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In this article, the authors develop and empirically test a conceptual framework that predicts which types of awards have the biggest impact on the competitive performance of the award winners. The empirical setting is an industry where awards proliferate, namely, the U.S. motion picture industry. Overall, their results suggest that awards granted by a jury composed primarily of end consumers, peers, or experts each have a different effect on consumer behavior, which can be explained in terms of differences in source credibility and award salience.
Gemser et al. (Fri,) studied this question.