作者：Fan, Ying; Kuehn, Kai-Uwe; Lafontaine, Francine
作者单位：University of Michigan System; University of Michigan; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of East Anglia
摘要：Financial constraints are considered an important impediment to growth for small businesses. We study theoretically and empirically the relationship between the financial constraints of agents and the organizational decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average collateralizable housing wealth in an area is associated with a delay in chains' entry into franchising by 0.33 year on average, or 10 percent of the average waiting tim...
作者：Topel, Robert H.
作者单位：University of Chicago; National Bureau of Economic Research
作者：Alvarez, Fernando
作者单位：University of Chicago; National Bureau of Economic Research
作者：Fama, Eugene F.
作者单位：University of Chicago
作者：Prendergast, Canice
作者单位：University of Chicago
作者：Sonnenschein, Hugo F.
作者单位：University of Chicago
作者：Akcigit, Ufuk
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
作者：Mogstad, Magne
作者单位：University of Chicago
作者：Shimer, Robert
作者单位：University of Chicago
