certification standard is the lowest under a for-profit private certifier and the highest under a Non Governmental Organization (NGO … is reversed. Certification of CSR activities is welfare enhancing for consumers and firms and thus should be encouraged …. Finally, depending on whether certification takes place before or after firms' CSR activities, a public certifier and a NGO …

unobservable, is made available to consumers through certification provided either by a profit-maximizing certifier or by the …