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The purpose of this paper is to examine the certification and monitoring motivations of third-party underwriting and its effects on credit spreads and earnings management of bank issuers.

Ordinary least squares is used to examine the certification and monitoring effects of third-party underwriting. Furthermore, the Heckman two-stage estimation method is used in controlling the endogeneity of sample selection.

The authors find that financial bonds underwritten by third-party underwriters bear lower credit spreads due to their credibly ex ante certification and effectively ex post monitoring compared with self-underwriting. Moreover, the certification of third-party underwriters can help to select good quality bond issuers with lower earnings management, and the monitoring function also plays an essential role in constraining the behavior of earnings management after the bond issues.

The findings in this study suggest that underwriting types (third-party underwriting) will affect financial bond yields and bank issuers’ earnings management.

On the one hand, the authors should encourage third-party underwriters to actively promote the certification and monitoring functions. For example, given commercial banks the chance to be underwriters when the bond issuers are investment banks, which is not allowed now in China’s financial bond market. On the other hand, the authors should cut off the quid pro quo relations within third-party underwriting because such relations will reduce the certification and monitoring effects of third-party underwriters.

This is the first study to distinguish the certification and monitoring effects by using unique data from China’s financial bond market. And the authors further investigate the adverse effects of quid pro quo relations (hiring each other as lead underwriters) on the certification and monitoring effects of third-party underwriters.

The purpose of this paper is to incorporate third-party certification to test a theoretical model that demonstrates the effects of third-party certification on perceived food quality, perceived service quality, and trust and the effects of these factors on word of mouth (WOM) intentions in the context of luxury restaurants. It also investigates the moderating roles of attention to social comparison information (ATSCI) and the education level.

An online survey sent to customers who are patronizing luxury restaurants in the US 317 empirical data analysis was conducted using structural equation modeling.

Third-party certification facilitated patrons’ positive evaluation of food and service quality. In addition, this positive evaluation fostered trust in the restaurant. Finally, ATSCI and the education level had significant moderating effects on the relationship between third-party certification and patrons’ trust in the restaurant.

This study proposes risk-reducing effect of third-party certification on the luxury-restaurant business. Third-party certification is employed as a mechanism for communicating restaurant quality in food and service to patrons. Both stakeholders and patrons in the restaurant industry can obtain benefits from the third-party certification because it minimizes uncertainties and information asymmetries in luxury restaurants’ quality and service, and thus generating likelihood of WOM intentions.

Massive shifts in the recruitment landscape, the continually changing nature of work and workers, and extraordinary technological progress have combined to enable unparalleled advances in how current and prospective employees receive and process information about organizations. Once the domain of internal organizational public relations and human resources (HR) teams, most employment branding has moved beyond organizations’ control. This chapter provides a conceptual framework pertaining to third party employment branding, defined as communications, claims, or status-based classifications generated by parties outside of direct company control that shape, enhance, and differentiate organizations’ images as favorable or unfavorable employers. Specifically, the authors first theorize about the underlying mechanisms by which third party employment branding might signal prospective and current employees. Second, the authors develop a framework whereby we comprehensively review third party employment branding sources, thus identifying the different ways that third party employment branding might manifest. Third, using prototypical examples, the authors link the various signaling mechanisms to the various third party employment branding sources identified. Finally, the authors propose an ambitious future research agenda that considers not only the positive aspects of third party employment branding but also potential “dark sides.” Thus, the authors view this chapter as contributing to the broader employment branding literature, which should enhance scholarly endeavors to study it and practitioner efforts to leverage it.

The aim of this paper is to assess the welfare effects of the newest trends in food safety policies characterised by the shift from public to private intervention.

Food safety policies are analysed through concepts of new economic sociology, with a critical review of the literature on social capital.

The article shows that as food safety and quality attributes responsible for the exchange complexity are simply codified and enforced through standards and third‐party certification, the global value chain governance shifts from a relational type to a power‐based type, with possible negative welfare effects.

Further research would be required to verify the welfare effects suggested on the theoretical ground.

The article makes a useful updating of food safety policies and organisational innovation in the food system.

The paper introduces some new (with respect to the marketing literature related to the food system) concepts and theories of economic sociology.

The purpose of the present study is to examine the effect of organic food certification labels of different third-party verification institutions on consumers' choice of organic food in terms of willingness-to-pay (WTP) using cue utilization theory.

The study conducted an experiment in which organic rice and organic certification labels were presented to 360 valid participants.

With different organic rice labels issued by various third-party verification institutions, including (1) foundations, (2) associations, (3) university certification centers and (4) private businesses, results indicate that consumers had different preferences and WTP for certain labels. The institutions preferred organic food labels issued by non-profit organizations. In addition, consumers showed different WTP as a result of different purchase motivations (e.g. health vs environmental protection).

These results imply that consumers might not have confidence in the organic labels issued by associations and private institutions. Therefore, different types of certification institutions can have significantly different impacts on consumers' WTP. The study further proposes that the extrinsic attributes of food products (i.e. the cues used in making a purchase decision) must be incongruent with the image of third-party certification institutions in order to develop more efficient communication of product information and to encourage consumers to give positive comments regarding organic food.

In spite of the merits of artificial intelligence (AI) in marketing and social media, harm to consumers has prompted calls for AI auditing/certification. Understanding consumers’ approval of AI certification entities is vital for its effectiveness and companies’ choice of certification. This study aims to generate important insights into the consumer perspective of AI certifications and stimulate future research.

