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FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA

Year 2006, Volume: 21 Issue: 2 - Volume: 21 Issue: 2, 93 - 106, 25.07.2016

Abstract

Bu çalışmada, franchising ile ilgili temel kavramlar, franchisor-franchisee ilişkisi ve değer kavramı ile işletmeleri franchising uygulamalarına iten nedenler üzerinde durulmaktadır. Ayrıca, franchise değeri ve bu değerin tespit edilmesine yönelik bir uygulama çerçevesinde, franchising kavramının pazarlama ve finans boyutları birlikte ele alınmaya çalışılmaktadır. Söz konusu uygulama, işletilmesi franchising uygulamaları ile büyük benzerlikler gösteren taksilere yönelik bir değerleme çalışması şeklinde olup, değerlemede indirgenmiş nakit akımı yöntemi kullanılmaktadır.

References

  • AMIES, M. (1999), “The Wilder Shores of Franchising”, Franchising World,
  • BLAIR, R. D. ve D. L. KASERMAN (1982), “Optimal Franchising”, Southern Economic Journal, 49 (2), 494–505.
  • BRICKLEY, J. A. ve H. F. DARK (1987), “The Choice of Organizational Form: The Case of Franchising”, Journal of Financial Economics, 18, 401-420.
  • CARNEY, M. ve E. GEDAJLOVIC (1991), “Theoretical Integration in Franchise Systems: Agency Theory and Resource Explanations”, Strategic Management Journal, 12, 607-629.
  • CAVES, R. E. ve W. F. MURPHY (1976), “Franchising: Firms, Markets and Intangible Assets”, Southern Economies Journal, 42, 572-586.
  • CHIU, Yung-Ho ve Jin-Li HU (2003), “Payment Types and Number of Franchisees”, The Service Industries Journal, 23(4), 42-60.
  • COPELAND, T., KOLLER, T. ve J. MURRIN (2000), Valuation: Measuring and Managing the Value of Companies, 3rd Edition, John Wiley&Sons Inc., New York.
  • DAHLSTROM, R. ve A. NYGAARD (1994), “A Preliminary Investigation of Franchised Oil Distribution in Norway”, Journal of Retailing, 70 (2), 179-191.
  • DAMODARAN, A. (2002), Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, John Wiley & Sons Inc., New York.
  • ELANGO, B. ve V. H. FRIED (1997), “Franchising Research: A Literature Review and Synthesis”, Journal of Small Business Management, July, 35 (3), 68-81.
  • ERCAN, M. K., ÖZTÜRK, M. B. ve K. DEMİRGÜNEŞ (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara.
  • ERCAN, M. K., ÖZTÜRK, M. B., KÜÇÜKKAPLAN, İ., BAŞCI, E. S. ve K. DEMİRGÜNEŞ (2006), Firma Değerlemesi: Banka Uygulaması, Literatür Yayıncılık, İstanbul.
  • FRAZER, L. (2001), “Causes of Disruption to Franchise Operations”, Journal of Business Research, 54 (3), 227-234.
  • GRUNHAGEN, M. ve M. J. DORSCH (2003), “Does the Franchisor Provide Value to Franchisees? Past, Current and Future Value Assessments of Two Franchise Types”, Journal of Small Business Management, 41
  • HEFTER, L. (1987), “Making Your Brands Work Harder”, Branding: a Key Marketing Tool, Ed. J. M. Murphy, McMillan Press Ltd., London, içinde, 51-58.
  • HITCHNER, J. R. (2003), Financial Valuation: Applications and Models, John Wiley & Sons, Inc., New Jersey.
  • HOFFMANN, R. C. ve J. F. PREBLE (2001), “Global Diffusion of Franchising: A Country Level Examination”, Multinational Business Review, 66-76.
  • INMA, C. (2005), “Purposeful Franchising: Rethinking of the Franchising Rationale”, Singapore Management Review, 27(1), 27-48.
  • KALNINS, A. ve K. J. MAYER (2004), “Franchising, Ownership and Experience: A Study of Pizza Restaurant Survival”, Management Science,. 50(12), 1716-1728.
  • KAUFMANN, P. J. ve R. P. DANT (2001), “The Pricing of Franchising Rights”, Journal of Retailing, 77, 537-545.
  • KEEGAN, W., MORIARTY, S. ve T. DUNCAN (1992), Marketing, Englewood Cliffs, New Jersey.
  • KHAN, Mahmood A. (2005), “Internalization of Services: The Global Impact of US Franchise Restaurants”, Journal of Services Research, Special Issue, 187-215.
  • LAFONTAINE, F. (1992), “Agency Theory and Franchising: Some Empirical Results”, Rand Journal of Economies, 23(2), 263-283.
  • LAFONTAINE, F. ve P. J. KAUFMANN (1994), “The Evolution of Ownership Patterns in Franchise Systems”, Journal of Retailing, 70 (2), 97-113.
  • LAFONTAINE, F. ve K. L. SHAW (1999), “The Dynamic of Franchising Contracting: Evidence from Panel Data”, Journal of Political Economy, 107 (5), 1041-1080.
  • McDONALD’S (2006), Investor Fact Sheet, http://www.mcdonalds.com (23.08.006).
  • MUNDSTOCK, G. (1998), “Franchises, Intangible Capital and Assets”, National Tax Journal, XLIII, 299-305.
  • NOREN, D. L. (1990), “The Economics of The Golden Arches: A Case Study of The McDonald’s System”, American Economist, Fall, 34 (2), 60- 64.
  • ROSS, S. A., WESTERFIELD, R. W. ve B. D. JORDAN (2003), Fundamentals of Corporate Finance, International Edition, McGraw-Hill Companies, Inc., New York.
  • SHIVELL, K. ve K. BANNING (1996), “What Every Prospective Franchisee Should Know?” Small Business Forum, 14, 33-42.
  • SPITALNIK, M. (2003), “The Supply Chain: Can Franchising Work in The PRC?”, The China Business Review, September-October, 38-41.
  • THOMAS, W. L., O’HARA, M. J. ve F. W. MUSGRAVE (1990), “The Effects of Ownership and Investment on The Performance of Franchise Systems”, American Economist, 34 (1), 54-61.
  • WELSH, D. H. B., ALON, Ilan ve C. M. FALBE (2006), “An Examination of International Retail Franchising in Emerging Markets”, Journal of Small Business Management, 44 (1), 130-149.
  • ZEITHAML, V. A. (1988), “Consumer Perceptions of Price, Quality and Value: A Means-End Model and Synthesis of Evidence”, Journal of Marketing, 52 (July), 2-22.

