This paper innovatively applies dynamic topic modeling to analyze 475 publications on effectuation from 1998 to 2022. The analysis identifies five important themes within the field.

This paper first consolidates and summarizes the primary research content of these important themes and identifies key issues for review. After that, it visually presents the dynamic evolution of these themes, identifies the research hotspots, and analyzes the dynamic changes in the research focus. Finally, based on the literature review, prospective analysis is provided for the research outlook of effectuation from three dimensions: conceptualization and measurement, theoretical development, and integration and proliferation. Through the novel application of dynamic topic modeling, this paper introduces a dynamic perspective to the literature, displays the evolution of effectuation studies, and complements existing static reviews. It also proposes research directions and provides insights for further studies on effectuation.