Familiness has become widely accepted as the appropriate construct representing the unique bundle of resources arising out of family involvement in business. However as yet we do not fully understand the types of familiness or the conditions that give rise to them and as such familiness remains in need of further exploration. This research explores the familiness construct and its role in perpetuating entrepreneurial activity in the family business through the development and deployment of an entrepreneurial orientation (EO) over multiple generations. The Resource-Based View (RBV) is the adopted firm level framework used to identify the unique bundle of family resources that represent familiness. These resources are then explored for their contribution to nurturing and perpetuating an EO, thereby creating a source of competitive advantage. The research also explores the association of EO to the achievement of the firm’s nonfinancial objectives. Using exploratory in-depth qualitative case studies of four multigenerational Australian family firms, data was collected via semi-structured interviews, observations, and secondary documents. NVivo assisted with the coding and analysis of data to identify common patterns and themes from both within-case and across-case analyses.Six resource dimensions were found to represent the familiness resource bundle: reputation, experience – insights and skills, learning, decision-making, relationships, and networks. These resource dimensions, identified by their prevalence across all four cases, are spread across the resource categories (human, organizational, and process) and thus confirm the widespread potential of the family’s influence in business. The resource dimensions displayed a paradoxical nature and the ability to manage these paradoxes enabled these firms to exploit their familiness advantages (f+) and simultaneously mitigate the disadvantages (f-). Managing the paradoxical nature was central to the multigenerational success of these firms. Three of the six dimensions (experience – insights and skills, decision-making, and networks) were instrumental in influencing the development of the firm’s EO while three other dimensions (reputation, learning, and relationships) were more closely aligned with a market, learning, and communication orientation. The findings also suggest that family firms are better able to address non-financial objectives when they have strong EOs that engaged them in entrepreneurial activities. All interpretations of the findings are integrated into a conceptual model for future empirical analysis.The study contributes to research by identifying six dimensions (familiness resources model) that constitute the familiness resource bundle and through which family influence is most prevalent and best examined within the business. The study suggests that the paradoxical nature of these dimensions highlights conditions that give rise to familiness advantages (f+) or disadvantages (f-) and that managing these paradoxes gives rise to sustained competitive advantage. The study also proposes that the family is most influential in driving the firm’s EO: by being exposed to internal and external experiences that heighten their ability for opportunity recognition; by balancing the process (informal or formal), speed (fast or slow), and forum (concentrated or collaborative) of decisions; and by integrating and exploiting the firm’s strong and weak network ties. Finally the study confirms a close association between a firm’s EO and its non-financial objectives. The study thus encourages family firms to pursue entrepreneurial activity, not only because it sustains their livelihood over generations, but because it also assists in meeting the family’s non-financial objectives.

The focus of this inquiry is “The influence of ‘spiritual meaning-making’ on career choice, transition and experience”. Over the past decade there has been an increase in interest in the expression of spiritual belief in work. Most of the writing on the topic is based on the premise that individuals and organisations have lost meaning, and that the problem of meaning in work needs to addressed to enhance the ways in which we organise, and to enhance organisational output and personal wellbeing. Whereas the current writing on spirituality and work often suggests that organisations should provide more meaning, this research took a more humble starting point by asking what meanings individuals with spiritual belief are currently attributing to, and discovering in, their work, and by asking how and whether these meanings determine work behaviour. I argue in this thesis that the concept of meaning-making is central to spirituality. I reviewed the psychological literature on meaning and as a result decided to focus the inquiry on three core elements of meaning; purpose, sense-making and coherence. In order to step back from the organisational agenda, and give voice to the authenticity of diverse spiritual beliefs, I chose to use career, rather than organisational theory, as framework for this inquiry. An additional theoretical framework of ‘agency and communion’ was introduced to conceptualise human motivation beyond its current narrow ‘self’ and ‘doing’ oriented definitions. A combination of ‘collaborative human inquiry’ and ‘narrative’ methodology was chosen to elicit subjective career meanings. Fifteen individuals with diverse spiritual beliefs participated in this research. These included a Buddhist, a Quaker, a Catholic, a