The Use of Franchising by U.S.-Based Retailers

Alon, Ilan

doi:10.1111/1540-627x.00011

Cited by 109 publications

(109 citation statements)

References 17 publications

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“…Of those for whom it was available, 76 percent were members. It is believed that the use of franchisee associations and councils has played a crucial role in enhancing franchisees' power in recent years (Alon, 2001). These venues are important for developing relationships with franchisees and for influencing their behaviors (Bradach, 1997).…”

Section: Discussionmentioning

confidence: 99%

Toward a model of franchisee entrepreneurship

Dada

Watson

Kirby

2011

International Small Business Journal: Researching Entrepreneurs

118

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The British University in EgyptThis study provides a deeper understanding of the relevance of the entrepreneurship phenomenon to the franchisee context. A number of studies have echoed that the franchisee plays an important role in the generation of new ideas and innovations for the franchise system. But we still do not know how franchisees maximize their entrepreneurial behaviors without jeopardizing the desires for standardization and uniformity, which are building blocks of franchising. We address this research question, using evidence from multiple case studies of UK-based franchisees. The study revealed patterns that were used to develop a theoretical model, which demonstrates the utilization of different forms of formal franchisee networks for maximization of entrepreneurial behaviors through acquisition of relational and informational capital, intra-system competition, and franchisee learning. This study extends the literature on franchising and entrepreneurship, and offers important managerial implications for practitioners. Future research directions are discussed.

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Section: Discussionmentioning

confidence: 99%

Toward a model of franchisee entrepreneurship

Dada

Watson

Kirby

2011

International Small Business Journal: Researching Entrepreneurs

118

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“…Two major theoretical perspectives have been proposed to explain patterns of company-ownership versus franchisee-ownership: Resource Scarcity and Agency Theory (Alon, 2001;Carney & Gedajlovic, 1991;Combs & Castrogiovanni, 1994;Combs, Ketchen, & Hoover, 2004;Michael, 2003;Newkirk & Lederer, 2006;Paik & Choi, 2007). Both theories should be analyzed, as they determine the firm characteristics that are going to drive franchisors into strategic groups.…”

Section: Introductionmentioning

confidence: 99%

Strategic group identification using evolutionary computation

Torres¹,

Toral²

2010

Expert Systems with Applications

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a b s t r a c tThis paper proposes to identify strategic groups among franchisors from a big set of franchisor variables. Genetic evolutionary computation was used to reduce a set of variables efficiently, and factor analysis was used to make up the strategic groups. Franchise 500 was used as database. The results suggest both that the general map of franchisor has changed since Carney and Gedajlovic's study, and that genetic evolutionary computation is a valid way to extract knowledge from a huge set of data. This paper proposes useful information for those retail firms considering internationalization via franchising. The originality of this paper is in the use of Genetic Algorithm to discriminate the final set of variables to be used for the identification of strategic groups instead of evaluating one by one the adequacy of each variable theoretically. The ability of evolutionary computation to create new knowledge is good to produce new insights into this topic.

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“…hospitality sector deserves a specific industry-level analysis about the relation between leverage and financial performance due to their industry-specific characteristics such as management contracts in hotels and franchising in hotels and restaurants. Madanoglu, Lee, and Catrogiovanni (2011), Hsu and Jang (2009), Srinivasan (2006, Combs and Ketchen (1999), and Alon (2001) found a negative relation between leverage and performance when they examine the effect of franchising on the financial performance of restaurants.…”

mentioning

confidence: 99%

The Impact of Leverage on Stock Returns in the Hospitality Sector: Evidence from the UK

Muradoğlu¹,

Sivaprasad²

2014

Tourism Analysis

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a relatively low level of operating inventories, it requires a relatively high level of capital for its real estate component. This component often includes buildings, operating systems, furniture, and restaurant equipment, and this ordinarily involves securing external financing to acquire these assets.This article addresses an important question regarding the relation between leverage and its effect on stock returns of firms in the hospitality sector. The nature of the industry is important when studying the leverage return relation. Arditti (1967) and Melicher (1974) argued that the true nature of leverage return relation can be disclosed only by testing this relation within industries. The THE IMPACT OF LEVERAGE ON STOCK RETURNS IN THE HOSPITALITY SECTOR: EVIDENCE FROM THE UKYAz GŰLNUR MURADOĞLU* AND SHEEJA SIVAPRASAD † *School of Business and Management, Queen Mary University, London, UK †Department of Accounting, Finance and Governance, University of Westminster, London, UK This article examines the relation between capital structure and abnormal returns for the UK hospitality sector by using an investment strategy based on hospitality firms' capital structure. We find that abnormal returns are higher, 0.53% per annum, for medium leverage hospitality firms, and it can be increased up to 0.91% by investing in medium leverage and low price-to-book value firms. The findings raise an important issue for the hospitality sector as the firms in this sector are continually aiming to raise external finance to fund expansion. This is a unique situation when compared to other sectors in the economy whereby investors earn higher abnormal returns when investing in low levered firms.

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The Use of Franchising by U.S.-Based Retailers

Cited by 109 publications

References 17 publications

Toward a model of franchisee entrepreneurship

Toward a model of franchisee entrepreneurship

Strategic group identification using evolutionary computation

The Impact of Leverage on Stock Returns in the Hospitality Sector: Evidence from the UK

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