Journal Screenshot

International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

The Mediating Effect of Strategic Flexibility between Strategic Agility and Liquidity Risk in Iraqi Commercial Banks

Mansoor Ali, Mohd Effandi Bin Yusoff, Hanini Ilyana Che Hashim

http://dx.doi.org/10.6007/IJARBSS/v14-i11/23086

Open access

This study investigates the effect of strategic flexibility as a mediator in the relationship between strategic agility and liquidity risk. Understanding these dynamics is important for financial institutions, particularly in the context of Iraqi commercial banks, where liquidity management is important for the stability of the operations that banks provide.This study relied on the quantitative design method. The primary data were relied upon to measure strategic flexibility and strategic agility through a questionnaire distributed in paper form, the number distributed was 400 questionnaires to employees working at various administrative levels. While liquidity risks were measured by collecting secondary data for the period from 2005 to 2023. The results concluded that strategic flexibility has a negative impact on liquidity risks. Also, strategic sensitivity and resource fluidity have a negative impact on liquidity risks, while collective commitment had no impact on liquidity risks in Iraqi commercial banks. As for the overall impact on liquidity risks, strategic agility has a negative and total impact on liquidity risks. The difference lies in the fact that the overall impact of resource fluidity comes from the direct and indirect impact, while the effect of strategic sensitivity comes from the direct impact only. Also, the collective commitment comes from the indirect impact only. These results demonstrate the importance of strategic agility and strategic flexibility in reducing liquidity risks. This study focused on Iraqi commercial banks only, while future studies can focus on other sectors and different markets. The practical implications indicate that banks need to be more rational when choosing a strategy that is compatible with market changes to reduce liquidity risks. In addition, Iraqi commercial banks should adhere to applying the dimensions of strategic agility to achieve the desired goals. The originality of this study lies in providing insight into the role of strategic flexibility in influencing the relationship between strategic agility and liquidity risks. This study provides valuable insights for investors, shareholders and managers regarding the importance of strategic flexibility in the context of liquidity risk management.

Abbas, A. A., Obayes, A. K., & Abdulkadhim, A. Q. (2019). Use of CAMELS standard in the assessment of Iraqi commercial banks. International Journal of Multicultural and Multireligious Understanding, 6(3), 24-48.
Abed, L. Z. N. (2023). The Effect of Banking Risk on the Accounting Return: An Analytical Study of the Commercial Bank of Iraq. Kurdish Studies, 11(2), 778-793.
Acquier, A., & Dalmasso, C. (2013). Combining strategic agility and sustainable competitive advantage: the need for resource sensitivity. In Association Internationale Management Stratégique.
Ahamed, F. (2021). Determinants of liquidity risk in the commercial banks in Bangladesh. European Journal of Business and Management Research, 6(1), 164-169.
Akash, T. R., Reza, J., & Alam, M. A. (2024). Evaluating financial risk management in corporation financial security systems. World Journal of Advanced Research and Reviews, 23(1), 2203-2213.
Akram, H., & Hushmat, A. (2024). Bank liquidity creation, loan concentration and liquidity risk: a comparative analysis of dual banking system. Journal of Islamic Accounting and Business Research.
Morshedy, Z. K. H., & Al-Shammari, A. A. A. (2022). Role of Entrepreneurial Alertness in Enhancing Strategic Agility. ENTERPRENEURSHIP JOURNAL FOR FINANCE AND BUSINESS, 3.-
Al Morshedy, Z. K. H., & Al-Shammari, A. A. A. (2022). Role of Entrepreneurial Alertness in Enhancing Strategic Agility. ENTERPRENEURSHIP JOURNAL FOR FINANCE AND BUSINESS,
Al-Ardah, M., & Al-Okdeh, S. (2022). The effect of liquidity risk on the performance of banks: Evidence from Jordan. Accounting, 8(2), 217-226.
Al-Ghazali, R., Al-Karawi, A., & Al-Jubouri, A. (2018). Strategic facilitation and its role in crystallizing the strategic synergy of the administrative reform process through strategic flexibility as a mediating variable (an analytical study of the opinions of a sample of individuals working in the departments of the presidency of Al-Muthanna University). Journal of Kufa legal and political science, 1 (36/1).
Al-Husainy, N. H. M., & Jadah, H. M. (2021). The effect of liquidity risk and credit risk on the bank performance: Empirical Evidence from Iraq. IRASD Journal of economics, 3(1), 58-67.
