“…Less formal public and peer pressure such as self-regulation and voluntary certifications can also increase awareness and heighten scrutiny upon firms to make and keep commitments (Campbell, 2007;Hoffman, 2005;Prakash, 2001). According to institutional theory, formal and informal extraorganizational mechanisms such as International Standards Organization 14001, the world's largest voluntary certification scheme to address GHG pollutants (King & Lenox, 2000;King, Lenox, & Terlaak, 2005;Prakash & Potoski, 2014;Russo, 2009), establish standards of expected behavior which, in turn, affects firms' responses (Aguilera & Grogaard, 2018;Bice, 2017;Campbell, 2007;Clark, Bryant, & Griffin, 2017;DiMaggio & Powell, 1983;Flammer, 2013;Hoffman & Bansal, 2011;King et al, 2005;Prakash & Potoski, 2014). Stringent enforcement and credible scrutiny are necessary for the success of voluntary certifications and self-regulatory efforts (King et al, 2005;King & Lenox, 2000) such as disclosure through the CDP (formerly known as the Carbon Disclosure Project; Hsueh, 2019 Institutional context theorists also posit that a firm might engage in positive actions exceeding extant laws due to higher expectations from other publics such as media scrutiny, NGOs, activists, and the general public (Campbell, 2007).…”