Financial Constraints and Moral Hazard: The Case of Franchising
研究了特许经营中代理人的金融约束如何影响委托人的组织决策和增长，发现地区住房财富下降30%会导致连锁店进入特许经营延迟0.33年，并减少约9%的就业。
Financial constraints are considered an important impediment to growth for small businesses. We study theoretically and empirically the relationship between the financial constraints of agents and the organizational decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average collateralizable housing wealth in an area is associated with a delay in chains’ entry into franchising by 0.33 year on average, or 10 percent of the average waiting time, and a reduction in chain growth and hence a reduction in franchised chain employment of about 9 percent.