Ali, M., Yusoff, M. E., & Hashim, H. I. C. (2024). The Impact of Strategic Agility in Reducing Liquidity Risks in Iraqi Commercial Banks. International Journal of Academic Research in Accounting Finance and Management Sciences, 14(3), 16–33.
Al-Taha, S. M. (2021). The Relationship Reciprocal Effect between Strategic Agility and Competitive Intelligence-An Analytical Study of the opinion of Sample Managers at (Korek) Telecom Company in Iraq. TANMIYAT AL-RAFIDAIN, 40(129), 72-91.
Alwan, H. A. A. A., & Radi, H. H. K. (2022). Debt financing and its impact on investment decisions an applied study in a sample of commercial banks listed in the Iraqi Stock Exchange. World Economics and Finance Bulletin, 6, 51-60.
Amin, M. A. M., Sanusi, N. A., Kusiri, S., & Abdallah, Z. M. (2014). Inverse relationship of financial risk and performance in commercial banks in Tanzania. Investment management and financial innovations, (11, Iss. 4 (contin.)), 279-291.
Arokodare, M. A. (2021). Do strategic agility measures affect overall firm performance of oil and gas industry? An empirical investigation. European Journal of Business and Management, 13(3), 31-42.
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of quantitative finance and accounting, 42, 211-250.
Asadollahi, S. Y., Taherabadi, A. A., Shahveisi, F., & Khairollahi, F. (2021). Modeling Liquidity Risk Management in Banking Using System Dynamics Approach. Advances in Mathematical Finance and Applications, 6(3), 1-22
Aspal, P. K., & Nazneen, A. (2014). An empirical analysis of capital adequacy in the Indian private sector banks. American Journal of Research Communication, 2(11), 28-42.
Aspal, P. K., & Nazneen, A. (2014). An empirical analysis of capital adequacy in the Indian private sector banks. American Journal of Research Communication, 2(11), 28-42.
Bagozzi, R. P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the academy of marketing science, 16, 74-94.
Bashir, M. (2023). The influence of strategic flexibility on SME performance: is business model innovation the missing link?. International Journal of Innovation Science, 15(5), 799-816.
Bashir, M. (2023). The influence of strategic flexibility on SME performance: is business model innovation the missing link?. International Journal of Innovation Science, 15(5), 799-816.
Lahouel, B., Taleb, L., Zaied, Y., & Managi, S. (2024). Financial stability, liquidity risk and income diversification: evidence from European banks using the CAMELS–DEA approach. Annals of Operations Research, 334(1), 391-422.
Beraha, A., Bingol, D., Ozkan-Canbolat, E., & Szczygiel, N. (2018). The effect of strategic flexibility configurations on product innovation. European Journal of Management and Business Economics, 27(2), 129-140.
Birkinshaw, J., Hamel, G., & Mol, M. J. (2008). Management innovation. Academy of management Review, 33(4), 825-845.
Breevaart, K., Bakker, A., Hetland, J., Demerouti, E., Olsen, O. K., & Espevik, R. (2014). Daily transactional and transformational leadership and daily employee engagement. Journal of occupational and organizational psychology, 87(1), 138-157.
Brueller, N. N., Carmeli, A., & Drori, I. (2014). How do different types of mergers and acquisitions facilitate strategic agility?. California Management Review, 56(3), 39-57.
Buchdadi, A. D., Sholeha, A., & Ahmad, G. N. (2020). The influence of financial literacy on SMEs performance through access to finance and financial risk attitude as mediation variables. Academy of Accounting and Financial Studies Journal, 24(5), 1-15.
Calabrese, G. (2001). R&D globalisation in the car industry. International Journal of Automotive Technology and Management, 1(1), 145-159.
Campello, M., Giambona, E., Graham, J. R., & Harvey, C. R. (2011). Liquidity management and corporate investment during a financial crisis. The review of financial studies, 24(6), 1944-1979.
Chen, W. D., Chen, Y., & Huang, S. C. (2021). Liquidity risk and bank performance during financial crises. Journal of Financial Stability, 56, 100906.
Chen, Y., Wang, Y., Nevo, S., Benitez, J., & Kou, G. (2017). Improving strategic flexibility with information technologies: insights for firm performance in an emerging economy. Journal of Information Technology, 32(1), 10-25.
Choudhary, M. A., & Limodio, N. (2022). Liquidity risk and long-term finance: Evidence from a natural experiment. The Review of Economic Studies, 89(3), 1278-1313.
