Is certification an effective legitimacy strategy for foreign firms in emerging markets?

•Foreign firms can acquire certifications in order to actively increase their legitimacy when operating in an emerging economy.•Acquiring certification is associated with a higher return-on-assets (ROA) for a foreign firm operating in an emerging economy, specifically China.•Certification is not an effective legitimacy strategy, i.e., the positive effect on ROA is absent, when 1) the level of marketization is either very low or very high; 2) the institutional quality in home country is very high; 3) the foreign firm community is very strong; 4) the firm has been in China for a long time already; or 5) the firm is very big.