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Franchising structure changes and shareholder value: Evidence from store buybacks and refranchising
Journal of the Academy of Marketing Science ( IF 18.2 ) Pub Date : 2023-01-14 , DOI: 10.1007/s11747-022-00921-3
Anna Sadovnikova 1 , Manish Kacker 2 , Saurabh Mishra 3
Affiliation  

Drawing on agency theory and transaction cost analysis, this study investigates the impact of refranchising and buybacks of downstream retail units by franchising firms on shareholder value (i.e., stock returns). It further evaluates the contingency role of firm and industry factors in shaping this impact. An event study analysis over the years 2001–2020 confirms that both refranchising and buybacks positively affect stock returns. However, notable impact differences emerge between the two types of strategic decisions. For refranchising, firms with lower royalty rates, smaller returns-on-assets (ROA), and higher trade credit provided generate higher stock returns. Whereas, for buybacks, firms with higher royalty rates derive more value in stock markets. Analysis further shows that investors judge refranchising (buybacks) less (more) favorably in munificent industries, but industry dynamism has no effect on the stock returns generated from these moves. Together, the study offers important implications for franchising theory and retail practice in marketing.



中文翻译:

特许经营结构变化和股东价值:商店回购和再特许经营的证据

本研究借鉴代理理论和交易成本分析,研究了特许经营公司对下游零售单位的再特许经营和回购对股东价值(即股票回报)的影响。它进一步评估了公司和行业因素在形成这种影响中的偶然作用。2001 年至 2020 年的事件研究分析证实,再特许经营和回购都会对股票回报产生积极影响。然而,两种类型的战略决策之间存在显着的影响差异。对于再特许经营而言,特许权使用费较低、资产回报率 (ROA) 较小且贸易信贷较高的公司会产生较高的股票回报。然而,对于回购来说,特许权使用费较高的公司在股票市场上获得更多价值。分析进一步表明,投资者对慷慨行业的再特许经营(回购)的评价较低(较高),但行业活力对这些举措产生的股票回报没有影响。总之,这项研究为特许经营理论和零售营销实践提供了重要的启示。

更新日期:2023-01-16
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