“…Some scholars have associated certifications, in particular those related to ISO 9001, with larger reductions in product costs (Corbett, Montes-Sancho, and Kirsck, 2005); better financial performance (Sharma, 2005); and higher rates of corporate survival as well as increasing sales, employment, and wages (Levine and Toffel, 2010). Moreover, literature has shown that certification increases revenues because quality certification allows firms to access new markets and customers (Singh, Power, and Chuong, 2011), has positive impacts on innovative behavior (Manders, de Vries, and Blind, 2016), or improves the capabilities of human capital (Lo, Wiengarten, Humphreys, et al, 2013). Contrary to these positive impacts, other studies for developed economies found that QMS certifications do not necessarily increase financial performance.…”