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We integrate perspectives from the literature on contingency, dynamic capabilities, and the natural resource-based view oi the firm to propose how dimensions of the general competitive environment of a business will influence the development ol a dynamic, proactive corporate strategy for managing the business-natural environment interface. We also explain how certain characteristics of the general business environment-uncertainty, complexity, and munificence-moderate the relationship between the dynamic capability of a proactive environmental strategy and competitive advantage. We conclude with a discussion of implications for research and practice. Academy of Management Review January Sanjay Sharma is an associate proiessor of strategy and sustainability at Wilfrid Laurier University. He received his Ph.D. Irom the University of Calgary. His current research interests focus on the development of competitively valuable environmental capabilities, organizational knowledge building from stakeholder engagement, and the influence of stakeholder pressures on corporate environmental performance.

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