Bahá'í, and a Mormon, as well as those not currently affiliated with an organized religion. The findings show that spiritual belief strongly determines career choice, transition and experience. It was found that research participants, in spite of their diverse beliefs, shared four purposes: ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’. When these purposes can be expressed fully, the workplace is experienced to be aligned with spiritual belief, and individuals are contributing fully, especially when diversity of spiritual expressions is acknowledged at the same time. Career transitions are made through an ongoing sense-making process as a result of which the individual may decide that the four purposes are no longer in balance and action is required in order to continue to live meaningfully. This sensemaking is a result of ongoing interaction between the individual and his or her work environment. Coherence is a result of the transrational element of spirituality, when the individual feels his or her work is still aligned with a bigger (divine) plan. This is assessed on an ongoing basis through prayer, asking ‘was this meant to be’ and reframing difficulties and setbacks as opportunities for learning and development. I suggest that it may not be wise to seek collective enactment of the trans-rational as it has no firm basis for collective organisational decision-making. It cannot seek collective expression due to the diversity of beliefs of organisational members. However I strongly suggest that an organisation that wants to align itself with the spiritual beliefs of its members, ensures that the four purposes of ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’ can be fully enacted in the organisation, keeping in mind that spirituality expresses itself in process as well as outcome. / Subscription resource available via Digital Dissertations only.

The focus of this inquiry is “The influence of ‘spiritual meaning-making’ on career choice, transition and experience”. Over the past decade there has been an increase in interest in the expression of spiritual belief in work. Most of the writing on the topic is based on the premise that individuals and organisations have lost meaning, and that the problem of meaning in work needs to addressed to enhance the ways in which we organise, and to enhance organisational output and personal wellbeing. Whereas the current writing on spirituality and work often suggests that organisations should provide more meaning, this research took a more humble starting point by asking what meanings individuals with spiritual belief are currently attributing to, and discovering in, their work, and by asking how and whether these meanings determine work behaviour. I argue in this thesis that the concept of meaning-making is central to spirituality. I reviewed the psychological literature on meaning and as a result decided to focus the inquiry on three core elements of meaning; purpose, sense-making and coherence. In order to step back from the organisational agenda, and give voice to the authenticity of diverse spiritual beliefs, I chose to use career, rather than organisational theory, as framework for this inquiry. An additional theoretical framework of ‘agency and communion’ was introduced to conceptualise human motivation beyond its current narrow ‘self’ and ‘doing’ oriented definitions. A combination of ‘collaborative human inquiry’ and ‘narrative’ methodology was chosen to elicit subjective career meanings. Fifteen individuals with diverse spiritual beliefs participated in this research. These included a Buddhist, a Quaker, a Catholic, a Bahá'í, and a Mormon, as well as those not currently affiliated with an organized religion. The findings show that spiritual belief strongly determines career choice, transition and experience. It was found that research participants, in spite of their diverse beliefs, shared four purposes: ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’. When these purposes can be expressed fully, the workplace is experienced to be aligned with spiritual belief, and individuals are contributing fully, especially when diversity of spiritual expressions is acknowledged at the same time. Career transitions are made through an ongoing sense-making process as a result of which the individual may decide that the four purposes are no longer in balance and action is required in order to continue to live meaningfully. This sensemaking is a result of ongoing interaction between the individual and his or her work environment. Coherence is a result of the transrational element of spirituality, when the individual feels his or her work is still aligned with a bigger (divine) plan. This is assessed on an ongoing basis through prayer, asking ‘was this meant to be’ and reframing difficulties and setbacks as opportunities for learning and development. I suggest that it may not be wise to seek collective enactment of the trans-rational as it has no firm basis for collective organisational decision-making. It cannot seek collective expression due to the diversity of beliefs of organisational members. However I strongly suggest that an organisation that wants to align itself with the spiritual beliefs of its members, ensures that the four purposes of ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’ can be fully enacted in the organisation, keeping in mind that spirituality expresses itself in process as well as outcome. / Subscription resource available via Digital Dissertations only.

