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Dual distribution and intangible firm value: franchising in restaurant chains

Srinivasan, Raji - ;

Dual distribution systems in which firms simultaneously use vertical integration and market governance simultaneously are widely used across diverse marketing contexts (e.g., restaurants, retailing, industrial selling). A prominent example of dual distribution includes business format franchising, in which firms (i.e., the franchisors) license the operation of some of their units to franchisees while owning and operating other units themselves. Despite the widespread prevalence of dual distribution, there are few insights into their performance implications. In this article, the relationship between a firm's dual distribution strategy and its intangible value. Franchising in restaurant chains serves as the empirical context for the study. It is proposed that the firm's dual distribution strategy affects its intangible value both independently and jointly with a set of firm characteristics. the author considers the firm's age, scope of vertical integration, advertising, financial leverage, and financial liquidity as firm characteristics that influence the relationship between dual ditribution strategy and intangible value. The author measures the firm's dual distribution strategy by the proportion of its franchised units to its total units and intangible value by its Tobin's q. The author estimates the proposed model using panel data on 55 publicly lkisted US restaurant chains for the period 1992-2002. Unobserved firm heterogeneity is accommodated using latent class regression analysis. The results support a four-segment model Dual distribution increases intangible value for some firms but decreases intangible value for others, both independently and in conjunction with other firm characteristics.Printed Journal


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit: American Marketing Association
Edisi-
SubjekValuation
Mathematical models
Restaurants
Franchising
Statistical analysis
Market research
Vertical integration
studies
Distribution planning
ISBN/ISSN222429
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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