere, I. A., & Adeleke, A. A. (2023). The moderating effect of marketing competence on the relationship between strategic flexibility organizational performances of quoted pharmaceutical companies in Nigeria. International Journal of Research in Finance and Management, 6(1), 353-363. DOI: https://doi.org/10.33545/26175754.2023.v6.i1d.225.
Alam, M. S., Rabbani, M. R., Tousif, M. R., & Abey, J. (2021). Banks’ performance and economic growth in India: A panel of cointegration analysis. Economies, 9(1), 38. https://doi.org/10.3390/economies90100038.
Alwajid, F. K., Mohammed, J. S., & Hussain, A. N. (2023). Strategic flexibility and its reflection on banking performance: An analytical study in Iraq commercial banks. World Economics & Finance Bulletin (WEFB, 206-220.
Awais, M., Ali, A., Khattak, M. S., Arfeen, M. I., Chaudhary, M. A. I., & Syed, A. (2023). Strategic flexibility and organizational performance: mediating role of innovation. SAGE Open, 13(2). https://doi.org/10.1177/21582440231181432.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1) 99-120. Doi.10.1177/014920639101700108
Beltrán-Martín, I., Bou-Llusar, J. C., & Salvador-Gómez, A. (2021). HR flexibility and firm performance in professional service firms. Journal of Management & Organization, 1-22. doi:10.1017/jmo.2021.5
Bharadwaj, A. S (2000). A resource-based perspective on information technology capability and firm performance: An empirical investigation. MIS Quarterly, 24 (1), 169-196.
Brozovic, D. (2018). Strategic flexibility: A review of the literature. International Journal of Management Reviews, 20, 3–31.
Central Bank of Kenya (2023) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2022) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2021). Credit officer survey Report. CBK, Nairobi.
Central Bank of Kenya (2020) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2019) Annual Bank supervision report. CBK, Nairobi.
Chen, L., Zhai, L., Zhu, W., Luo, G., Zhang, J., Zhang, Y. (2021). Financial performance under the influence of the coronavirus disease 2019: Effects of strategic flexibility and environmental dynamics in big data capability. Front. Psycho.12. https://doi.org/10.3389/pp-syg.2021.798115.
Christofi, M., Pereira, V., Vrontis, D., Tarba, S. & Thrassou, A. (2021). Agility and flexibility in international business research: A comprehensive review and future research directions. Journal of World Business, 56. Available at https://doi.org/10.1016/j.jwb.2021.101194.
Child, J. (1972). Organizational structure, environment and performance: The role of strategic choice. Sociology-the Journal of the British Sociological Association – SOCIOLOGY, 6. 1-22. 10.1177/003803857200600101
Child, J. (1997). Strategic choice in the analysis of action, structure, organizations and environment: Retrospect and prospect. Organization studies, 18(1), 43-76.
Edgar, W. B., & Lockwood, C. A. (2021). Understanding, Finding, and Conceptualizing Core Competence Depth: A Framework, Guide, and Generalization for Corporate Managers and Research Professionals: Working Paper Series--11-03.
Field, A. (2013). Discovering statistics using SPSS (4th ed.). SAGE Publications: London, United Kingdom.
Haarhaus, T., & Liening, A. (2020). Building dynamic capabilities to cope with environmental uncertainty: The role of strategic foresight. Technological Forecating and Social Change, 155. https://doi.org/10.1016/j.techfore.2020.120033.
Hayes, A. F. (2022). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach (3rd ed.). The Guilford Press.
Helfat, C. E. & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24, 997-1010. https://doi.org.10.1002/smj.332.
Herhausen, D., Morgan, E., Brozovic´, D., & Volberda, H. W. (2021). Re-examining Strategic Flexibility: A Meta-Analysis of its Antecedents, Consequences and Contingencies. British Journal of Management, 00, 1–21. DOI: 10.1111/1467-8551.12413.
