The Bi‐Directional Relationship Between Corporate Sustainability and Environmental Uncertainty: The Moderating Role of Organizational Capabilities
研究了企业可持续性与环境不确定性之间的双向关系，发现企业提升可持续性可降低自身面临的环境不确定性，而行业环境不确定性上升也会促使企业加强可持续性，且品牌价值、专利和环保培训等组织能力起调节作用。
ABSTRACT This study investigates the bi‐directional relationship between corporate sustainability and environmental uncertainty, focusing on key moderators that shape firms' strategic responses. Using fixed‐effects regressions with S&P 500 data (LSEG Refinitiv Workspace, 2005–2022), we present two key findings. First—mobilizing resource‐based theory (firm level)—we show that firms increasing corporate sustainability can reduce the environmental uncertainty they face. This effect is more pronounced for firms with strong brands and patents value (moderator variable). Second—using contingency theory (industry level)—we find that rising environmental uncertainty across an industry prompts firms to increase corporate sustainability. This response is more effective when firms provide environmental management training (moderator variable). These empirical results synthesize conflicting views in the literature. We theorize why corporate sustainability and environmental uncertainty may have both negative and positive relationships simultaneously, depending on the level of analysis and firms' capabilities.