"Voluntary programs have become widespread tools for governments and non-governmental actors looking to shape industry behavior. Voluntary programs can be conceptualized as club goods that provide non-rival but potentially excludable benefits to members. For firms, the value of joining an...

"Inspired by the Coase (1937) theory of the firm, we analyze the performance of Healy, Palepu, and Ruback (1992) sample of merged firms over a ten-year period using a managerially controlled efficiency measure, data envelopment analysis (DEA). Our individual, firm-level, year-by-year analyses...