The focus of this inquiry is “The influence of ‘spiritual meaning-making’ on career choice, transition and experience”. Over the past decade there has been an increase in interest in the expression of spiritual belief in work. Most of the writing on the topic is based on the premise that individuals and organisations have lost meaning, and that the problem of meaning in work needs to addressed to enhance the ways in which we organise, and to enhance organisational output and personal wellbeing. Whereas the current writing on spirituality and work often suggests that organisations should provide more meaning, this research took a more humble starting point by asking what meanings individuals with spiritual belief are currently attributing to, and discovering in, their work, and by asking how and whether these meanings determine work behaviour. I argue in this thesis that the concept of meaning-making is central to spirituality. I reviewed the psychological literature on meaning and as a result decided to focus the inquiry on three core elements of meaning; purpose, sense-making and coherence. In order to step back from the organisational agenda, and give voice to the authenticity of diverse spiritual beliefs, I chose to use career, rather than organisational theory, as framework for this inquiry. An additional theoretical framework of ‘agency and communion’ was introduced to conceptualise human motivation beyond its current narrow ‘self’ and ‘doing’ oriented definitions. A combination of ‘collaborative human inquiry’ and ‘narrative’ methodology was chosen to elicit subjective career meanings. Fifteen individuals with diverse spiritual beliefs participated in this research. These included a Buddhist, a Quaker, a Catholic, a Bahá'í, and a Mormon, as well as those not currently affiliated with an organized religion. The findings show that spiritual belief strongly determines career choice, transition and experience. It was found that research participants, in spite of their diverse beliefs, shared four purposes: ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’. When these purposes can be expressed fully, the workplace is experienced to be aligned with spiritual belief, and individuals are contributing fully, especially when diversity of spiritual expressions is acknowledged at the same time. Career transitions are made through an ongoing sense-making process as a result of which the individual may decide that the four purposes are no longer in balance and action is required in order to continue to live meaningfully. This sensemaking is a result of ongoing interaction between the individual and his or her work environment. Coherence is a result of the transrational element of spirituality, when the individual feels his or her work is still aligned with a bigger (divine) plan. This is assessed on an ongoing basis through prayer, asking ‘was this meant to be’ and reframing difficulties and setbacks as opportunities for learning and development. I suggest that it may not be wise to seek collective enactment of the trans-rational as it has no firm basis for collective organisational decision-making. It cannot seek collective expression due to the diversity of beliefs of organisational members. However I strongly suggest that an organisation that wants to align itself with the spiritual beliefs of its members, ensures that the four purposes of ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’ can be fully enacted in the organisation, keeping in mind that spirituality expresses itself in process as well as outcome. / Subscription resource available via Digital Dissertations only.

Organisational learning has been identified as a lasting source of competitive advantage in uncertain environments. Plentiful research has highlighted that knowledge and skills and the capabilities they develop are strategic resources and that effective utilisation of these resources enhances firm innovation and performance. However, in spite of this widespread recognition, family businesses, specifically family SMEs, have not been the subject of previous research exploring the strategic impact of organisational learning on innovation and firm performance. This research, therefore, sets out a theoretical framework drawing upon organisational learning theory and innovation, and explores the strategic links between organisational learning, innovation and firm performance “within” family SMEs and “between” family and non-family SMEs. The study was undertaken in an Australian context using a sample of 222 manufacturing SMEs comprised of 104 family and 118 non-family SMEs. The data were obtained from the Business Longitudinal Survey conducted by the Australian Bureau of Statistics over the financial years 1995/96 - 1997/98, which provides the most recent available comprehensive longitudinal dataset of SMEs in Australia. The study involved three constructs: organisational learning, innovation and firm performance. Organisational learning was operationalised using commitment to learning, shared vision, and networking. To measure commitment to learning, three variables, employee training, management development, and comparison of performance were used. Shared vision was measured using the presence of formal planning in the firms. Networking was measured using the existence of external networks. The innovation construct was measured using product and process innovation intensity, and firm performance was measured by growth of sales and rate of return on total assets. Data were analysed using two tests: regression analysis and the Chow test. Whereas the former test was conducted to explore the direct and indirect effects of organisational learning on innovation and firm performance “within” family SMEs, the latter was conducted to compare those effects “between” family and non-family SMEs. Our “within” results, concerning the direct effects of organisational learning on innovation found that network relationships positively influenced innovation in family SMEs. With regard to the direct effects of organisational learning on performance, we found that management development and formal planning were positively linked with family SMEs’ performance. Moreover, relating to innovation and firm performance, our research concludes that innovation in family SMEs is positively linked with their performance. In the case of the indirect effect, we found that networks affect firm performance via innovation. With respect to the “between” results, we found that whereas the effects of formal planning and innovation on firm performance of family SMEs were stronger than for non-family SMEs, the effects of employee training and management development on firm performance were stronger in non-family SMEs. Concerning networks, we found a stronger effect of family SMEs’ networks on their innovation than non-family SMEs. Finally, we re-emphasised the necessity of more scholarly studies linking organisational learning with family business characteristics such as familiness, leadership, ownership, social interactions and organisational process.

