Decision problems and their relationship with the moments in time is a theme to be
explored in the strategy studies field. In fact, several scholars conceptualize strategy from a
decision-making perspective, framing it as a sequence of interconnected decisions that involve
the allocation of resources necessary for implementation. One way to understand the timing of
strategic decisions is through the lens of deliberate versus emergent strategies. Within this
framework, organizational ambidexterity—defined as the dynamic balance between exploration
and exploitation processes—has been proposed as a key cognitive dimension influencing
managerial decision-making. These processes, grounded in organizational learning theory, are
subject to constraints such as temporal myopia, which can hinder the ability to appropriately
weigh short-term outcomes against long-term implications. In this context, the present study
aims to identify the limitations inherent in exploration and exploitation processes that may
influence strategy formulation, as discussed in the existing literature. This objective was
pursued through a systematic literature review using the Scopus database. The review focused
on scholarly contributions addressing decision-making in relation to exploration and
exploitation, and the results were categorized into substantial, applied, and complementary
contributions. As a result, this study reveals a set of thematic categories —including resources,
term, type of activity, background, structure, knowledge, and strategy— that differentiate
exploration from exploitation processes. These categories also help illuminate the limitations
of each process and their potential influence on the timing and nature of strategic decisions.
