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Corporate social responsibility (CSR) activities have become increasingly prevalent in retail settings. In franchised organizations, franchisors typically design and coordinate these activities, leaving operational execution to franchisees. Meanwhile, franchisors may introduce new corporate-led CSR activities over time. Even though changes to CSR activities may refocus outlets' attention on a CSR initiative, they may also disrupt an outlet's ongoing CSR routines. Using a longitudinal, secondary dataset consisting of an eight-year panel for a national, franchised restaurant chain, we examine CSR performance dynamics in the presence of two distinct types of CSR activities: an ongoing CSR routine and a distinct, temporary CSR campaign. We find that, when resuming the CSR routine after a temporary CSR campaign, outlets' performance in CSR routines drops significantly (i.e., immediate decay), then improves gradually (i.e., protracted recovery). We also consider the moderating role of an outlet's experience, finding that experience stabilizes these decay and recovery cycles. Our findings represent a first step in developing a longitudinal understanding of how a firm's short-term CSR campaigns may impact ongoing CSR routines, thus contributing to the knowledge of CSR activity development and routinization. [ABSTRACT FROM AUTHOR]

The primary objective of this research is to analyze the current business situation of Esteh Indonesia's Franchise Model, identify factors affecting its sustainability, and develop a new business strategy for sustainable growth. The conceptual framework is based on Rothaermel's AFI Framework, incorporating a comprehensive analysis of the 7P Marketing Mix, industry analysis using PESTEL and Porter’s Five Forces, and core competency evaluation through the VRIO framework. The literature review highlights key theoretical foundations, including franchising strategies, critical success factors, franchising relationship models, and the concept of Blitzscaling. The research method utilized a mixed-method approach, collecting qualitative data through one-on-one in-depth interviews with ten franchisees selected via convenience sampling revealed operational and market challenges and quantitative data through an online questionnaire administered to 200 customers. provided insights into purchasing behavior and brand perception. The qualitative data was analyzed using thematic content analysis to identify patterns and insights, while the quantitative data was analyzed using descriptive statistical analysis and Likert scales to measure customer perceptions and behaviors. To achieve sustainable growth, Esteh Indonesia should adopt a multifaceted strategy leveraging strengths, addressing weaknesses, capitalizing on opportunities, and mitigating threats. Focusing on a differentiation strategy based on the Porter’s Generic Strategy, emphasizing market penetration and product development based on the Ansoff Matrix, and utilizing the BCG Growth-Share Matrix to identify and replicate high-performing outlets, providing enhanced franchisee support, and upgrading to the 'Esteh 2.0' model will boost sales and brand equity, driving sustainable growth and solidifying Esteh Indonesia's market leadership. [ABSTRACT FROM AUTHOR]

This article constitutes a Preliminary Agreement in Franchising. The research process focuses on theoretical and practical aspects of legal issues that concern franchise agreement. This article represents problematic legal issues, experience and tradition in legalizing pre-sale information disclosure plays a significant role in the franchise business. Franchisee maintenance justice mechanisms signify the importance of pre-sale information disclosure and provision principles in the initial stage of making pre-agreements. The article deals with certain controversies revealed in a franchise business caused by the absence of legal regulations at the pre-contractual stage. It emphasizes the lack of a mechanism to protect franchisees' rights - information disclosed in the Franchise Disclosure Document. It contains recommendations on how to solve existing problems. As a result of observing different models of legal systems and regulations in the pre-contractual stage, it becomes necessary to integrate this new franchising system and pre-sale information disclosure into Georgian law. On the one hand, this study suggests implementing legislation and franchising regulations by combating several legal problems. On the other hand, the research accentuates the adopted model law on information disclosure, "UNIDRUA", that will be a strongly recommended model contract for such a country as Georgia since it lacks a special law on franchising. The analysis based on this research can be applied by commercial organizations and entrepreneurs that run businesses in terms of franchising. [ABSTRACT FROM AUTHOR]

