Abstract
This study conducts an analysis of the relationship between strategic theory, industry- or market-wide practices, valuation metrics, and justification rhetoric in performing strategic practice. In doing this, we refer to Michel Callon on the performativity of economics and Boltanski and Thévenot on the justification of strategic action. The paper introduces an analytical framework for studying the corporate strategy pragmatics of a forest industry company – Stora Enso – over the 1990–2008 period. The authors argue that Stora Enso's corporate strategy is justified by and represents the outcome of multiple performances that coexist and interact with each other. These multiple performances, ranging from general strategic management conceptual theories to industry-wide practices and valuation metrics, may lead to conflict when creating successful businesses.
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