An empirical look at franchising as an organizational form
Article Abstract:
Economic organizations are generally classed into one of two forms, markets and firms. Franchise contracts are seen as a hybrid organizational form. The theoretical literature on franchising and related literatures on theory of the firm, firm growth, and brand name capital are examined to identify the motives for dominance of franchise arrangements. The incidence of franchise contracts across states for three industries is tested empirically. The results indicate that franchise arrangements are favored by both principal-agent incentives and informational incentives.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1988
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Mobility barriers and Tobin's 'q'
Article Abstract:
Market conditions such as industry concentration, advertising, and research and development significantly affect the cross-sectional relation of Tobin's 'q' to firms' structural features. When the state of the economy varies, regressions of 'q' on structural features also vary. Industry concentration, for example, can positively or negatively influence 'q' behavior in different time-frames. It can be inferred that structural features can be used as indicators of resource flexibility rather than stable sources of income.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1987
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Testing for nonlinear dependence in daily foreign exchange rates
Article Abstract:
The daily fluctuations of five significant exchange rates are examined for evidence of nonlinearities. A BDS test was used to test for nonlinear dependence by computing a statistic based on the correlation integral. Results indicate that there is no linear correlation, but there is substantial nonlinearity in a multiplicative form. Further results indicate much of the nonlinearities for all five exchange rates can be explained using a generalized heteroskedasticity model.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1989
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