This article examines the production of musical nostalgia in High School Musical: The Musical: The Series (2019–23), one of the first series created for Disney’s streaming platform. On one level, the series serves as a nostalgic extension of the High School Musical franchise in its setting and narrative construction, and a nostalgic continuation of the teen-musical genre in its idealised depiction of high-school life mediated through song. At the same time, this nostalgia is coupled with an emphasis on the show’s newness: the series transposes the original film to a new format—a self-referential, multi-episodic mockumentary—and occupies a different temporal world, in which nostalgia is technologically mediated and constructed as part of the diegesis. Focusing on music, as a primary sensory input for the evocation of nostalgia, this study explores how The Series capitalises upon this nostalgia/modernity dichotomy to structure its narrative and engender brand affinity. Drawing together textual analyses of audiovisual sequences and practitioner testimony from the show’s creatives, it demonstrates how The Series uses music to develop Disney’s brand, harnessing the technological and creative promise of the Company’s proprietary streaming service, whilst simultaneously employing nostalgic strategies to reaffirm the status quo in aspects of its narrative.

How Gandhi viewed elections? Scholars studying Gandhi have focussed on his strategies of ahimsa (non-violence) and satyagrah (insistence on truth), which produced conditions for mass mobilisation leading to successful decolonisation efforts in India. Though Gandhi recorded his views on franchise beginning with his petition to Natal Assembly in 1894, the researchers have not made much attempt to explore its nuances; those shaped Gandhi's evolution as a democratic crusader in the context of India as a nation. His engagements with the issues of the franchise question in Natal connected him to traditions of elections in India, and his observation of suffragette in England made him conscious of the challenges of struggle in the manner of engagement with a powerful state. This article focuses on Gandhi's engagement with various facets of elections in his early political days and argues that the 'franchise question' allowed him to understand India as a political possibility and the 'suffragette' informed his methods of mass engagement with the imperial powers. [ABSTRACT FROM AUTHOR]

The article is devoted to the study and analysis of franchising as an effective tool for entrepreneurial activity. The state and prospects for the development of the franchising business model in the Ukrainian economy have been studied. Before the full-scale invasion of russia into the territory of Ukraine, the franchising market was developing dynamically in almost all sectors of the economy, despite the coronavirus crisis. In recent years, franchising has become the most popular in Ukraine in the field of consumer services, public catering and retail trade. The franchising market provides a great advantage for the development of the national economy. The current state of franchising in Ukraine, its positive aspects and opportunities for future growth are revealed. It can be the beginning of the development of small and joint ventures that will focus on innovation. Like any form of cooperation, franchising has its advantages and disadvantages that need to be taken into account. Now the development of the Ukrainian economy is a sensitive issue due to the war started by russia. Without activity in the economic sphere, the full functioning of the state is impossible. As a result of the military conflict, Ukrainian enterprises began to expand in Europe, which created the basis for the formation of a market for Ukrainian franchises. In safer regions of Ukraine, relocated businesses received a significant increase in income. With the stabilization of the situation in the country, entrepreneurs will have the opportunity to open their own businesses. In general, the Ukrainian franchising business offers ample opportunities for further growth and development. Entrepreneurs who understand the benefits of franchising and know how to effectively use its potential can achieve success in both domestic and international markets. However, it is important to carefully select franchisees, conduct a detailed analysis of the terms of the deal before launching the business. Despite the existing difficulties in implementing a franchising project, the number of “quality” franchises and conscientious franchisors in Ukraine is increasing every year. New initiatives are emerging that are successfully developing not only in Ukraine, but also abroad. This indicates that in the near future, the franchising market in our country will move to a new stage of development. [ABSTRACT FROM AUTHOR]

The franchising system has attracted the attention of the market and academia because it can provide gains in scale, as well as breadth of brand recognition – from the franchisor’s point of view – and is seen as an alternative in reducing risks, on the part of the franchisee. Such a system is considered successful when it enables positive financial results for all those who invested their resources. This quantitative research aims to analyze the degree of influence of different knowledge transfer tools (mechanisms) between franchisor and franchisee on the performance of franchised units, using as bibliographical guidance the theories of Resources (RBV-Resource-Based View), of Knowledge (KBV-Knowledge-Based View) and Information Wealth. The dependent variables chosen to measure financial performance are the profitability and profitability of the network’s units. The independent variables – the knowledge transfer mechanisms – are initially grouped and classified among those with a low degree of information richness (LIR), whose focus is on the exchange and capture of explicit or codified knowledge (for example, reports, manuals, e-mails, intranet and database), and that of high degree of information richness (HIR), whose focus is on the exchange of tacit or uncodified knowledge (e.g. class training, field training, seminars, visits units and formal meetings). Empirical evidence shows that the choice of knowledge transfer mechanisms has an influence on profitability. [ABSTRACT FROM AUTHOR]

