support for the contention that the franchisors' performance is contingent on the ‘fit' between governance structure … (franchise proportion) and resources (critical human assets). In contrast, strong evidence that the governance …

We examine the relation between cash holdings, quality of governance and financial constraints. We find that firms with … positive correlation that exists between governance quality measures and the degree of financial constraint faced by the firm …. We show that governance quality has no impact on cash holdings by financially unconstrained firms. It does, however, have …