FRANCHISE VALUE AND AN APPLICATION ABOUT DETERMINATION OF FRANCHISE VALUE

Year 2006, Volume: 21 Issue: 2 - Volume: 21 Issue: 2, 93 - 106, 25.07.2016

Abstract

This study is involved with the basic concepts of franchising, franchisor-franchisee relationship and value, and the underlying reasons of franchising. Besides, franchise value and its determination via discounted cash flow valuation technique are tried to be undertaken in both marketing and finance perspectives. The mentioned application is a valuation attempt about the determination of value of taxi enterprises whose business styles are so similar with franchising operations.

References

  • AMIES, M. (1999), “The Wilder Shores of Franchising”, Franchising World,
  • BLAIR, R. D. ve D. L. KASERMAN (1982), “Optimal Franchising”, Southern Economic Journal, 49 (2), 494–505.
  • BRICKLEY, J. A. ve H. F. DARK (1987), “The Choice of Organizational Form: The Case of Franchising”, Journal of Financial Economics, 18, 401-420.
  • CARNEY, M. ve E. GEDAJLOVIC (1991), “Theoretical Integration in Franchise Systems: Agency Theory and Resource Explanations”, Strategic Management Journal, 12, 607-629.
  • CAVES, R. E. ve W. F. MURPHY (1976), “Franchising: Firms, Markets and Intangible Assets”, Southern Economies Journal, 42, 572-586.
  • CHIU, Yung-Ho ve Jin-Li HU (2003), “Payment Types and Number of Franchisees”, The Service Industries Journal, 23(4), 42-60.
  • COPELAND, T., KOLLER, T. ve J. MURRIN (2000), Valuation: Measuring and Managing the Value of Companies, 3rd Edition, John Wiley&Sons Inc., New York.
  • DAHLSTROM, R. ve A. NYGAARD (1994), “A Preliminary Investigation of Franchised Oil Distribution in Norway”, Journal of Retailing, 70 (2), 179-191.
  • DAMODARAN, A. (2002), Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, John Wiley & Sons Inc., New York.
  • ELANGO, B. ve V. H. FRIED (1997), “Franchising Research: A Literature Review and Synthesis”, Journal of Small Business Management, July, 35 (3), 68-81.
  • ERCAN, M. K., ÖZTÜRK, M. B. ve K. DEMİRGÜNEŞ (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara.
  • ERCAN, M. K., ÖZTÜRK, M. B., KÜÇÜKKAPLAN, İ., BAŞCI, E. S. ve K. DEMİRGÜNEŞ (2006), Firma Değerlemesi: Banka Uygulaması, Literatür Yayıncılık, İstanbul.
  • FRAZER, L. (2001), “Causes of Disruption to Franchise Operations”, Journal of Business Research, 54 (3), 227-234.
  • GRUNHAGEN, M. ve M. J. DORSCH (2003), “Does the Franchisor Provide Value to Franchisees? Past, Current and Future Value Assessments of Two Franchise Types”, Journal of Small Business Management, 41
  • HEFTER, L. (1987), “Making Your Brands Work Harder”, Branding: a Key Marketing Tool, Ed. J. M. Murphy, McMillan Press Ltd., London, içinde, 51-58.
  • HITCHNER, J. R. (2003), Financial Valuation: Applications and Models, John Wiley & Sons, Inc., New Jersey.
  • HOFFMANN, R. C. ve J. F. PREBLE (2001), “Global Diffusion of Franchising: A Country Level Examination”, Multinational Business Review, 66-76.
  • INMA, C. (2005), “Purposeful Franchising: Rethinking of the Franchising Rationale”, Singapore Management Review, 27(1), 27-48.
  • KALNINS, A. ve K. J. MAYER (2004), “Franchising, Ownership and Experience: A Study of Pizza Restaurant Survival”, Management Science,. 50(12), 1716-1728.
  • KAUFMANN, P. J. ve R. P. DANT (2001), “The Pricing of Franchising Rights”, Journal of Retailing, 77, 537-545.
