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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

An Analysis of Shareholder Return in Public Franchisor Companies

Stephen Spinelli, Sue Birley and Benoit Leleux
The Journal of Private Equity Summer 2003, 6 (3) 56-67; DOI: https://doi.org/10.3905/jpe.2003.320052
Stephen Spinelli Jr.
The director of the Arthur M. Blank Center for Entrepreneurship and chair of the Entrepreneurship Division at Babson College in Babson Park, MA.
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  • For correspondence: spinelli@babson.edu
Sue Birley
Director/professor at the Management School at Imperial College in London, England.
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  • For correspondence: s.birley@ic.ac.uk
Benoit Leleux
The S. Schmidheiny Professor of Entrepreneurship at IMD – the International Institute of Management Development in Lausanne, Switzerland.
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  • For correspondence: leleux@imd.ch
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Abstract

This is the first study to measure the performance of public franchisors. Shareholder return, shareholder risk, and company characteristics are analyzed in an effort to model higher performing public franchisor companies. Enhanced growth and scale provides a superior return to shareholders. By examining the characteristics of 91 public franchisors we develop a descriptive and predictive model of the superior public franchisor performer. Our study covers a 10-year period from January 1990 to December 1999. Cumulative shareholder return for public franchisors is favorably compared to the Standard and Poor's 500 for all but the last year of the study. Also, there are clearly described characteristics of superior franchisor performers. The implication for the practitioner is that a strategy of concept development through franchising and public capital acquisition can provide superior returns. For scholars, this study extends our understanding of the theoretical advantages and limitations of franchising.

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The Journal of Private Equity
Vol. 6, Issue 3
Summer 2003
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An Analysis of Shareholder Return in Public Franchisor Companies
Stephen Spinelli, Sue Birley, Benoit Leleux
The Journal of Private Equity May 2003, 6 (3) 56-67; DOI: 10.3905/jpe.2003.320052

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An Analysis of Shareholder Return in Public Franchisor Companies
Stephen Spinelli, Sue Birley, Benoit Leleux
The Journal of Private Equity May 2003, 6 (3) 56-67; DOI: 10.3905/jpe.2003.320052
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