Lord Lothian (Philip Kerr) (1882–1940) had a close association with India for almost thirty years. He played a crucial role in the development of the early policy of The Round Table towards the subcontinent. He was a short-lived junior minister in charge of Indian affairs during a critical phase of the late colonial constitutional reforms. After his resignation he maintained an active relationship with India and an influential presence. During all of this time he consistently advocated the encouragement of a competitive party political system which he saw as the best guarantee of the growth of democracy on the subcontinent. [ABSTRACT FROM AUTHOR]

The Public–Private Partnership (PPP) model has significantly contributed to global infrastructure and public service provision. The evolution of the PPP model closely aligns with policy directives. China's PPP policy evolution has included five stages: budding (1986–2000), fluctuating (2001–2008), steady (2009–2012), expanding (2013–2018), and stagnating (2019–present). This study employs bibliometric analysis and co-word analysis to examine 407 policies enacted by the Chinese government from 1986 to 2018. By extracting policy text keywords at various stages and constructing a co-word network matrix, this study delineates the distinctive characteristics of Chinese PPP policies across different epochs. It can be found that critical areas such as "government credit", "contract spirit", and "power supervision" are still underappreciated. The challenges confronting China's PPP model are multifaceted, stemming from policy gaps that have led to substantial project difficulties. Although the government proposed a new mechanism for franchising in 2023, the new mechanism is only for new PPP projects, and the difficulties of existing PPP projects have not been solved. This study advocates for enhancements in project bankability, regulatory clarity, institutional environment improvement, contract spirit defense, and the development of the PPP-REITs model to address these issues. [ABSTRACT FROM AUTHOR]

Copyright of Revue Internationale PME is the property of Institue de Recherche sur les PME and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Franchising is an excellent option for a small business entrepreneur who strives to start a small business. Under the franchise model, a single proprietor gains benefits of a much larger corporation (Gerhardt, Hazen, Joiner, 2018). Often, entrepreneurs are not sure of the financial requirements and ongoing fees associated with owning a franchise. In this paper, we will review past top franchises and discuss current data reflecting the initial investment, number of units, franchise fee, net worth required, cash required, royalty fee, and terms of agreement. Based on earlier research of McDonald's fee structures, comparisons of the financial requirements and ongoing fees of top franchised companies can be analyzed. Taco Bell, Dunkin', KFC, and McDonald's made the list of top franchises in numerous outlets in 2023. [ABSTRACT FROM AUTHOR]

