This theoretical study utilizes the semiotic square to comprehensively categorize corporate sustainability approaches and their impact on company performance. First, it introduces four main strategies: no sustainability orientation, business-oriented sustainability, foundation-oriented sustainability, and ambidextrous sustainability, connecting them to the classical institutional response framework. We then formulate hypotheses derived from this structure. Our theory suggests that the ambidextrous approach, which combines both business and foundation-oriented strategies, may lead to conflicts and resource allocation challenges that hinder its viability. Conversely, business-oriented sustainability and foundation-oriented sustainability are expected to yield the highest performance outcomes. Additionally, we investigate the role of sustainability certifications and the pursuit of diverse social goals as significant moderators that influence the relationship between these strategies and performance. Furthermore, this study delves into the importance of social identity and lobby capabilities as key mechanisms that impact the effectiveness of sustainability approaches.
