Despite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. Using a regression discontinuity design, we address this...

We examine why organizations may at times decrease their performance after receiving a positive rating. Incorporating insights from the literature on institutional complexity and competing institutional logics, we argue and demonstrate how the perceived incompatibility between a positive rating...