Chroust, G. (Ed.). (2015). Systemic flexibility and business agility. New Delhi: Springer India.
Damayanthi, I., Wiagustini, N., Suartana, I., & Rahyuda, H. (2023). Strategies to reduce credit risk and liquidity risk to increase bank profitability. Uncertain Supply Chain Management, 11(4), 1759-1768.
Debellis, F., De Massis, A., Petruzzelli, A. M., Frattini, F., & Del Giudice, M. (2021). Strategic agility and international joint ventures: The willingness-ability paradox of family firms. Journal of International Management, 27(1), 100739.
Degryse, H., Kim, M., & Ongena, S. (2009). Microeconometrics of banking: methods, applications, and results. Oxford University Press, USA.
Doz, Y. (2020). Fostering strategic agility: How individual executives and human resource practices. Human Resource Management Review, 30(1), 100693.
Doz, Y. L., & Kosonen, M. (2008). Creating and testing workplace strategy. California Management Review, 50(30), 95-118.
Doz, Y. L., & Kosonen, M. (2010). Embedding strategic agility: A leadership agenda for accelerating business model renewal. Long range planning, 43(2-3), 370-382.
Driffield, N. L., Mickiewicz, T., & Temouri, Y. (2013). Institutional reforms, productivity and profitability: from rents to competition?. Journal of Comparative Economics, 41(2), 583-600.
Falih, F. S., Kasim, R., & Yaseen, M. H. (2022). The Effect of Operational Risk Management (ORM) On The Financial Performance (FP) Of Iraqi Commercial Banks. Journal of Positive School Psychology, 6(3), 6493-6504.
Fapohunda, T. M. (2013). Towards effective team building in the workplace. International journal of education and research, 1(4), 1-12.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50.
Ghabri, Y., Guesmi, K., & Zantour, A. (2021). Bitcoin and liquidity risk diversification. Finance Research Letters, 40, 101679.
Ghabri, Y., Guesmi, K., & Zantour, A. (2021). Bitcoin and liquidity risk diversification. Finance Research Letters, 40, 101679.
Ghenimi, A., Chaibi, H., & Omri, M. A. B. (2021). Liquidity risk determinants: Islamic vs conventional banks. International Journal of Law and Management, 63(1), 65-95.
Ghosh, S. (2013). Do economic reforms matter for manufacturing productivity? Evidence from the Indian experience. Economic Modelling, 31, 723-733.
Gilbert, C. G. (2005). Unbundling the structure of inertia: Resource versus routine rigidity. Academy of management journal, 48(5), 741-763.
Greenbaum, S. I., Thakor, A. V., & Boot, A. W. (2019). Contemporary financial intermediation. Academic press.
Hacini, I., Boulenfad, A., & Dahou, K. (2021). The impact of liquidity risk management on the financial performance of Saudi Arabian banks. EMAJ: Emerging Markets Journal, 11(1), 67-75.
Hensellek, S., Kleine-Stegemann, L., & Kollmann, T. (2023). Entrepreneurial leadership, strategic flexibility, and venture performance: Does founders' span of control matter?. Journal of Business Research, 157, 113544.
Hlehel, M. S., & Shalaka, T. K. (2022). Environmental sensing and its role in achieving strategic agility Analytical descriptive research in the Iraqi South Oil Company. Zien Journal of Social Sciences and Humanities, 4, 34-44.
Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55.
Hussain, H. A., & Al-Ajmi, J. (2012). Risk management practices of foreign and local banks in Bahrain. Journal of Risk Finance, 13(3), 215-239.
Hussein, A. A. A. (2016). The impact relationship between environmental sensing strategies and strategic innovation through the mediating role of strategic agility. An analytical study of the opinions of a sample of managers at Zain Iraq Telecom. University of Karbala Journal, 14(3), 107-126.
Ibrahim, S. S. (2017). The impacts of liquidity on profitability in banking sectors of Iraq: A Case of Iraqi Commercial Banks. International Journal of Finance & Banking Studies (2147-4486), 6(1), 113-121.
Ince, I., & Hahn, R. (2020). How dynamic capabilities facilitate the survivability of social enterprises: A qualitative analysis of sensing and seizing capacities. Journal of Small Business Management, 58(6), 1256-1290.
Ismail, S., & Ahmed, E. (2023). The impact of liquidity risk, credit risk, and operational risk on financial stability in conventional banks in Jordan. Uncertain Supply Chain Management, 11(2), 433-442.
