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Incomplete contracts and corporate g...

Hong Kong University of Science and Technology (Hong Kong).

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Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising./
Author:	Chen, Shaoling.
Description:	255 p.
Notes:	Adviser: Susheng Wang.
Contained By:	Dissertation Abstracts International69-04A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoeng/servlet/advanced?query=3306803
ISBN:	9780549560050

Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising.
Chen, Shaoling.

Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising. - 255 p.

Adviser: Susheng Wang.

Thesis (Ph.D.)--Hong Kong University of Science and Technology (Hong Kong), 2007.

This thesis applies the incomplete contract approach to studying the corporate governance in two cases: Chinese banking and U.S. franchising, both of which are issues of great significance from either academic or industrial perspective, but researches on them are still far from enough.

ISBN: 9780549560050Subjects--Topical Terms:

1018458
Business Administration, Banking.

Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising.
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100 1 $a Chen, Shaoling. $3 1043803
245 1 0 $a Incomplete contracts and corporate governance: Theory and evidence---case studies on Chinese banking and U.S. franchising.
300 $a 255 p.
500 $a Adviser: Susheng Wang.
500 $a Source: Dissertation Abstracts International, Volume: 69-04, Section: A, page: 1469.
502 $a Thesis (Ph.D.)--Hong Kong University of Science and Technology (Hong Kong), 2007.
520 $a This thesis applies the incomplete contract approach to studying the corporate governance in two cases: Chinese banking and U.S. franchising, both of which are issues of great significance from either academic or industrial perspective, but researches on them are still far from enough.
520 $a First, a wave of centralizing control rights has been widely observed in Chinese banking recently. Based on a two-state incomplete contract model, we show that it's actually a reaction to the following four facts---the opening up of the banking market, the reform of going public, the increasing serious financial frauds and the persistent high ratio of non-performing loans---which happen almost at the same time.
520 $a Second, the mixed governance structure as well as the uniform and time-invariant linear contract in franchising also confuses many economists. This thesis establishes a two-period double-sided moral hazard model to study the dynamic decision making on governance structure and contracting of a franchise chain. Our results suggest that both resource scarcity theory and agency theory work but carry different weights in different stages along the whole life. Moreover, the accumulation of branding value brings helps remove the diversification of contracting across outlets as well as phases in the long run.
520 $a Following this logic, we conduct an empirical analysis on the strategic interactions among franchise chains. Using data of 351 U.S. franchise chains from 43 sectors in 2005, we find significant evidence for spatial effects among franchise chains. Specifically, the coexistence of the complementary strategy in governance structure and the substituting strategy in contracting is consistent with the observed competition behavior and duopoly industrial structure in franchising.
590 $a School code: 1223.
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, Theory. $3 1017575
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710 2 0 $a Hong Kong University of Science and Technology (Hong Kong). $3 1022235
773 0 $t Dissertation Abstracts International $g 69-04A.
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790 1 0 $a Wang, Susheng, $e advisor
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoeng/servlet/advanced?query=3306803