La franquicia como estrategia de crecimiento de las PYMES españolas

Abstract

The aim of this paper is to analyze the impact of franchising over the companies' growth. We use a dynamic model of growth partial adjustment on a panel data set of Spanish small firms from 1996 to 2002 because we have to handle an autoregressive component and endogenous explanatory variables in our model. Our results show that expansion though franchising is positively associated with firm growth. This suggests that franchising is an appropriate tool small business expansion. Moreover, we obtain a low adjustment speed in our dynamic model for growth (around 17 per cent), which indicates that chains poorly readjust their size toward a target or ideal size. This suggests the existence of too high adjustment costs