International Monetary Fund (IMF), (2023). Global Financial Stability Report: Safeguarding financial stability and high inflation and geopolitical risks. https://imf.org/en/publications/GFSR/issues/2023/04/11/global- financial-stability-report-apn-2023.
International Monetary Fund (IMF), (2022). Germany; Financial sector assessment programs: the determinants of bank profitability. IMF Country Report no. 22/273. IMF, Washington, D. C.
Jiang, E. X., Matvos, G., Piskovski, T. & Seru, A. (2023). Monetary tightening and U.S. bank fragility in 2023: Mark-to-market losses and unsecured depositor runs. Accessed at
https://dx.doi.org/10.2139/ssrn.4387676
Jiger, S. & Koroleva, E. (2023). The determinants of profitability in the city commercial banks: Case of China. Risks, 11(53), 1-21.
Kaplan R.S. & Norton D.P. (1992). The Balanced Scorecard: Measures that Drive Performance, Harvard Business Review, 70, 71-9.
Kaplan R.S. & Norton, D.P. (1996). Using the Balanced Scorecard as a Strategic Management System, Harvard Business Review, 74, 75-85.
Kamasak, R. (2017). The contribution of tangible and intangible resources, and capabilities to a firm’s profitability and market performance European Journal of Management and Business Economics, 26 (2), 252-275
Kamukama, N., Kyomuhangi, D.S, Akisimire, R., & Orobia, L. A. (2017). Competitive advantage: mediator of managerial competence and financial performance of commercial banks in Uganda. African Journal of Economic and Management Studies, 8 (2), 1-14.
http://dx.doi.org/10.1108/AJEMS-10-2016-0142.
Kenya Bankers Association (KBA, 2021). Banking Industry Customer Satisfaction Survey 2020.
KBA (2022). Banking Industry Customer Satisfaction Survey 2021
KBA (2023). Banking Industry Customer Satisfaction Survey 2022
KBA (2024). Banking Industry Customer Satisfaction Survey 2023
Khattab, S. A. (2018). The impact of dynamic capability on innovation: An applied study on Jordanian pharmaceutical organisations. European Journal of Business & Management, 9(20), 73-5.
Kitenga, G., Kilika, J. M., and Muchemi, A. W. (2020), Dynamic Capabilities and Performance: The Mediating Role of Firm Competence. Journal of Economics and Business, Vol.3, No.1, 450-474.
Kothari, C. (2006). Research methodology: methods & techniques. (2nd ed.). New Delhi: New age International Publishers.
Kothari. C. & Garg. Z. (2014). Research methodology: methods and techniques, (3rd ed.). New Delhi: New age international Publishers.
Kucharska, W., & Erickson, G. S. (2019). The influence of IT-competency dimensions on job satisfaction, knowledge sharing and performance across industries. VINE Journal of Information and Knowledge Management Systems, 50(3), 387–407. Doi: 10.1108/vjikms-06-2019-0098
Kurtmollaiev, S. (2017). Dynamic capabilities and where to find them. Journal of Management Inquiry, 29(1), 3-16. https://doi.org/10.1177/1056492617730126.
Maniscalco, J., Gage, S., Teferi, S., & Fisher, E. S. (2020). The Pediatric Hospital Medicine Core Competencies: 2020 Revision. Introduction and Methodology. Journal of Hospital Medicine, 15(7), 389-394.
Moga, S. K-E, (2021). Core competencies and performance of firms in the service industry: a case of micro-cap holdings. Unpublished Master’s research project, Kenyatta University.
Mohammed, O. A. (2020). The role of commercial banks in economic development in Kenya. Unpublished Masters research project, University of Nairobi.
Mohsin, H. J., Al- frijawy, J., Hameed, A. T., Hani, L. Y. B., & Al-alawnh, N. A. K. (2022). Strategic Flexibility and its Impact on Raising the Performance of Bank. Journal of Social Commerce, 2(1), Page: 11-23.
Mugenda, O. M., & Mugenda, A. G. (2003). Research Methods, Qualitative and quantitative approaches. Nairobi: ACTS Publications.
