This study investigates the relationship between internally generated cash flow and firm investment in the restaurant industry. Our focus is particularly on the difference of the investment-cash flow sensitivity between franchise and non-franchise restaurant companies.Our particular interest in...

For a long time, services were considered non-tradable in the literature of international economics. However, the sector has emerged with profound importance on the basis of strong underpinnings. Technological advancement, financial constraints and limited options, and regulatory changes have...