A1 Journal article (refereed)
Strategic renewal : Can it be done profitably? (2022)

Nguyen, K., Peltoniemi, M., & Lamberg, J.-A. (2022). Strategic renewal : Can it be done profitably?. Long Range Planning, 55(6), Article 102179. https://doi.org/10.1016/j.lrp.2021.102179

JYU authors or editors

Publication details

All authors or editors: Nguyen, Khoa; Peltoniemi, Mirva; Lamberg, Juha-Antti

Journal or series: Long Range Planning

ISSN: 0024-6301

eISSN: 1873-1872

Publication year: 2022

Volume: 55

Issue number: 6

Article number: 102179

Publisher: Elsevier

Publication country: United Kingdom

Publication language: English

DOI: https://doi.org/10.1016/j.lrp.2021.102179

Publication open access: Openly available

Publication channel open access: Partially open access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/79169

Abstract

Industry transformation requires strategic renewal at the level of individual firms. Executives then face the dilemma of choosing renewal paths in the face of uncertainty over the competitive environment of the future, and hence the profitability of potential strategies. This dilemma motivates us to study industry transformation from the perspective of strategic renewal among 208 large firms in the global pulp and paper industry. The findings of our qualitative comparative analysis show that only a minority of firms in our sample succeeded in profitable proactive renewal. Content-wise, there were similarities in the pursued strategies over the wider population, but only a few maintained superior profitability while proactively renewing. Our results, overall, highlight the importance of understanding the processual nature and execution of strategic renewal.

Keywords: pulp and paper industry; industrial companies; renewal; proactivity; corporate strategies; strategic planning; profitability; complexity

Free keywords: strategic renewal; industry level; complexity; pulp and paper industry; fsQCA

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Ministry reporting: Yes

Reporting Year: 2022

Preliminary JUFO rating: 2