Jiang, T.

structure governance franchisee franchisor party investment governance structure distribution franchise franchising value model governance structure iv outlet governance structure ii journal governance structures leverage asset incentive payoff choice decision party 2 ficient power result governance structure iii ownership right system economic capital governance structure i distribution governance structure management brand chain franchise system distributor effect contract level stage plural percentage ef ficient distribution bene fits externality figure market distribution externality speci example table fi rms business governance structure choice brand name company plural form equilibrium ratio shapley research investment incentives theory contracting order parameter retailing distribution bene fit jiang / journal signi nancing fi rst benefit bene fits allocation hendrikse