How Firm Strategies Impact Size of Partner-Based Retail Networks: Evidence From Franchising
基于9年面板数据，研究发现特许经营网络规模更多受降低代理成本的策略驱动，而非单纯降低加盟商进入和运营成本的策略。
How do firms' partnering strategies impact the size of their partner-based retail networks? We draw on agency theory to address this question in the context of franchising. Our econometric analyses (based on 9 years of longitudinal balanced panel data) include assessment of data nonstationarity and estimation of a dynamic panel data model that accounts for unobserved heterogeneity and endogeneity. Our findings indicate that franchisee network size is driven more by franchisor strategies that mitigate agency costs than by strategies that simply lower entry and ongoing costs and barriers for franchisees.