The dynamic competition theory aims to explore the interactions between inter-firm attacks and responses, as well as their antecedents, consequences, and underlying mechanisms. The attack-response interaction represents a fundamental aspect of both market and modern economic development processes. Since the late 1980s, dynamic competition research has flourished, emerging as a globally influential domain in the management theory. Building on numerous studies, a preliminary research framework has been established: internal/external organizational factors → attack-response interactions → performance. Based on this framework and drawing on the insights from social psychology and the sociology structuration theory, this paper further proposes that a firm’s competitive behavior is a function of the structural factors of the environment, the structural factors of the company, and the agent factors of the company, which in turn determines corporate performance, and forms a “structure/agency → conduct → performance” framework. It positions dynamic competition within a broader theoretical context by examining its structural and agent antecedents and integrating it with established frameworks such as the industrial organization theory and the resource-based view. This paper not only enriches the dynamic competition theory, but also contributes to a more comprehensive understanding of the field. It also identifies future research directions, including antecedents and mechanisms, values and other psychological factors, and AI and cultural factors.