Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - CESifo - 2013
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and … decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average … waiting time, and slows their growth by around 10 percent, leading to a 10 percent reduction in franchised chain employment. …