The business life cycle is examined through a comprehensive literature review in this academic study. Our initial approach involves searching for relevant articles on firm life cycle and strategy using the Web of Science and Scopus databases. We conduct bibliometric analyses to identify key contributors and recurring keywords. Subsequently, we select twenty-seven research papers to explore the Theory Development, Characteristics, Context, and Methodology (TCCM) framework for firm life cycle and strategy. Our analysis summarizes corresponding business strategies for each stage, including the use of Initial Management Control Systems (MCS) in the introduction phase. As companies grow, a high inventory-to-sales ratio may hinder effectiveness, but it proves beneficial in the growth and revival stages. Mature companies excel in green process innovation and engage more in Corporate Social Responsibility (CSR) activities. In the decline stage, firms use cost efficiencies, asset retrenchment, and core activity focus for recovery, signaling commitment to a successful turnaround. However, there is a research gap in exploring appropriate global strategies for various life cycle stages, providing an opportunity for additional articles to thoroughly investigate this relationship and assess multinational enterprises’ success trajectories throughout their life cycles.

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