We explore the concept of causal ambiguity, which refers to ambiguity between causes and effects, and its application to the case of corporate social responsibility (CSR). Specifically, we focus on how managers involved in CSR make sense of the link between CSR activities and their non–financial impact. We conducted a qualitative study examining Swiss finance firms implementing CSR–related impact considerations into their operations. The findings reveal that managers construct causality between CSR activities and their environmental and social impacts in four ways. Based on these findings, we develop a model of causal ambiguity maintenance that theorizes the role of managerial sensemaking in establishing causal ambiguity within organizations. The model contributes to a revised understanding of causal ambiguity in the management literature, moving away from its prevailing perception as a static attribute of organizations, and instead highlighting how it can be intentionally maintained to avoid public scrutiny, particularly in situations involving sustainability concerns.