A literature and status-quo-driven search of the AI certification landscape identifies entities and related concepts. This study empirically explores consumer approval of the most discussed entities in four AI decision domains using an online experiment and outline a research agenda for AI certification in marketing/social media.

Trust in AI certification is complex. The empirical findings show that consumers seem to approve more of non-profit entities than for-profit entities, with the government approving the most.

The introduction of AI certification to marketing/social media contributes to work on consumer trust and AI acceptance and structures AI certification research from outside marketing to facilitate future research on AI certification for marketing/social media scholars.

For businesses, the authors provide a first insight into consumer preferences for AI-certifying entities, guiding the choice of which entity to use. For policymakers, this work guides their ongoing discussion on “who should certify AI” from a consumer perspective.

To the best of the authors’ knowledge, this work is the first to introduce the topic of AI certification to the marketing/social media literature, provide a novel guideline to scholars and offer the first set of empirical studies examining consumer approval of AI certifications.

The purpose of this paper is to describe a sustainability certification system and label based on an independent, full life cycle assessment of conventionally produced goods from “cradle to grave”.

The design approach used comprised five phases: review of presently available third party environmental certification systems regarding their suitability for use as a sustainability certification tool for conventionally produced goods; identification of desirable scientific and consumer design criteria for a sustainability certification system and label; identification of key performance indicators for sustainability; description of an independent sustainability certification system based on the desirable design criteria, in particular an independent full life cycle assessment; and market trials of the sustainability label to test consumer reactions and commercial benefits of independent sustainability certification using two commercial case studies in Australia and New Zealand.

None of the third party environmental certification systems reviewed was suitable for use as a sustainability certification tool. Desirable design criteria for a sustainability certification system centred on an independent, full life cycle assessment of operations from “cradle to grave”. A total of eight safety and 12 sustainability key performance indicators were proposed to specifically assess sustainability performance. An instantly recognizable logo comprising a “Green Tick” inside a circle, reminiscent of a government “stamp of approval”, was used as a sustainability label. Market trials of certified household products and lamb meat in Australasia confirmed positive consumer reactions to the “Green Tick” label, and considerable commercial benefits for the companies that used it on their products.

The “Green Tick^™” sustainability certification system and label addresses an identified gap in the market by providing an easily recognizable, independent, life cycle based sustainability certification of consumer products. Market trials indicated that there was measurable consumer support for independent sustainability labelling, and significant commercial benefits for companies whose products qualified for sustainability labelling.

The paper describes the world's first‐ever independent sustainability certification system and label. It is based on third party, full life cycle assessment of products, in accordance with the European Commission's view that sustainability labelling should be based on independent, full life cycle assessments of products. Market trials of the label in the Australasian FMCG sector indicated that consumers responded positively to an easily recognizable, independent sustainability label, and that independent sustainability certification and labelling have significant commercial potential for manufacturers of genuinely sustainable products.

This paper aims to untangle the underlying mechanisms through which reputational signals promote stakeholders' intentions to donate in nonprofit organizations via stakeholder trust.

The authors apply a moderated mediation model using an experimental design with N = 248 business and public management students of France.

The results indicate that both a formal reputational signal (third-party certificate) and an informal reputational signal (self-proclaiming to be social entrepreneurial) affect stakeholder trust and intentions to donate. Stakeholder trust partially mediated the relationship between the formal signal and intentions to donate, and the mediation effect was stronger when an informal signal was present (vs. not present).

Trust is central to the exchange of nonprofit organizations and their external stakeholders. To enhance trust and supportive behavior toward nonprofit organizations, these organizations may consider using formal and informal reputational signaling within their marketing strategies.

This research highlights the pivotal role of formal and informal reputational signals for the enhancing stakeholders' trust and donation behavior in a nonprofit context.

The purpose of this paper with pork as a case is to analyze Chinese consumer preference and demand for traceable food attributes, in order to provide a useful reference for Chinese Government in developing the safe food market and preventing food safety risks.

This research surveyed 1,380 consumers in seven pilot cities that designated by the Chinese Ministry of Commerce for the construction of a meat and vegetable circulation traceability system. A choice-based conjoint analysis and multinomial logit model were used to study consumer preferences and demand for traceable pork attributes.

The results demonstrated that certification of traceable information was the most important characteristic, followed by appearance and traceable information. Significant heterogeneity was obtained in consumer preferences for the attributes of traceable pork. Also, consumers’ preferences for traceable attributes were memorably influenced by age, education level, and income level.

Based on these results, the government should encourage and support the production of traceable food with different certification types and different traceability levels. Meanwhile, the development of food traceability systems should be combined with a quality certification labeling system.

This study extends the applicability of the setting of traceable food attributes and levels in China, and it will improve Chinese food traceability systems through multilateral cooperation.

To enhance and promote quality construction, the Construction Quality Assessment System (CONQUAS) was introduced in Singapore in 1989 to evaluate the quality performance of building contractors using numerical scores. Apart from the CONQUAS system, the ISO 9000 quality management standards were also introduced in the Singapore construction industry in 1991. Is there a relationship between certification to ISO 9000 standards and the achievement of higher construction quality standards as indicated by CONQUAS scores? As several years have passed since the introduction of the CONQUAS system and ISO 9000 in the Singapore construction industry, this paper aims to ascertain if the implementation and certification of quality management systems to ISO 9000 standards in construction firms has helped them to achieve higher construction quality standards through higher CONQUAS scores.