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KEYW ORDS: dual distribution, monitoring, asymmetric information. JEL classification: D23. ... commit to protecting the value of their brand name (Scott 1995).

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Average Percent Company Owned

0,6 0,55 0,5 0,45 0,4 0,35 0,3 0,25 0,2 0,15 0,1 0,05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

0

Years of Franchising Experience

4

)