Familiness has become widely accepted as the appropriate construct representing the unique bundle of resources arising out of family involvement in business. However as yet we do not fully understand the types of familiness or the conditions that give rise to them and as such familiness remains in need of further exploration. This research explores the familiness construct and its role in perpetuating entrepreneurial activity in the family business through the development and deployment of an entrepreneurial orientation (EO) over multiple generations. The Resource-Based View (RBV) is the adopted firm level framework used to identify the unique bundle of family resources that represent familiness. These resources are then explored for their contribution to nurturing and perpetuating an EO, thereby creating a source of competitive advantage. The research also explores the association of EO to the achievement of the firm’s nonfinancial objectives. Using exploratory in-depth qualitative case studies of four multigenerational Australian family firms, data was collected via semi-structured interviews, observations, and secondary documents. NVivo assisted with the coding and analysis of data to identify common patterns and themes from both within-case and across-case analyses.Six resource dimensions were found to represent the familiness resource bundle: reputation, experience – insights and skills, learning, decision-making, relationships, and networks. These resource dimensions, identified by their prevalence across all four cases, are spread across the resource categories (human, organizational, and process) and thus confirm the widespread potential of the family’s influence in business. The resource dimensions displayed a paradoxical nature and the ability to manage these paradoxes enabled these firms to exploit their familiness advantages (f+) and simultaneously mitigate the disadvantages (f-). Managing the paradoxical nature was central to the multigenerational success of these firms. Three of the six dimensions (experience – insights and skills, decision-making, and networks) were instrumental in influencing the development of the firm’s EO while three other dimensions (reputation, learning, and relationships) were more closely aligned with a market, learning, and communication orientation. The findings also suggest that family firms are better able to address non-financial objectives when they have strong EOs that engaged them in entrepreneurial activities. All interpretations of the findings are integrated into a conceptual model for future empirical analysis.The study contributes to research by identifying six dimensions (familiness resources model) that constitute the familiness resource bundle and through which family influence is most prevalent and best examined within the business. The study suggests that the paradoxical nature of these dimensions highlights conditions that give rise to familiness advantages (f+) or disadvantages (f-) and that managing these paradoxes gives rise to sustained competitive advantage. The study also proposes that the family is most influential in driving the firm’s EO: by being exposed to internal and external experiences that heighten their ability for opportunity recognition; by balancing the process (informal or formal), speed (fast or slow), and forum (concentrated or collaborative) of decisions; and by integrating and exploiting the firm’s strong and weak network ties. Finally the study confirms a close association between a firm’s EO and its non-financial objectives. The study thus encourages family firms to pursue entrepreneurial activity, not only because it sustains their livelihood over generations, but because it also assists in meeting the family’s non-financial objectives.