Abstract The purpose of this study was to design and validate the franchisor growth model in Iran insurance industry. To achieve this goal, descriptive-analytical research method and structural equation modeling were used. The statistical population included all managers of Alborz insurance company and its outlets in East Azarbaijan province that entire population was selected using census method as study sample (120 individuals). The results showed that 30 drivers on eight principle components explain 74.32% of the variance of franchisor growth drivers in Iran's insurance industry, and based on the model of franchisor growth drivers, characteristics of insurance business through the franchise characteristics, the franchise system dispersion and the brand reputation, and then through the reliability, knowledge sharing, and conflict management affect the intention to continue cooperation.Introduction Franchise as a business model, has many economic and social effects such as job creation, economic modernization, and entrepreneurship development (Naatu & Alon, 2019: 738). The franchise has played an important role in rebuilding the economies of various countries with its significant growth in the post-epidemic period. Based on the esimates of the International Franchise Association (IFA), franchise business returns in 2022 will improve by 4.9 percent to $826.6 billion and their share of GDP in the US economy will be 3 percent (International Franchise Association, 2022). Although franchise in practice, has shown its impact on the prospects of various businesses; however, there are some fundamental gaps in researchers and executive managers' perceptions about the force governing and drivers of franchise performance, as research efforts to identify the relationship between drivers and franchisor growth have led to conflicting evidence (Kang, Asare, Brashear-Alejandro, & Li, 2018: 196). Furthermore, the causal relationships between franchise growth drivers in different industries are not well understood (Kang et al., 2018: 202). Given that there are fundamental differences between the characteristics of business in different industries; it is expected that the drivers of franchise growth in each industry will be different and different causal relationships will be established between them. Due to the limited research on franchise in the insurance industry, the purpose of this study was allocated to design and validate the model of franchisor growth drivers in the Iranian insurance industry.Case Study Alborz insurance company and its outlets in East Azarbaijan province were studied in the present study.Materials and Methods Descriptive-analytical research method and structural equation modeling were used in this present study. The statistical population included all the managers of Alborz Insurance Company and the managers of the representative offices of this company in East Azarbaijan province, and due to the limited number of the statistical population, the census method was used to select the participants (N = 120). Initially, based on the content analysis of published articles, 34 drivers were identified and the initial questionnaire was designed. After examining the content validity, the importance of the items was evaluated based on the collected data using two decision tree algorithms (CRT and C5.0), and four items were removed. Then we used exploratory factor analysis to determine the principle components of growth drivers, DEMATEL technique to develop a theoretical framework of causal relationships between eight components of growth drivers based on the perspectives of 12 academic experts and experienced managers of insurance companies (management experience over 10 years) and structural equation modeling to validate the developed model.Results and DiscussionExploratory factor analysis showed that 30 drivers on eight principle components consist of franchise system dispersion (16.64%), brand reputation (10.96%), reliability (9.85%), knowledge sharing (9.57%), conflict management (7.98%), intention to continue cooperation (7.81%), franchise characteristics (7.33%) and business characteristics (4.17%) explained 74.32% of variance of the franchisor growth drivers in Iran insurance industry. In the present study, the franchise system dispersion represented three indicators of geographical dispersion, overseas activity and number of outlet, which played the most important role in explaining the franchisor growth in the insurance industry. In other words, the dispersion of the franchise system was the main driver of franchisor growth in Iran insurance industry. These findings are consistent with the evidence reported by Julian & Castrogiovanni (1995) and Dant et al. (2007) explaining franchisor growth based on geographical distribution and number of oulet (Dant et al., 2007: 169; Julian & Castrogiovanni, 1995). : 2). However, outlet growth rate, which covers the growth speed of the franchisor (annual increase in the number of outlet), in the present study, based on the results of decision tree algorithms, did not play a role in franchisor growth in the insurance industry, which is inconsistent with the conclusion of Castrogiovanni and Justice (2002) and Ongo (2007) who have introduced the outlet growth rate as a more appropriate indicator for the franchisor growth (Elango, 2007: 179; Castrogiovanni & Justis, 2002: 98; Shane 2001; 136). The reason for these discrepancies may be related to the different characteristics of industries and also the different characteristics of the studied markets.In the present study, to design a model of causal relationships between franchisor growth drivers, first the DEMATEL technique and expert opinions were used to develop a preliminary theoretical model, then the validity of the model were tested based on experimental data and structural equations modeling. The results showed that the structural relationships proposed in the initial theoretical model are supported based on experimental data (χ2 = 635.33, p = 0.051, SRMR = 0.063, CFI = 0.91, IFI = 0.89). In this model, the coefficients of all paths were positive and the component of business characteristics was the starting factor in the model, whereas the component of the intention to continue cooperation appeared as the final outcome. In the model of franchisor growth drivers in Iran insurance industry, the component of insurance business characteristics through franchise characteristics, franchise system dispersion and brand reputation, and then through reliability, knowledge sharing, conflict management impacted the intention to continue cooperation.ConclusionThe model of franchisor growth drivers in Iran insurance industry with eight components of franchise system dispersion, brand reputation, reliability, knowledge sharing, conflict management, intention to continue cooperation, franchise characteristics, and business characteristics is a valid model for recognizing franchisor growth drivers and causal relationships among franchisor growth drivers in Iran insurance industry. Therefore, the use of identified drivers and attention to the pattern of causal relationships between their main components can be used for the growth and development of franchise systems in the Iran insurance industry.

