影響加盟主遞延開放加盟時點及加盟店比例之因素

Factors Affecting the Franchise Duration and Franchise Percentage

本研究探討加盟主規模、代理問題、市場結構及宗教信仰等因素，對於加盟主決定開放加盟時點、開放加盟以後加盟店擴展比例之影響。本文採用美國加盟主的資料進行分析，實證結果發現資源匱乏、代理問題及市場競爭程度，對於加盟主開放加盟時點存在相當重要且顯著的影響。加盟主規模以及加盟主的風險趨避程度，則會顯著影響開放加盟以後加盟擴展店數的比例高低。此外，對於面臨資源匱乏的加盟主來說，若其具有代理問題，則上述現象較為嚴重；若其市場不確定性較高、或產業競爭程度激烈的情況下，上述現象也會更加明顯。最後，穩健性測試顯示，本文結論在2008 年金融海嘯時期仍然成立。

The aim of this paper is to explore the impact of franchisor size, agency problem, market condition and religion on the decision to franchise and the distribution of franchised outlets. Using U.S. franchised data, we show that franchise duration is affected by size, competition and the agency problem of franchisor. We also find that size and risk aversion affect the distribution of franchised outlet after controlling for industry and year fixed effect. In addition, these results are more significant for franchisors with scarce resource, serious agency problem, and facing fierce market uncertainty and competition. The conclusion is robust during the global financial crisis period in 2008.