Reshaping global value chains in the digital era: a systematic review from a firm-based perspective

Purpose This study aims to systematically examine how digitalization reshapes global value chains (GVCs) from a firm-centric perspective. It seeks to integrate theoretical insights and identify the antecedents, transformation processes, outcomes and moderating factors of digital GVC restructuring. Design/methodology/approach A systematic review of 39 empirical articles (2014–2024) integrates the ownership–location–internalization (OLI) paradigm and stakeholder theory to construct a multidimensional framework that captures firms’ strategic responses to digital transformation. Findings The review reveals that digitalization reshapes GVCs through reconfiguration of ownership advantages (e.g. digital capabilities), location strategies (e.g. digital infrastructure and regulatory environments) and internalization mechanisms (e.g. platform integration and blockchain). Outcomes include enhanced firm performance and governance innovation, as well as social and environmental challenges. These effects are moderated by national institutions, industry characteristics and firm-specific capabilities, resulting in uneven digital dividends and risks. Originality/value This study contributes to international business research by (1) linking micro-level firm strategies with macro-level GVC changes, (2) offering an integrated theoretical lens combining OLI and stakeholder perspectives and (3) highlighting underexplored issues such as power asymmetries and ecological trade-offs in digitalized GVCs. It provides a clear agenda for future research and practical recommendations for firms navigating digital transformation in global contexts.