This article examines the impact of human capital intangibles on the governance structure of franchise networks (i.e., proportion of franchised outlets) and the joint impact of human capital intangibles and governance on the performance of franchisors. Agency theory focuses on the free‐riding...

We study innovation and R&D investments made from 2008 to 2010 by UK companies that were the targets of leveraged buyout (LBO) in previous years. We find that overall, LBO companies do not exhibit lower innovation and R&D investments than non-LBO companies during the crisis, with other things...

Agency theory has historically presented buyouts as a superior governance framework that generates economic efficiencies in the short term but these transactions might have a negative impact on long-term growth and innovation. In this study, we use a strategic entrepreneurship perspective to...

A long-standing controversy is whether LBOs generate economic efficiencies through a superior governance framework, or whether LBO funds are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. Using a propensity score methodology, this paper...

Agency theory has historically presented buyouts as a superior governance framework that generates economic efficiencies in the short term but these transactions might have a negative impact on long-term growth and innovation. In this study, we use a strategic entrepreneurship perspective to...

L'hypothèse initialement avancée par Amihud et Lev (1981), selon laquelle le dirigeant serait tenté de diversifier son entreprise afin de limiter son risque d'emploi, a connu un large écho et a été largement reprise depuis (Amihud et al., 1986 ; Lewellen et al., 1989 ; Norton, 1993 ; Lane...

L'objectif de cet article est d'enrichir le cadre explicatif de la franchise en intégrant la théorie fondée sur les ressources et la théorie des contrats incomplets. Dans ce cadre, le recours à la franchise se conçoit comme le fondement d'une « architecture financière » et deux...

This paper deals with the relationships between plural form and performance in franchising networks in Europe. It is proposed that a franchisor's life cycle stage and human capital assets influence the relationship between plural form and performance. The model has been estimated using panel...

We are looking for traces of managerial opportunism in french diversifyingacquisitions. Indeed, following various theories, diversification is seeking by managers.Furthermore, recent empiric evidences show that corporate diversification is valuedestructive for shareholders. Using classical OLS...

This paper investigates whether firms, which are taken over on the French market through Leveraged Buyouts (LBOs), possess characteristics prior to the change which differentiate them from firms which are not acquired through LBOs. Contrasting 175 LBO targets on the French market with an...