Does testimonial actually work (we all know its fake)?

Before someone comes saying yes it works because of social validation or social proof, are there any user tests, research or case studies that backs up it up?

It seems like most poeple I speak to thinks the testimonial page is fake and no one actually reads it. At the same time companies want to have it up there cause, why not (just incase they do right)?

So are there are research or test to back up testimonials?