The focus of this inquiry is “The influence of ‘spiritual meaning-making’ on career choice, transition and experience”. Over the past decade there has been an increase in interest in the expression of spiritual belief in work. Most of the writing on the topic is based on the premise that individuals and organisations have lost meaning, and that the problem of meaning in work needs to addressed to enhance the ways in which we organise, and to enhance organisational output and personal wellbeing. Whereas the current writing on spirituality and work often suggests that organisations should provide more meaning, this research took a more humble starting point by asking what meanings individuals with spiritual belief are currently attributing to, and discovering in, their work, and by asking how and whether these meanings determine work behaviour. I argue in this thesis that the concept of meaning-making is central to spirituality. I reviewed the psychological literature on meaning and as a result decided to focus the inquiry on three core elements of meaning; purpose, sense-making and coherence. In order to step back from the organisational agenda, and give voice to the authenticity of diverse spiritual beliefs, I chose to use career, rather than organisational theory, as framework for this inquiry. An additional theoretical framework of ‘agency and communion’ was introduced to conceptualise human motivation beyond its current narrow ‘self’ and ‘doing’ oriented definitions. A combination of ‘collaborative human inquiry’ and ‘narrative’ methodology was chosen to elicit subjective career meanings. Fifteen individuals with diverse spiritual beliefs participated in this research. These included a Buddhist, a Quaker, a Catholic, a Bahá'í, and a Mormon, as well as those not currently affiliated with an organized religion. The findings show that spiritual belief strongly determines career choice, transition and experience. It was found that research participants, in spite of their diverse beliefs, shared four purposes: ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’. When these purposes can be expressed fully, the workplace is experienced to be aligned with spiritual belief, and individuals are contributing fully, especially when diversity of spiritual expressions is acknowledged at the same time. Career transitions are made through an ongoing sense-making process as a result of which the individual may decide that the four purposes are no longer in balance and action is required in order to continue to live meaningfully. This sensemaking is a result of ongoing interaction between the individual and his or her work environment. Coherence is a result of the transrational element of spirituality, when the individual feels his or her work is still aligned with a bigger (divine) plan. This is assessed on an ongoing basis through prayer, asking ‘was this meant to be’ and reframing difficulties and setbacks as opportunities for learning and development. I suggest that it may not be wise to seek collective enactment of the trans-rational as it has no firm basis for collective organisational decision-making. It cannot seek collective expression due to the diversity of beliefs of organisational members. However I strongly suggest that an organisation that wants to align itself with the spiritual beliefs of its members, ensures that the four purposes of ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’ can be fully enacted in the organisation, keeping in mind that spirituality expresses itself in process as well as outcome. / Subscription resource available via Digital Dissertations only.

The focus of this inquiry is “The influence of ‘spiritual meaning-making’ on career choice, transition and experience”. Over the past decade there has been an increase in interest in the expression of spiritual belief in work. Most of the writing on the topic is based on the premise that individuals and organisations have lost meaning, and that the problem of meaning in work needs to addressed to enhance the ways in which we organise, and to enhance organisational output and personal wellbeing. Whereas the current writing on spirituality and work often suggests that organisations should provide more meaning, this research took a more humble starting point by asking what meanings individuals with spiritual belief are currently attributing to, and discovering in, their work, and by asking how and whether these meanings determine work behaviour. I argue in this thesis that the concept of meaning-making is central to spirituality. I reviewed the psychological literature on meaning and as a result decided to focus the inquiry on three core elements of meaning; purpose, sense-making and coherence. In order to step back from the organisational agenda, and give voice to the authenticity of diverse spiritual beliefs, I chose to use career, rather than organisational theory, as framework for this inquiry. An additional theoretical framework of ‘agency and communion’ was introduced to conceptualise human motivation beyond its current narrow ‘self’ and ‘doing’ oriented definitions. A combination of ‘collaborative human inquiry’ and ‘narrative’ methodology was chosen to elicit subjective career meanings. Fifteen individuals with diverse spiritual beliefs participated in this research. These included a Buddhist, a Quaker, a Catholic, a Bahá'í, and a Mormon, as well as those not currently affiliated with an organized religion. The findings show that spiritual belief strongly determines career choice, transition and experience. It was found that research participants, in spite of their diverse beliefs, shared four purposes: ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’. When these purposes can be expressed fully, the workplace is experienced to be aligned with spiritual belief, and individuals are contributing fully, especially when diversity of spiritual expressions is acknowledged at the same time. Career transitions are made through an ongoing sense-making process as a result of which the individual may decide that the four purposes are no longer in balance and action is required in order to continue to live meaningfully. This sensemaking is a result of ongoing interaction between the individual and his or her work environment. Coherence is a result of the transrational element of spirituality, when the individual feels his or her work is still aligned with a bigger (divine) plan. This is assessed on an ongoing basis through prayer, asking ‘was this meant to be’ and reframing difficulties and setbacks as opportunities for learning and development. I suggest that it may not be wise to seek collective enactment of the trans-rational as it has no firm basis for collective organisational decision-making. It cannot seek collective expression due to the diversity of beliefs of organisational members. However I strongly suggest that an organisation that wants to align itself with the spiritual beliefs of its members, ensures that the four purposes of ‘developing and becoming self’, ‘union with others’, ‘expressing self’ and ‘serving others’ can be fully enacted in the organisation, keeping in mind that spirituality expresses itself in process as well as outcome. / Subscription resource available via Digital Dissertations only.

