Moderating effect of firm size between franchising and firm value in lodging and restaurant

초록

The purpose of this research was to examine the moderating effect of firm size on the association between franchising execution and value of lodging and restaurant firms. We examined publicly traded lodging firms listed on the US stock market. COMPUSTAT and Annual 10K were the main sources of information. The number of lodging firms was 20 and the study period was 2000-2012. We also researched 75 publicly traded restaurant firms listed on the US stock market and the study period was 1998-2011.The results indicated that franchising negatively affected the value of large lodging firms, whereas franchising positively moderates the association between firm size and restaurant firm value.

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