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Related Concept Videos

Framing Effects03:26

Framing Effects

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Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in...
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Franchising structure changes and shareholder value: Evidence from store buybacks and refranchising.

Anna Sadovnikova1, Manish Kacker2, Saurabh Mishra3

  • 1Leon Hess Business School, Monmouth University, 400 Cedar Avenue, West Long Branch, NJ 07764 USA.

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Summary
This summary is machine-generated.

Franchising firms

Keywords:
Agency theoryEvent studyFranchisingMarketing-finance interfaceTransaction cost analysis

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Area of Science:

  • Business and Economics
  • Marketing
  • Finance

Background:

  • Franchising firms often engage in strategic decisions like refranchising and buybacks.
  • Understanding the impact of these decisions on shareholder value is crucial for investors and management.

Purpose of the Study:

  • To investigate the effects of refranchising and buybacks on shareholder value (stock returns).
  • To evaluate how firm-specific and industry factors moderate these effects.

Main Methods:

  • Utilized an event study analysis methodology.
  • Examined data spanning the years 2001-2020.

Main Results:

  • Both refranchising and buybacks positively influence stock returns.
  • Refranchising benefits firms with lower royalty rates, lower ROA, and higher trade credit.
  • Buybacks benefit firms with higher royalty rates.
  • Investors react less favorably to refranchising in munificent industries, but more favorably to buybacks.

Conclusions:

  • Refranchising and buybacks are valuable strategies for enhancing shareholder value in franchising.
  • The effectiveness of these strategies is contingent on firm financial characteristics and industry conditions.
  • Findings offer insights for franchising theory and retail marketing practices.