Jacobs, B. W., Kraude, R., & Narayanan, S. (2016). Operational productivity, corporate social performance, financial performance, and risk in manufacturing firms. Production and Operations Management, 25(12), 2065-2085.
Jedi, F. F., Muhaimid, K. A., & adnan Mahdi, R. (2022). EMPLOY STRATEGIC FLEXIBILITY IN ACHIEVING SUSTAINABLE COMPETITIVENESS OF IRAQI BANKS: A SURVEY OF BANKS IN SALAH AL-DIN GOVERNORATE. World Economics and Finance Bulletin, 10, 73-83.
John, D., Jane, S., and Richard, R. (2022) Strategic Agility in Turbulent Environments: A Framework for Navigating Uncertainty, Journal of Business Strategy, Volume 42, Issue 2, Pages 34-49.
Junni, P., Sarala, R. M., Tarba, S. Y., & Weber, Y. (2015). The role of strategic agility in acquisitions. British Journal of Management, 26(4), 596-616.
Kafetzopoulos, D., & Katou, A. A. (2024). Expanding strategic flexibility through organizational culture, industry 4.0 and market orientation. International Journal of Productivity and Performance Management, 73(5), 1305-1325.
Kaharuddin, K., & Yusuf, M. (2022). The Impact of Liquidity Risk Optimization on the Stability of Islamic Commercial Banks in Indonesia. In Proceeding of The International Conference on Economics and Business (Vol. 1, No. 2, pp. 671-688).
Kalimashi, A., Ahmeti, S., & Aliu, M. (2022). The Relationship between Liquidity Risk Management and Commercial Bank Performance: Evidence from the Western Balkans. International Journal of Applied Economics, Finance and Accounting, 14(2), 129-136.
Kamasak, R., Yavuz, M., & Ozturk, T. Y. (2017). Reducing risk through strategic flexibility and implementation leadership in high-velocity markets. In Global Business Strategies in Crisis (pp. 273-286). Springer, Cham.
Kitur, T., & Kinyua, G. M. (2020). An Empirical Analysis of the Relationship between Resource Fluidity and Firm Performance: A Perspective of Tours and Travel Companies in Kenya. International Journal of Innovative Research and Advanced Studies, 7(11), 13-21
Ko, C., Lee, P., & Anandarajan, A. (2019). The impact of operational risk incidents and moderating influence of corporate governance on credit risk and firm performance. International Journal of Accounting & Information Management, 27(1), 96-110.
Kotaskova, A., Lazanyi, K., Amoah, J., & Belas, J. (2020). Financial risk management in the V4 Countries’ SMEs segment. Investment Management and Financial Innovations.
Kownatzki, M., Walter, J., Floyd, S. W., & Lechner, C. (2013). Corporate control and the speed of strategic business unit decision making. Academy of Management Journal, 56(5), 1295-1324.
Larsson, T. (2006). Reform, corruption, and growth: Why corruption is more devastating in Russia than in China. Communist and Post-Communist Studies, 39(2), 265-281.
Lichtenstein, B. B., Uhl-Bien, M., Marion, R., Seers, A., Orton, J. D., & Schreiber, C. (2006). Complexity leadership theory: An interactive perspective on leading in complex adaptive systems.
Lirios, C. G., Balderas, W. I. A., & Crisanto, G. P. (2024). Organizational Flexibility in the Literature From 2021 to 2024. Journalism, 14(1), 1-10.
Liu, Z., Liang, H., & Liu, C. (2024). The effects of debt liquidity risk on firms' growth rate. International Journal of Managerial Finance, 20(1), 71-93.
Lopez, J. (2003). How financial firms manage risk. FRBSF Economic Letter, (feb14).
Lyn Chan, J. I., & Muthuveloo, R. (2021). Antecedents and influence of strategic agility on organizational performance of private higher education institutions in Malaysia. Studies in Higher Education, 46(8), 1726-1739.
Mahmoud, N., & Ahmed, E. M. (2015). Factors affecting risk management practices and financial performance of Iraqi private banks. Middle-East Journal of Scientific Research, 22(7), 971-977.
Malhotra, N. K., & Dash, S. (2011). Marketing research: An applied orientation (6th ed.). New Delhi: Dorling Kindersley Pvt. Ltd.
Maniagi, G. M. (2018). Influence of financial risk on financial performance of commercial banks in Kenya (Doctoral dissertation, JKUAT).
