Using Tournaments to Reduce Agency Problems: The Case of Franchising
研究将多单元特许经营视为锦标赛奖励，以解决特许经营中的代理问题。基于68家餐厅特许经营商数据，发现寻求有管理经验加盟商、建立知识共享机制及增长更快的特许经营商更多采用多单元特许经营。
Anecdotal evidence suggests that franchisors use multiunit franchising to reward franchisees. In this paper, we model multiunit franchising as the reward in a tournament—one solution to the franchising agency problem. We use a unique database of 68 restaurant franchisors and find support for the tournament model. Franchisors that seek franchisees with managerial experience and franchisors that build routines to share knowledge use more multiunit franchising. Also, franchisors that grow faster use more multiunit franchising than franchisors that grow more slowly, suggesting that faster–growing franchisors use multiunit franchising as a reward in a tournament to reduce agency problems.