Abstract
This study examines the strategic investment choices made in pulp and paper industry (PPI) within the last two decades. We first describe investments, initiated projects, and closures of pulp and paper mills and profitability of the 22 largest pulp and paper companies in North America, Western Europe and Japan. We then examine the development and impact of R&D investments by comparing the timing of R&D investments with changes in profitability. The results indicate that the relationship between R&D and profitability is company specific. Our findings indicate further that the logic of R&D investment differs across firms; in some companies, changes in profits cause changes in the R&D investment level, whereas in others the opposite holds. It also seems that the sample companies have not actively sought new market opportunities through innovation activity, but rather by geographical re-location of production.
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