Maniagi, G. M. (2018). Influence of financial risk on financial performance of commercial banks in Kenya (Doctoral dissertation, JKUAT).
Mohamed, A. M., & Onyiego, G. (2018). Effect of risk management on financial performance of commercial banks in Kenya: a case study of commercial banks in Mombasa County. Strategic Journal of business and change, 5(4), 1605-1630.
Mohamed, A. M., & Onyiego, G. (2018). Effect of risk management on financial performance of commercial banks in Kenya: a case study of commercial banks in Mombasa County. Strategic Journal of business and change, 5(4), 1605-1630.
Muhammad, L. D. A. A. (2021). The role of strategic agility in crisis management: An analytical study of the opinions of a sample of managers working in health organizations in Salah al-Din Governorate. Tikrit Journal of Administration and Economics Sciences, 17 (55 part 1).
Mushafiq, M., Sindhu, M. I., & Sohail, M. K. (2023). Financial performance under influence of credit risk in non-financial firms: evidence from Pakistan. Journal of Economic and Administrative Sciences, 39(1), 25-42.
Nadkarni, S., and Herrmann, P. (2010). Ceo personality, strategic flexibility, and firm performance: the case of the Indian business process outsourcing industry. Acad. Manag. J. 53, 1050–1073. doi: 10.5465/amj.2010.54533196
Nguyen, V. H. T., & Boateng, A. (2015). An analysis of involuntary excess reserves, monetary policy and risk-taking behaviour of Chinese banks. International Review of Financial Analysis, 37, 63-72.
Nguyen, V. H. T., Boateng, A., and Newton, D. (2015), “Involuntary excess reserves, the reserve requirements and credit rationing in China”, Applied Economics, Vol. 47 No. 14, pp. 1424-1437.
Nkuda, M. O. (2017). Strategic agility and competitive advantage: Exploration of the ontological, epistemological and theoretical underpinnings. British Journal of Economics, Management & Trade, 16(1), 1-13.
Nurjaman, R., Rahayu, A., Wibowo, L., & Widjajani, W. (2021). The role of strategic agility towards the firm performance of logistics service providers in Indonesia. Management Science Letters, 11(3), 965-974.
Ogolla, J. A. (2020). Transformational leadership, strategic agility and Performance of state corporations in Kenya (Doctoral dissertation, KeMU).
Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial management, 41(2), 483-515.
Omer, A. (2022). The Influence of the Bank Restructuring on the Financial Performance of Commercial Banks in Iraq.
Onsongo, S. K., Muathe, S. M., & Mwangi, L. W. (2020). Financial risk and financial performance: evidence and insights from commercial and services listed companies in Nairobi securities exchange, Kenya. International Journal of Financial Studies, 8(3), 51.
Orojloo, M., Feizi, K., & Najafabadi, M. H. (2016). Strategic Agility Capabilities, Factors and their Effect on Organizational Performance: A Case Study of Iranian Banks. International Journal of Humanities, 23(4).
Otsupius, A. I., & Akintaro, A. A. (2020). Strategic Agility: A Panacea for Organizational Sustainability Focus on Selected Management Development Institutions (MDIs) in Nigeria Perspective. Nigerian Academy of Management Journal, 15(4), 124-134.
Overby, E., Bharadwaj, A., & Sambamurthy, V. (2006). Enterprise agility and the enabling role of information technology. European Journal of Information Systems, 15(2), 120-131.
Clark, V. L. & Creswell, J. W. (2015). Understanding Research: A Guide for the Consumer (2nd ed.). Upper Saddle River, NJ: Pearson.
Radomska, J. (2015). Strategic flexibility of enterprises. Journal of Economics, Business and Management, 3(1), 19-23.
Raz, A. F., McGowan, D., & Zhao, T. (2022). The dark side of liquidity regulation: Bank opacity and funding liquidity risk. Journal of Financial intermediation, 52, 100990.
Red-Well, E. E., Hamilton, D. I., & Bayo, P. L. (2021). Resource fluidity and competitiveness of Aluminium manufacturing firms in Nigeria. Resource, 2(3).
Rose, J., & Norwich, B. (2014). Collective commitment and collective efficacy: a theoretical model for understanding the motivational dynamics of dilemma resolution in inter-professional work. Cambridge Journal of Education, 44(1), 59-74.
