Does franchising help restaurant firm value? |
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| Authors: | Yoon Koh Seoki Lee Soyoung Boo |
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| Institution: | 1. School of Tourism & Hospitality Management, Temple University, 1700 N. Broad Street, Suite 201F, Philadelphia, PA 19121, United States;2. Department of Tourism and Hospitality Management, School of Business, The George Washington University, Funger Hall, Suite 301S, 2201 G Street, NW Washington, DC 20052, United States |
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| Abstract: | A company's financial performance is of keen interest to many groups of people, including management, employees, shareholders, government, and so on. Although franchising has been one of the most common strategies to maximize a firm's financial performance in the restaurant industry, little research has been conducted regarding the relationship between the degree of franchising and the restaurant firm's financial performance. This study initially proposed a sigmoid relationship between the degree of franchising and the restaurant firm's financial performance based on the diversification theory. Findings, however, do not fully support the sigmoid relationship; rather a more quadratic or inverted U-shaped relationship was found. |
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| Keywords: | Franchising Restaurant firm value Degree of franchising Diversification theory Three-stage theory Tobin's Q |
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