The influence of the internet on the community environment is very influential, because the internet can bring a very wide network for customers or teenagers to choose alternative shopping online. The support of an online application system can make it easier for teenagers to see applications just shopping online in the onlineshop application, so that the attraction to shop through online or e-commerce can be an attraction for teenagers to facilitate them in the process of selecting and purchasing the desired product. Basically, the shopee application is an online shopping platform that is in great demand because it is a platform that is tailored for the region and provides an easy and fast online shopping experience for teenagers through strong support and logistics. The purpose of this study is to find out how the lifestyle of teenagers in Pontianak City towards online shopping using the shopee application. The research method that will be used in this study is using quantitative methods, with this research will use survey methods. Research hypothesis: the research hypothesis used is descriptive analysis carried out through testing descriptive hypotheses. The result of the analysis is whether the research hypothesis can be generalized or not. [ABSTRACT FROM AUTHOR]

In terms of the unreformed franchise operative in the early 18th century, the University of Oxford made up an unusual parliamentary constituency. Here it was the votes of non‐resident members that could be decisive to the outcome if the seat was contested. In late Stuart and early Hanoverian Oxford, Tories were almost certain to be returned but, in the general election of 1722, the Tory vote was split between rival candidates offering a possible opening for Oxford Whigs. This essay considers the varieties of electoral behaviour inside the university at this time of exceptional political flux nationally, how the candidates confronted the practical problem of getting 'outvoters' into Oxford, and the extent to which the heads of the colleges could rely on a sufficiently stable corporate identity to have their resident members vote in an approved way. The 1722 general election again raised questions as to who exactly was entitled to vote in a university constituancy, how much illegal voting was going on, and whether it was in a candidate's best interests either to connive or draw attention to it. The eventual choices made by the Oxford electorate would signal where the university stood in the wider political picture of the early 1720s, how far it – and the varieties of toryism it contained – was prepared to endorse the legitimacy of the new Hanoverian order. [ABSTRACT FROM AUTHOR]

The purpose of this study was to design and validate the franchisor growth model in Iran insurance industry. To achieve this goal, descriptive-analytical research method and structural equation modeling were used. The statistical population included all managers of Alborz insurance company and its outlets in East Azarbaijan province that entire population was selected using census method as study sample (120 individuals). The results showed that 30 drivers on eight principle components explain 74.32% of the variance of franchisor growth drivers in Iran's insurance industry, and based on the model of franchisor growth drivers, characteristics of insurance business through the franchise characteristics, the franchise system dispersion and the brand reputation, and then through the reliability, knowledge sharing, and conflict management affect the intention to continue cooperation. [ABSTRACT FROM AUTHOR]

Het non-concurrentiebeding in de franchiseovereenkomst anno 2024: In deze bijdrage wordt een overzicht gegeven van de (gepubliceerde) rechtspraak met betrekking tot het postcontractueel non-concurrentiebeding in de franchiseovereenkomst. De Wet franchise omschrijft de criteria waaraan een dergelijk non-concurrentiebeding dient te voldoen. Voldoet een beding niet aan deze criteria? Dan kunnen daarop grond van de wet sancties uit voortvloeien, zoals ook blijkt uit deze bijdrage. [ABSTRACT FROM AUTHOR]

This article investigates the effect of extending the franchise on government spending on public goods in nineteenth-century England and Wales. The effect of franchise extension is identified by exploiting extensive regional and temporal variation in the right to vote in municipal elections between 1867 and 1900. Semiparametric regressions show robust evidence of an inverted-U-shaped relationship: extending the right to vote from the rich to the middle class led to increased spending, but further franchise extensions—beyond around 50% of the adult male population—led to lower expenditure. Further, government spending was lower in towns where the poor were enfranchised by national reforms. A simple model shows that the inverted-U relationship can be explained by the trade-offs between public spending and private consumption faced by poor voters. These results suggest that enfranchising the poor may lead to smaller government, in contrast to the predictions of many theoretical models. [ABSTRACT FROM AUTHOR]

This article asserts that the original Star Trek films (1979–91) have importance for the study of memory and media in the digital era. I advance several interrelated arguments, with a special emphasis on Star Trek: The Motion Picture. First, I address how Star Trek: The Motion Picture's treatment of memory corresponds to scientific models of human recollection and theories of archives and databases. Notably, the first Star Trek film expresses anxiety about the mutability of memory and potential ramifications of digitalization. Such elements anticipate major strands of scholarship on memory, digitalization, and franchises from subsequent decades. Second, I introduce the concept of "franchise recall," which highlights the memory-driven nature of media franchises. Franchise recall manifests through self-reflexive commentary on cross-medium adaptation and/or through the use of recycled footage within installments. By mapping franchise recall across the initial six Star Trek films, I expose an underlying interconnectedness comparable to the associative operations of memory. Throughout the article, I also show how Star Trek: The Motion Picture's narrative and aesthetics resemble slow cinema. Overall, I demonstrate the surprising prescience and continued relevance of the original Star Trek films for grappling with the parameters and intersections of human and technological recall. [ABSTRACT FROM AUTHOR]