Muneeb, D. & Khattak, A., Wahba, K., Abdalla, S. & Ahmad, S. (2022). Dynamic capabilities as a strategic flexibility enabler: organizational responsiveness to COVID-19. Journal of Asia Business Studies. 17. 10.1108/JABS-01-2022-0023.
Oketch, J. O., Kilika, J. M. & Kinyua, G. M. (2021), TMT Characteristics and Organizational Performance in a Regulatory Setting in Kenya. Journal of Economics and Business, 4(1), 79-92. DOI: 10.31014/aior.1992.04.01.322.
Ouma, P., Kinyua, G. & Muchemi, A. (2022). What role does competitor intelligence strategy play on performance of regulated microfinance banks in Kenya? International Journal of Managerial Studies and Research (IJMSR), 10 (3), 44-55. Doi.org/10.20431/2349-0349.
Orobia, L., Nakibuuka, J., Bananuka, J. & Akisimire, R. (2020). Inventory management, managerial competence and financial performance of small businesses. Journal of Accounting in Emerging Economics. Doi.10.1108/JAEE.07-2019-0147.
Palacios-Marqués, D., Garcia, M. G., Sanchez, M. M., & Mari, M. P. A. (2019). Social entrepreneurship and organizational performance: A study of mediating role of distinctive competencies in marketing. Journal of Business Research, 101,426-432. https://doi.org/10.1016/j.jbusnes.2019.02.004.
Penrose, E. T. (1959). The theory of the growth of the firm. Oxford University Press: New York, United State of America.
Peteraf, M. A. (1993). The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal, 14(3), 179-191.
Porter, M. E. (1990). The competitive advantage: creating and sustaining superior performance. NY: Free Press.
Preacher, K.J., & Hayes, A. F. (2004). SPSS and SAS proceduresfor estimating indirect effects in simple mediation models. Behavior Research Methods, Instruments & Computers, 3(4), 717-731.
Purnama, C. (2024). Exploring the nexus of strategic flexibility, innovative behavior, ad business performance in SMEs: A quantitative investigation with a focus on innovative behavior as a mediator. Journal of Economics, Finance and Management, 3(3), 623-641
Saunders, M., Lewis, P. & Thornhill, A. (2014). Research methods for business students. Pearson Education1: London.
Taouab, O., & Issor, Z. (2019). Firm performance: definition and measurement models. European Scientific Journal, 15(1), 93-106.
Teece, D.J. (2007). Explaining dynamic capabilities: The nature of microfoundations of sustainable enterprise performance. Strategic Management Journal, 28 (13), 1319-1350.
Teece, D.J., Pisano, G. and Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18 (7).
Truijens, O. (2003). A Critical Review of the Resource-based View of the Firm. University of Amsterdam, Netherlands. Sprouts: Working Papers on Information Systems, 3(6). http://sprouts.aisnet.org/3-6
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.
Xiao, H., Yang, Z., & Hu, Y. (2021). Influencing mechanism of strategic flexibility on corporate performance: the mediating role of business model innovation. Asia Pacific Business Review, DOI: 10.1080/13602381.2021.1896256
Yang, L., & Gran, C. (2021). Cooperative goals and dynamic capability: the mediating role of strategic flexibility and the moderating role of human resource flexibility. Journal of Business & Industrial Marketing, 36 (5), 782-795. https://doi.org/10.1108/JBIM-11-2019-0495.
Yousuf, A, Haddad, H & Felföldi, J. (2020). How strategic flexibility and market orientation affect companies’ performance? Evidence from Jordanian Pharmaceutical Companies. International Conference on Business Management, Innovation & Sustainability (ICBMIS), http://dx.doi.org/10.2139/ssrn.3708868.
Zahoor, N. & Lew, Y. K. (2023). Enhancing international marketing capability and export performance of emerging market SMEs in crisis: Strategic flexibility and digital technologies. International Marketing Review. https://doi.org/10.1108/IMR-12-2021-0350.
