프랜차이즈시스템이 외식기업의 경영성과에 미치는 영향

This study compares the profitability of franchise and non-franchise restaurants. Using return on assets, return on equity, and return on sales as proxies for profitability, we find that franchise restaurants exhibit a higher average profitability than non-franchise restaurants. In regression analyses, we further show that the finding remains robust to controlling for the effect of firm size, capital structure, and growth opportunity. Our findings suggest that the franchise system in the restaurant industry help to reduce agency costs and overcome resource scarcity problems, leading to a higher profitability.