  • KEEGAN, W., MORIARTY, S. ve T. DUNCAN (1992), Marketing, Englewood Cliffs, New Jersey.
  • KHAN, Mahmood A. (2005), “Internalization of Services: The Global Impact of US Franchise Restaurants”, Journal of Services Research, Special Issue, 187-215.
  • LAFONTAINE, F. (1992), “Agency Theory and Franchising: Some Empirical Results”, Rand Journal of Economies, 23(2), 263-283.
  • LAFONTAINE, F. ve P. J. KAUFMANN (1994), “The Evolution of Ownership Patterns in Franchise Systems”, Journal of Retailing, 70 (2), 97-113.
  • LAFONTAINE, F. ve K. L. SHAW (1999), “The Dynamic of Franchising Contracting: Evidence from Panel Data”, Journal of Political Economy, 107 (5), 1041-1080.
  • McDONALD’S (2006), Investor Fact Sheet, http://www.mcdonalds.com (23.08.006).
  • MUNDSTOCK, G. (1998), “Franchises, Intangible Capital and Assets”, National Tax Journal, XLIII, 299-305.
  • NOREN, D. L. (1990), “The Economics of The Golden Arches: A Case Study of The McDonald’s System”, American Economist, Fall, 34 (2), 60- 64.
  • ROSS, S. A., WESTERFIELD, R. W. ve B. D. JORDAN (2003), Fundamentals of Corporate Finance, International Edition, McGraw-Hill Companies, Inc., New York.
  • SHIVELL, K. ve K. BANNING (1996), “What Every Prospective Franchisee Should Know?” Small Business Forum, 14, 33-42.
  • SPITALNIK, M. (2003), “The Supply Chain: Can Franchising Work in The PRC?”, The China Business Review, September-October, 38-41.
  • THOMAS, W. L., O’HARA, M. J. ve F. W. MUSGRAVE (1990), “The Effects of Ownership and Investment on The Performance of Franchise Systems”, American Economist, 34 (1), 54-61.
  • WELSH, D. H. B., ALON, Ilan ve C. M. FALBE (2006), “An Examination of International Retail Franchising in Emerging Markets”, Journal of Small Business Management, 44 (1), 130-149.
  • ZEITHAML, V. A. (1988), “Consumer Perceptions of Price, Quality and Value: A Means-End Model and Synthesis of Evidence”, Journal of Marketing, 52 (July), 2-22.
There are 34 citations in total.

Details

Other ID JA38HC54BA
Journal Section Articles
Authors

Banu Külter This is me

Kartal Demirgüneş This is me

Publication Date July 25, 2016
Published in Issue Year 2006 Volume: 21 Issue: 2 - Volume: 21 Issue: 2

Cite

APA Külter, B., & Demirgüneş, K. (2016). FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 21(2), 93-106.
AMA Külter B, Demirgüneş K. FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. July 2016;21(2):93-106.
Chicago Külter, Banu, and Kartal Demirgüneş. “FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 21, no. 2 (July 2016): 93-106.
EndNote Külter B, Demirgüneş K (July 1, 2016) FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 21 2 93–106.
IEEE B. Külter and K. Demirgüneş, “FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, vol. 21, no. 2, pp. 93–106, 2016.
ISNAD Külter, Banu - Demirgüneş, Kartal. “FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 21/2 (July 2016), 93-106.
JAMA Külter B, Demirgüneş K. FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;21:93–106.
MLA Külter, Banu and Kartal Demirgüneş. “FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, vol. 21, no. 2, 2016, pp. 93-106.
Vancouver Külter B, Demirgüneş K. FRANCHISE DEĞERİ VE FRANCHISE DEĞERİNİN TESPİT EDİLMESİNE YÖNELİK BİR UYGULAMA. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;21(2):93-106.