Firms pursue third-party certification to private standards to reduce firm-level information asymmetries of certain unobservable characteristics and thus obtain legitimacy. However, when the private standard’s legitimacy dilutes, those same firms have reasons to abandon certifications...

This exercise defines balance of payments as a statement of a country's economic transactions with the rest of the world and explains its significance and utility along with other essential economic terms related to understanding and calculating balance of payments. An exercise for calculating a...

Firms are frequently pressured by customers to obtain certification to one or more voluntary sustainability standards. However, uncertainty associated with competing voluntary sustainability standards can reduce the value of standard certifications and jeopardize the entire voluntary regulatory...