کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5108256 | 1482474 | 2017 | 9 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Is restaurant franchising capital a substitute for or a complement to debt?
ترجمه فارسی عنوان
آیا سرمایه فرانچایزینگ جایگزین یا مکمل بدهی است؟
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کلمات کلیدی
تامین مالی فرانچیز، ساختار سرمایه، جایگزین، متمم، اهرم بدهی،
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
چکیده انگلیسی
Since Oxenfeldt and Kelly's 1969 study, the resource scarcity hypothesis has been considered a representative theory to explain franchising motivations. Whether franchising capital is a substitute for or a complement to debt has been discussed in the franchise literature but the relationship remains unclear. Using Frank and Goyal's (2003) financial deficit model along with trade-off and pecking order theories, this study shed light on whether franchising capital acts as a substitute for and/or to complement debt in the restaurant industry. This study discovered that the adjustment speed of long-term debt leverage was faster for franchise restaurant firms than non-franchise restaurant firms. Further, the average long-term leverage target was lower for franchise restaurants. Consequently, this study revealed that franchising capital functioned as a substitute for long-term debt. In contrast, the adjustment speed of short-term debt leverage was slower for franchise restaurants and, thus, franchising capital complemented short-term debt.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Hospitality Management - Volume 63, May 2017, Pages 63-71
Journal: International Journal of Hospitality Management - Volume 63, May 2017, Pages 63-71
نویسندگان
Kwangmin Park, SooCheong (Shawn) Jang,