Ajike, E. O., Nwankwere, I. A., & Adeleke, A. A. (2023). The moderating effect of marketing competence on the relationship between strategic flexibility organizational performances of quoted pharmaceutical companies in Nigeria. International Journal of Research in Finance and Management, 6(1), 353-363. DOI: https://doi.org/10.33545/26175754.2023.v6.i1d.225.
Alam, M. S., Rabbani, M. R., Tousif, M. R., & Abey, J. (2021). Banks’ performance and economic growth in India: A panel of cointegration analysis. Economies, 9(1), 38. https://doi.org/10.3390/economies90100038.
Alwajid, F. K., Mohammed, J. S., & Hussain, A. N. (2023). Strategic flexibility and its reflection on banking performance: An analytical study in Iraq commercial banks. World Economics & Finance Bulletin (WEFB, 206-220.
Awais, M., Ali, A., Khattak, M. S., Arfeen, M. I., Chaudhary, M. A. I., & Syed, A. (2023). Strategic flexibility and organizational performance: mediating role of innovation. SAGE Open, 13(2). https://doi.org/10.1177/21582440231181432.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1) 99-120. Doi.10.1177/014920639101700108
Beltrán-Martín, I., Bou-Llusar, J. C., & Salvador-Gómez, A. (2021). HR flexibility and firm performance in professional service firms. Journal of Management & Organization, 1-22. doi:10.1017/jmo.2021.5
Bharadwaj, A. S (2000). A resource-based perspective on information technology capability and firm performance: An empirical investigation. MIS Quarterly, 24 (1), 169-196.
Brozovic, D. (2018). Strategic flexibility: A review of the literature. International Journal of Management Reviews, 20, 3–31.
Central Bank of Kenya (2023) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2022) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2021). Credit officer survey Report. CBK, Nairobi.
Central Bank of Kenya (2020) Annual Bank supervision report. CBK, Nairobi.
Central Bank of Kenya (2019) Annual Bank supervision report. CBK, Nairobi.
Chen, L., Zhai, L., Zhu, W., Luo, G., Zhang, J., Zhang, Y. (2021). Financial performance under the influence of the coronavirus disease 2019: Effects of strategic flexibility and environmental dynamics in big data capability. Front. Psycho.12. https://doi.org/10.3389/pp-syg.2021.798115.
Christofi, M., Pereira, V., Vrontis, D., Tarba, S. & Thrassou, A. (2021). Agility and flexibility in international business research: A comprehensive review and future research directions. Journal of World Business, 56. Available at https://doi.org/10.1016/j.jwb.2021.101194.
Child, J. (1972). Organizational structure, environment and performance: The role of strategic choice. Sociology-the Journal of the British Sociological Association – SOCIOLOGY, 6. 1-22. 10.1177/003803857200600101
Child, J. (1997). Strategic choice in the analysis of action, structure, organizations and environment: Retrospect and prospect. Organization studies, 18(1), 43-76.
Edgar, W. B., & Lockwood, C. A. (2021). Understanding, Finding, and Conceptualizing Core Competence Depth: A Framework, Guide, and Generalization for Corporate Managers and Research Professionals: Working Paper Series--11-03.
Field, A. (2013). Discovering statistics using SPSS (4th ed.). SAGE Publications: London, United Kingdom.
Haarhaus, T., & Liening, A. (2020). Building dynamic capabilities to cope with environmental uncertainty: The role of strategic foresight. Technological Forecating and Social Change, 155. https://doi.org/10.1016/j.techfore.2020.120033.
Hayes, A. F. (2022). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach (3rd ed.). The Guilford Press.
Helfat, C. E. & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24, 997-1010. https://doi.org.10.1002/smj.332.
Herhausen, D., Morgan, E., Brozovic´, D., & Volberda, H. W. (2021). Re-examining Strategic Flexibility: A Meta-Analysis of its Antecedents, Consequences and Contingencies. British Journal of Management, 00, 1–21. DOI: 10.1111/1467-8551.12413.