Sam, M. F. M., & Khudhair, A. Z. (2019). Effect Of Risk Management Practices On The Financial Performance Of Commercial Banks In Iraqi. Opción: Revista de Ciencias Humanas y Sociales, (89), 207.
Sampath, G., & Krishnamoorthy, B. (2017). Is strategic agility the new Holy Grail? Exploring the strategic agility construct. International Journal of Business Excellence, 13(2), 160-180.
Sathyamoorthi, C., Mapharing, M., Mphoeng, M., & Dzimiri, M. (2020). Impact of financial risk management practices on financial performance: Evidence from commercial banks in Botswana. Applied Finance and Accounting, 6(1), 25-39.
Sekaran, U., and Bougie, R. (2010). Research Methods for Business - A Skill Building Approach (5th ed.). New York: John Wiley & Sons.
Shahzad, S., & Jasi?ska, E. (2024). Renewable Revolution: A Review of Strategic Flexibility in Future Power Systems. Sustainability, 16(13), 5454.
Shalender, K., & Yadav, R. K. (2019). Strategic flexibility, manager personality, and firm performance: The case of Indian Automobile Industry. Global Journal of Flexible Systems Management, 20, 77-90.
Shimizu, K., & Hitt, M. A. (2004). Strategic flexibility: Organizational preparedness to reverse ineffective strategic decisions. Academy of Management Perspectives, 18(4), 44-59.
Stamevska, E., & Stamevski, V. (2020). Decisions and skills of the strategic leaders. Economics and Management, 17(1), 140-146.
Suradi, S., Mahrinasari MS, M., & Hasnawati, S. (2020). The mediating effect of strategic agility in the relationship of supply chain management activities and firm performance of the textile industry of Indonesia. International Journal of Supply Chain Management, 9(3), 649-656.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic management journal, 18(7), 509-533.
Teece, D., Peteraf, M., & Leih, S. (2016). Dynamic capabilities and organizational agility: Risk, uncertainty, and strategy in the innovation economy. California management review, 58(4), 13-35.
Teece, D. J. (2009). Dynamic capabilities and strategic management: Organizing for innovation and growth. Oxford University Press on Demand.
Tran, T. K. O., Duong, D. K., & Nguyen, N. T. N. (2022). Innovations and liquidity risks: Evidence from commercial banks in Vietnam. Journal of International Studies, 15(3).
Vecchiato, R. (2012). Strategic foresight and environmental uncertainty: a research agenda. foresight.
Waldman, D. A., Ramirez, G. G., House, R. J., & Puranam, P. (2001). Does leadership matter? CEO leadership attributes and profitability under conditions of perceived environmental uncertainty. Academy of management journal, 44(1), 134-143.
Wanjiru, P., & Jagongo, A. (2022). Liquidity risk and financial performance of deposit taking savings and credit cooperative societies in Kenya. International Journal of Finance and Accounting, 7(1), 1-14.
Wei, Z., Yi, Y., & Guo, H. (2014). Organizational learning ambidexterity, strategic flexibility, and new product development. Journal of Product Innovation Management, 31(4), 832-847.
Widarjono, A., Wijayanti, D., & Suharto, S. (2022). Funding liquidity risk and asset risk of Indonesian Islamic rural banks. Cogent Economics & Finance, 10(1), 2059911.
Yang, J., Zhang, F., Jiang, X., & Sun, W. (2015). Strategic flexibility, green management, and firm competitiveness in an emerging economy. Technological Forecasting and Social Change, 101, 347-356.
Yang, J., Zhang, F., Jiang, X., & Sun, W. (2015). Strategic flexibility, green management, and firm competitiveness in an emerging economy. Technological Forecasting and Social Change, 101, 347-356.
Yang, L., & Gan, 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.
Yousuf, A., Lorestani, V. Z., Oláh, J., & Felföldi, J. (2021). Does uncertainty moderate the relationship between strategic flexibility and companies’ performance? evidence from small and medium pharmaceutical companies in Iran. Sustainability, 13(16), 9157.
Zahoor, N., & Lew, Y.K. (2023). Enhancing international marketing capability and export performance of emerging market SMEs in crises: strategic flexibility and digital technologies. International Marketing Review, (ahead-of-print)

Ali, M., Yusoff, M. E. Bin, & Hashim, H. I. C. (2024). The Mediating Effect of Strategic Flexibility between Strategic Agility and Liquidity Risk in Iraqi Commercial Banks. International Journal of Academic Research in Business and Social Sciences, 14(11), 1006–1029.