Recent research suggests that expropriation by controlling shareholders of other shareholders is an important problem in both publicly held and closely held firms. This paper examines how partners in closely held firms can make control-right arrangements to mitigate expropriation and other...

Franchising involves a variety of contractual and ownership arrangements within a single company. In recent years, a great deal of effort has been made to understand this increasingly popular organization (Lafontaine, 1992, 1993, and Lafontaine and Slade, 1997). There are at least two stylized...