标题： 品牌权益对特许经营体系垂直整合的影响 显示英文标题

标题： The impact of brand equity on vertical integration in franchise systems

摘要： 品牌声誉和纵向一体化是特许经营体系中的核心战略要素，能够深刻影响特许经营绩效。 尽管这两项战略杠杆的重要性已被认可，并且该主题长期以来受到研究关注，但我们对特许经营体系中品牌声誉与纵向一体化（公司对门店的所有权）之间相互作用的理解仍不完整。 在本研究中，我们重新审视了五十年前关于品牌声誉如何影响特许经营体系中纵向一体化的问题，并对该主题提出了新颖而细致的见解。 来自大型面板数据集上的贝叶斯面板向量自回归模型的证据表明，品牌声誉对纵向一体化具有强大且滞后的反向影响，即更高的品牌声誉会导致特许经营体系中下游纵向一体化程度降低。 反向因果分析识别出一种不那么明显但存在的双向效应。 边界条件分析显示，在具有国际影响力的特许经营体系以及以零售为导向（而非服务导向）的特许经营体系中，品牌声誉对纵向一体化的负面影响较弱，而在拥有更多财务资源的特许经营体系中，这种负面影响则更强。 这些发现（a）通过展示品牌声誉对特许经营体系中纵向一体化的负面效应，并表明更多的财务资源会增强这一效应，从而挑战了传统的观点（如交易成本理论、资源基础观、所有权转向假设），（b）为这一有争议效应的复杂动态（时间因果关系、反向因果关系）和条件性提供了新的见解。 在管理上，这项研究引起了对品牌声誉在缓解渠道治理问题方面被忽视的战略益处的关注，并建议在品牌声誉较强时避免不必要的纵向一体化。 显示英文摘要

摘要： Brand equity and vertical integration are focal, strategic elements of a franchise system that can profoundly influence franchise performance. Despite the recognized importance of these two strategic levers and the longstanding research interest in the topic, our understanding of the interplay between brand equity and vertical integration (company ownership of outlets) in a franchise system remains incomplete. In this study, we revisit the five-decade-old question of how brand equity affects vertical integration in a franchise system and present some novel, nuanced insights into the topic. Evidence from a Bayesian Panel Vector Autoregressive model on a large panel data set shows that brand equity has a powerful, lagging inverse effect on vertical integration, such that higher brand equity leads to less downstream vertical integration in a franchise system. Reverse causality analyses identify a less pronounced but present reciprocal effect. Boundary conditions analyses reveal that the negative effect of brand equity on vertical integration is weaker in franchise systems with international presence and in retail-focused (vs. service-focused) franchises, and stronger in franchise systems with more financial resources. These findings (a) challenge traditional views (e.g., transaction cost theory, resource-based view, ownership redirection hypothesis) on the topic by demonstrating a negative effect for brand equity on vertical integration in franchise systems and showing that greater financial resources amplify this effect, and (b) shed new light on the intricate dynamics (temporal causation, reverse causation) and contingencies of this debated effect. Managerially, this research draws attention to the underrecognized strategic benefit of brand equity in mitigating channel governance issues and advise against unnecessary vertical integration, especially when brand equity is robust.