프랜차이즈 가맹본부의 위기가 포트폴리오 성과에 미치는 영향 분석

This study empirically examines how a crisis originating at the franchisor level propagates to the performance of brands within a multi-brand franchise portfolio. In the Korean franchise industry, it is common for a single franchisor to operate multiple brands, implying that crises at the headquarters level may extend beyond individual brands and affect portfolio-wide outcomes. Prior research on corporate crises and spillover effects has largely focused on single-brand contexts or experimental settings to establish theoretical mechanisms, leaving limited empirical evidence on how franchisor-level crises diffuse in real markets. To address this gap, we analyze consumer responses to two crisis events that occurred sequentially within the same franchisor, using transaction-level credit card data. We classify brands into convenience-oriented and premium categories and estimate fixed-effects panel models to assess the moderating role of consumer engagement, a key mechanism associated with loyalty formation. The results show that the initial crisis exerted a negative impact on performance across both brand types. Higher levels of consumer engagement mitigated these negative effects during the first crisis. However, when a similar crisis recurred, the negative impact was amplified for premium brands among highly engaged consumers. These findings demonstrate that the spillover effects of franchisor-level crises are heterogeneous and depend critically on brand characteristics and the activation of loyalty-related mechanisms. This study contributes to the crisis management and franchise literature by providing large-scale empirical evidence on portfolio-level crisis spillovers in a multi-brand franchise setting.