<![CDATA[Dynamic capabilities theory has become one of the dominant lenses for explaining how firms sustain competitive advantage under conditions of rapid technological, environmental, and market change. Despite two decades of accumulated empirical work, the literature remains fragmented across sensing-seizing-reconfiguring taxonomies, digital and sustainability extensions, and industry-specific applications, leaving unclear how these strands jointly explain competitive outcomes. This study conducts a systematic literature review of 25 peer-reviewed articles published between 2021 and 2026, sourced through a structured RIS-based corpus supplemented by independently verified Google Scholar records, and analyzed following PRISMA 2020 reporting guidelines. The review synthesizes research trends across four thematic clusters: digital transformation and platform capabilities, sustainability-oriented dynamic capabilities, dynamic managerial and organizational-learning mechanisms, and sector-specific applications in SMEs, supply chains, and emerging markets. Findings indicate a marked shift from confirming the direct dynamic capabilities-performance link toward explaining the mediating and moderating mechanisms—particularly innovation capability, organizational learning, and environmental dynamism—that convert capability into advantage. The review proposes an integrative Digital-Sustainability-Capability (DSC) Convergence framework as a novel synthesis addressing the fragmentation identified. The study contributes a structured research agenda for scholars and a diagnostic reference for managers seeking to prioritize capability investments under uncertainty.]]>
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