¿Financian los franquiciados la expansión de los franquiciadores?: evidencia para el caso español.
Resumen
This work considers whether the difficulty for obtaining funding affects the choice of organizational form for franchise chains. We created a panel of Spanish franchisers who were observed from 1996 to 2002, and calculated a dynamic, partial-fit model for ownership structure, using the generalised method of moments in first differences. This allowed us to introduce auto-regression and to use endogenous explanatory variables. The results obtained show that the greater a chain's liquidity and profitability and the lower its debt, the less likely it is to operate as a franchiser. This supports the financial argument. However, the requirements for investment in growth are not significant, and age shows does not show the expected sign. Finally, we verified the partial-fit model for ownership structure, obtaining a high adjustment speed of 78-69%
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DOI: http://dx.doi.org/10.18002/pec.v0i6.705
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