By building on agency and resource dependence frameworks, this paper examines the effects of board structure on the internationalization of franchising systems. Results from a 14-year longitudinal study of the U.S. franchising brands indicate that board size and multiple directorships are related to franchise internationalization in the form of the inverted U-shaped relationship. Moreover, these effects are also contingent on the degree of board independence. Specifically, they are more pronounced when board independence is high. Managerial implications and directions for future studies are discussed.
- Corporate governance
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