Fig. 1. The interdisciplinary conceptual framework guiding this study (modified from Möller et al. 2020). The business environment is constantly influenced and conditioned by macro-, meso- and micro-level change drivers. These pressurise the business environment to transform pressurising the actors operating within the business environment to change also, and thus the transformation cycle starts from the stabilisation phase as established industries will start exploring for new innovations and mobilising for creating a new value creation logic.

Fig. 2. The four phases of abductive, iterative and non-linear long-term research process (left part of the figure) and the following research activities conducted during each phase (right part of the figure). Note! Arrows represent the back-and-forth interactions between the conceptual investigation and empirical observations.

Fig. 3. Synthesis of the main empirical findings represented through the business environment transformation cycle framework. Note! Start reading the figure from the oval in the middle titled “Stabilisation phase” and continue up to the rectangle titled “1. Value creation logic of stabilised and established pulp and paper industry”. After this the figure is read anticlockwise following the arrows. Arrows represent the direction of the transformation phases and the occurring adaptations in the industry’s value creation logic due to identified conditioning change drivers originating from macro-, meso- and micro-levels. View larger in new window/tab.