A Commentary on Fezzey et al. (2024): Ambiguous Activism as Strategic Delay

Abstract

This commentary introduces Ambiguous Activism as a strategic form of CEO engagement that complements Fezzey et al.’s (2024) typology of activism. While their framework categorizes CEO activism based on the alignment of Talk and Action, we argue that purposeful ambiguity—blurring expression and behavior—constitutes a fifth, dynamic mode. Ambiguous Activism enables CEOs to navigate reputational risks, stakeholder tensions, and institutional volatility by delaying commitment, testing interpretations, and preserving flexibility. Far from being indecisive, ambiguity serves as a deliberate tool for managing complexity in polarized environments. We explore its behavioral logic, temporal dynamics, and institutional implications, positioning it as a strategic response to uncertainty. By reframing ambiguity as calibration rather than incoherence, this commentary calls for scholarly attention to its adaptive role in executive communication and stakeholder management.