About ten years ago, an innovative instrument was developed to promote internationalization in European higher education institutions--"a Certificate for Quality in Internationalization (Cequint)." The initiative fits well the contemporary governance philosophy that promotes voluntary instruments, an individualized approach, and an orientation towards transparency instead of control. While labels and certificates are becoming popular, their effectiveness is often questioned. In this paper we examine critically the value of "Cequint" and its potential for enhancing internationalization. The empirical results confirm that certified study programs outperform their uncertified peers. Partly the effect is explained by self-selection as internationally inclined programs are more likely to apply for the certificate, but there seems to be also a significant independent effect of the certification process. The paper suggests that a voluntary certification scheme can support organizational improvement by three mechanisms: by enhancing motivation, self-awareness, and expertize.