Business tournament rituals (BTRs) are ritualistic ceremonies or events organised to serve solidarity and confer social prestige and endorsements on firms in which participating firms and winners receive accolades and prestigious non-monetary prizes. They offer opportunities for firms to showcase their capabilities and hard market power. Beyond approving and reinforcing status hierarchies and the solidarity purpose they serve across industries, BTR awards as nonmarket-oriented artifacts have been promoted as strategic third-party honours and marketplace endorsements that spur productivity and performance, facilitate innovation, and stimulate the adoption of good business practices.
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