Copyright of Actualidad Economica (0327585X) is the property of Instituto de Economia y Finanzas de la Facultad de Ciencias Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research aims to explore the ability of accounting and nonaccounting information to support management decisions whether to stay or withdraw from the Mixue franchise. This research employs qualitative methods using the interpretivist paradigm, which prioritizing in-depth interpretation of data or findings to express the inside meaning explicitly by paying attention to related aspects holistically. The selected informant in this study has three Mixue franchise branches. Having access to financial and nonfinancial information is crucial for owners in making the right decisions about outlet operations. Moreover, strategic and innovative thinking plays an important role in maintaining and developing the business to survive in the market.

The Public–Private Partnership (PPP) model has significantly contributed to global infrastructure and public service provision. The evolution of the PPP model closely aligns with policy directives. China’s PPP policy evolution has included five stages: budding (1986–2000), fluctuating (2001–2008), steady (2009–2012), expanding (2013–2018), and stagnating (2019–present). This study employs bibliometric analysis and co-word analysis to examine 407 policies enacted by the Chinese government from 1986 to 2018. By extracting policy text keywords at various stages and constructing a co-word network matrix, this study delineates the distinctive characteristics of Chinese PPP policies across different epochs. It can be found that critical areas such as “government credit”, “contract spirit”, and “power supervision” are still underappreciated. The challenges confronting China’s PPP model are multifaceted, stemming from policy gaps that have led to substantial project difficulties. Although the government proposed a new mechanism for franchising in 2023, the new mechanism is only for new PPP projects, and the difficulties of existing PPP projects have not been solved. This study advocates for enhancements in project bankability, regulatory clarity, institutional environment improvement, contract spirit defense, and the development of the PPP-REITs model to address these issues.

• Franchises can encourage enterprises to increase R&D investment. • Financial asset allocation will inhibit enterprises' R&D investment. • There is a difference in the impact of financial asset allocation on R&D investment of state-owned enterprises and non-state-owned enterprises. This study examines the impact of franchise ownership and financial asset allocation on research and development (R&D) investment among Chinese listed companies from 2011 to 2022. Key findings indicate that franchises positively encourage enterprises to increase R&D investment by providing stable cash flows and strategic advantages, such as enhanced market share and sustained revenue. In contrast, financial asset allocation appears to inhibit R&D investment by potentially crowding out operational capital and reducing internal resource allocation efficiency. Additionally, franchises significantly impact R&D investment in non-state-owned enterprises (NSOEs) more than in state-owned ones, suggesting that NSOEs experience more significant constraints due to their financial prioritization of short-term returns and liquidity. This research highlights the complex dynamics between corporate strategic assets and investment behaviors, offering insights into optimizing financial asset allocation to support sustained corporate innovation and growth. [ABSTRACT FROM AUTHOR]

Existing research has overlooked the interaction of debt in the financial assessment of asset-light strategies. This research assesses how financial leverage (high or low long-term debt) interacts with management contracts as well as franchising to exert an impact on the value of hotel companies. Panel data of 195 observations in 2007–2019 were analysed with ordinary least square, robust regression, stepwise regression and quantile regression. The research findings clarify the impacts of asset-light strategies by differentiating the previously discovered U-shaped impact into a U-shape for management contracts and an inverted U-shape for franchising. Furthermore, when financial leverage is introduced, the above relationships hold at a low leverage level; but are weakened at a high level. Lastly, these U-shapes are asymmetrical, being more responsive to asset-light strategies than when there is no leverage interaction. This research hence clarifies agency costs and their relevance to asset-light strategies with varying financial leverage. • Existing research have left out the debt interaction when assessing the financial impacts of asset-light strategies. • The finding differentiates that management contracts play a U-shaped impact and franchising an inverted U-shape impact. • A low level of debt sustains the above relationships. High level of debt however weakens the relationships. • These U-shaped impacts are found asymmetrical and more responsive to asset-light strategies than when there is no debt. [ABSTRACT FROM AUTHOR]