加盟结构的变化和股东价值:来自商店回购和重新加盟的证据
Anna Sadovnikova1, Manish Kacker2, Saurabh Mishra3
1Leon Hess Business School, Monmouth University, 400 Cedar Avenue, West Long Branch, NJ 07764 USA.
Journal of the Academy of Marketing Science
|August 21, 2023
概括
加盟公司的特许经营.
科学领域:
- 商业和经济学 商业和经济学
- 营销 营销 营销 营销 营销
- 金融 金融 金融 金融 金融
背景情况:
- 特许经营公司经常参与重新特许和回购等战略决策.
- 了解这些决定对股东价值的影响对投资者和管理层至关重要.
研究的目的:
- 调查重新授权和回购对股东价值 (股票回报) 的影响.
- 评估具体企业和行业因素如何缓解这些影响.
主要方法:
- 使用事件研究分析方法.
- 检查了涵盖2001年至2020年的数据.
主要成果:
- 重组和回购都对股票回报产生了积极的影响.
- 重新授权有利于拥有较低的特许权利率,较低的ROA和较高的贸易信贷的公司.
- 回购有利于拥有更高版权费率的公司.
- 投资者对富裕行业的再自由化反应不太好,但对回购反应更好.
结论:
- 重新授权和回购是提高特许经营中股东价值的有价值策略.
- 这些策略的有效性取决于公司的财务特点和行业状况.
- 结果为特许经营理论和零售营销实践提供了洞察力.
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