International Monetary Fund (IMF), (2023). Global Financial Stability Report: Safeguarding financial stability and high inflation and geopolitical risks. https://imf.org/en/publications/GFSR/issues/2023/04/11/global- financial-stability-report-apn-2023.
International Monetary Fund (IMF), (2022). Germany; Financial sector assessment programs: the determinants of bank profitability. IMF Country Report no. 22/273. IMF, Washington, D. C.
Jiang, E. X., Matvos, G., Piskovski, T. & Seru, A. (2023). Monetary tightening and U.S. bank fragility in 2023: Mark-to-market losses and unsecured depositor runs. Accessed at
https://dx.doi.org/10.2139/ssrn.4387676
Jiger, S. & Koroleva, E. (2023). The determinants of profitability in the city commercial banks: Case of China. Risks, 11(53), 1-21.
Kaplan R.S. & Norton D.P. (1992). The Balanced Scorecard: Measures that Drive Performance, Harvard Business Review, 70, 71-9.
Kaplan R.S. & Norton, D.P. (1996). Using the Balanced Scorecard as a Strategic Management System, Harvard Business Review, 74, 75-85.
Kamasak, R. (2017). The contribution of tangible and intangible resources, and capabilities to a firm’s profitability and market performance European Journal of Management and Business Economics, 26 (2), 252-275
Kamukama, N., Kyomuhangi, D.S, Akisimire, R., & Orobia, L. A. (2017). Competitive advantage: mediator of managerial competence and financial performance of commercial banks in Uganda. African Journal of Economic and Management Studies, 8 (2), 1-14.
http://dx.doi.org/10.1108/AJEMS-10-2016-0142.
Kenya Bankers Association (KBA, 2021). Banking Industry Customer Satisfaction Survey 2020.
KBA (2022). Banking Industry Customer Satisfaction Survey 2021
KBA (2023). Banking Industry Customer Satisfaction Survey 2022
KBA (2024). Banking Industry Customer Satisfaction Survey 2023
Khattab, S. A. (2018). The impact of dynamic capability on innovation: An applied study on Jordanian pharmaceutical organisations. European Journal of Business & Management, 9(20), 73-5.
Kitenga, G., Kilika, J. M., and Muchemi, A. W. (2020), Dynamic Capabilities and Performance: The Mediating Role of Firm Competence. Journal of Economics and Business, Vol.3, No.1, 450-474.
Kothari, C. (2006). Research methodology: methods & techniques. (2nd ed.). New Delhi: New age International Publishers.
Kothari. C. & Garg. Z. (2014). Research methodology: methods and techniques, (3rd ed.). New Delhi: New age international Publishers.
Kucharska, W., & Erickson, G. S. (2019). The influence of IT-competency dimensions on job satisfaction, knowledge sharing and performance across industries. VINE Journal of Information and Knowledge Management Systems, 50(3), 387–407. Doi: 10.1108/vjikms-06-2019-0098
Kurtmollaiev, S. (2017). Dynamic capabilities and where to find them. Journal of Management Inquiry, 29(1), 3-16. https://doi.org/10.1177/1056492617730126.
Maniscalco, J., Gage, S., Teferi, S., & Fisher, E. S. (2020). The Pediatric Hospital Medicine Core Competencies: 2020 Revision. Introduction and Methodology. Journal of Hospital Medicine, 15(7), 389-394.
Moga, S. K-E, (2021). Core competencies and performance of firms in the service industry: a case of micro-cap holdings. Unpublished Master’s research project, Kenyatta University.
Mohammed, O. A. (2020). The role of commercial banks in economic development in Kenya. Unpublished Masters research project, University of Nairobi.
Mohsin, H. J., Al- frijawy, J., Hameed, A. T., Hani, L. Y. B., & Al-alawnh, N. A. K. (2022). Strategic Flexibility and its Impact on Raising the Performance of Bank. Journal of Social Commerce, 2(1), Page: 11-23.
Mugenda, O. M., & Mugenda, A. G. (2003). Research Methods, Qualitative and quantitative approaches. Nairobi: ACTS Publications.
