Franchising, brand name capital, and the entrepreneurial capacity problem
研究指出垂直整合导致企业规模扩大和员工监督难题，即企业家能力问题；而通过特许经营这种准垂直整合方式可以缓解该问题，使零售网点规模更大。基于美国餐饮和汽车旅馆行业普查数据，实证发现网点分散和品牌资本价值会加剧企业家能力问题，但特许经营能抵消这些影响，使当地网点规模大于非特许经营。
One consequence of vertical integration is increased firm size with the related problem of monitoring employees in a large enterprise. Writers on the theory of the firm suggest that this phenomenon is part of the entrepreneurial capacity problem. This paper argues that quasi-vertical integration via franchising can circumvent the problem and lead to larger-scale retail outlets. Using U.S. Census data from the eating place and motel industries, the empirical evidence in this paper suggests that physical dispersion of outlets and the value of brand name capital increase the entrepreneurial capacity problem, but that franchising offsets these forces and permits somewhat larger local outlets than using nonfranchised operations.