커피전문점 프랜차이즈 시스템의 결정요인과 가맹 본부의 수익성 비교에 관한 실증 분석

This paper has studied the determinants of domestic coffee franchise system, and profitabilitycomparison by franchisor under the basis of Resource Scarcity Theory and Principal-Agent Theory. The study covered the period from 2009 to 2013, and estimation method of Fixed Effect Modelwas used, which allows for dynamic analysis on the panel data compiled for the same period. This study concluded that the longer the franchisor’s history and the lesser the franchisor’sresources, the more domestic coffee franchise system has adopted franchisee-focused system, and theincrease of total outlets has nothing to do with the increasing ratio of franchisee outlets. It alsoconcluded that ratio of sales-operating profit has increased, while ratio of return on equity hasdecreased in line with the increasing ratio of franchisee outlets. This is because although domesticcoffee franchisors have increased franchisee outlets with cost-effective approach, they have incurredlarge amount of non-operating expenses due to excessive loan for rapid business growth, whichultimately gave negative impact on net income leading to decreasing ROE. Therefore, this paper gives an implication that domestic coffee franchisors encourage to use the policy of franchisee-focusedsystem to improve profitability, and discourage excessive loan for rapid business growth.