Muneeb, D. & Khattak, A., Wahba, K., Abdalla, S. & Ahmad, S. (2022). Dynamic capabilities as a strategic flexibility enabler: organizational responsiveness to COVID-19. Journal of Asia Business Studies. 17. 10.1108/JABS-01-2022-0023.
Oketch, J. O., Kilika, J. M. & Kinyua, G. M. (2021), TMT Characteristics and Organizational Performance in a Regulatory Setting in Kenya. Journal of Economics and Business, 4(1), 79-92. DOI: 10.31014/aior.1992.04.01.322.
Ouma, P., Kinyua, G. & Muchemi, A. (2022). What role does competitor intelligence strategy play on performance of regulated microfinance banks in Kenya? International Journal of Managerial Studies and Research (IJMSR), 10 (3), 44-55. Doi.org/10.20431/2349-0349.
Orobia, L., Nakibuuka, J., Bananuka, J. & Akisimire, R. (2020). Inventory management, managerial competence and financial performance of small businesses. Journal of Accounting in Emerging Economics. Doi.10.1108/JAEE.07-2019-0147.
Palacios-Marqués, D., Garcia, M. G., Sanchez, M. M., & Mari, M. P. A. (2019). Social entrepreneurship and organizational performance: A study of mediating role of distinctive competencies in marketing. Journal of Business Research, 101,426-432. https://doi.org/10.1016/j.jbusnes.2019.02.004.
Penrose, E. T. (1959). The theory of the growth of the firm. Oxford University Press: New York, United State of America.
Peteraf, M. A. (1993). The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal, 14(3), 179-191.
Porter, M. E. (1990). The competitive advantage: creating and sustaining superior performance. NY: Free Press.
Preacher, K.J., & Hayes, A. F. (2004). SPSS and SAS proceduresfor estimating indirect effects in simple mediation models. Behavior Research Methods, Instruments & Computers, 3(4), 717-731.
Purnama, C. (2024). Exploring the nexus of strategic flexibility, innovative behavior, ad business performance in SMEs: A quantitative investigation with a focus on innovative behavior as a mediator. Journal of Economics, Finance and Management, 3(3), 623-641
Saunders, M., Lewis, P. & Thornhill, A. (2014). Research methods for business students. Pearson Education1: London.
Taouab, O., & Issor, Z. (2019). Firm performance: definition and measurement models. European Scientific Journal, 15(1), 93-106.
Teece, D.J. (2007). Explaining dynamic capabilities: The nature of microfoundations of sustainable enterprise performance. Strategic Management Journal, 28 (13), 1319-1350.
Teece, D.J., Pisano, G. and Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18 (7).
Truijens, O. (2003). A Critical Review of the Resource-based View of the Firm. University of Amsterdam, Netherlands. Sprouts: Working Papers on Information Systems, 3(6). http://sprouts.aisnet.org/3-6
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.
Xiao, H., Yang, Z., & Hu, Y. (2021). Influencing mechanism of strategic flexibility on corporate performance: the mediating role of business model innovation. Asia Pacific Business Review, DOI: 10.1080/13602381.2021.1896256
Yang, L., & Gran, C. (2021). Cooperative goals and dynamic capability: the mediating role of strategic flexibility and the moderating role of human resource flexibility. Journal of Business & Industrial Marketing, 36 (5), 782-795. https://doi.org/10.1108/JBIM-11-2019-0495.
Yousuf, A, Haddad, H & Felföldi, J. (2020). How strategic flexibility and market orientation affect companies’ performance? Evidence from Jordanian Pharmaceutical Companies. International Conference on Business Management, Innovation & Sustainability (ICBMIS), http://dx.doi.org/10.2139/ssrn.3708868.
Zahoor, N. & Lew, Y. K. (2023). Enhancing international marketing capability and export performance of emerging market SMEs in crisis: Strategic flexibility and digital technologies. International Marketing Review. https://doi.org/10.1108/IMR-12-2021-0350.