Doctor of Philosophy / Hospitality Management and Dietetics / Junehee Kwon / Food allergies affect nearly 15 million Americans, and accommodating customers with food allergies has become a challenge for the restaurant industry. One third of the fatal food allergy reactions occurred in restaurants, and it is important for the restaurant industry to properly communicate and manage the food allergy risks. This study explored perceived risks and risk communication related behaviors of restaurant staff when serving customers with food allergies by using both qualitative (interviews) and quantitative (online survey) approaches. Telephone interviews with 16 restaurant managers were audio-recorded, transcribed verbatim, and organized to identify themes. Most participants were aware of the severity of food allergy reactions but perceived that it was the customers’ responsibilities communicating their food allergies with restaurant staff before placing their orders. Training for service staff on food allergies and risk communication topics were limited, and some managers perceived such training unnecessary for restaurant business. Findings from interviews were used to develop an online survey instrument. The survey instrument was pilot-tested and distributed to restaurant employee panels by an online survey research firm. Of 1,328 accessed the survey, 316 usable survey responses (23.8%) were collected from full-service restaurant service staff. Data analyses included descriptive statistics, independent samples t-test, ANOVA, and regression analyses. Results indicated that limited information about food allergies was provided on printed (35.1%) or online menus (28.2%), and very few restaurants had separate menus (8.5%) or complete ingredient lists (14.6%) for customers with food allergies. Meanwhile, restaurant servers lacked knowledge about common food allergens (12.7% correct), differences between food allergies and intolerances (34.2% correct), and government regulations related to food allergies (15.5% correct). Most restaurant servers (82.0%) agreed or strongly agreed that initiating communication and preventing food allergy reactions were responsibilities of customers with food allergies. Perceived severity of food allergy reactions, previous communication training, sources of media exposure, and perceived responsibilities of preventing food allergy reactions were found to influence restaurant servers’ risk reduction and communication behaviors (R²=0.367, p<0.001). Restaurateurs, foodservice educators, food allergy advocates, and policy makers may use these findings when developing food allergy training and strategies to prevent food allergy reactions in restaurants.

Doctor of Philosophy / Department of Hotel, Restaurant, Institution Management and Dietetics / SooCheong Jang / Deborah D. Canter / In the last few decades, franchising has become a part of everyday life in the United States. Many firms in a variety of industries have adopted franchising as a method of doing business. Despite the importance of franchising, the literature on why firms initially choose to franchise and how franchising affects financial performance has been scant (Combs et al., 2004; Watson et al., 2005). The purposes of this study were 1) to examine how well agency theory, resource scarcity theory, risk-sharing theory, and specific knowledge theory justify the franchising decision, 2) to investigate whether franchising affects restaurant firms' market value and profitability, and 3) to investigate the relationship between the ownership mix, combination of franchised and company-owned outlets, and financial performance. For the statistical analysis, the data were collected from the Standard and Poor's COMPUSTAT database, Bond's Franchise Guide and 10 K reports. A logistic regression model was developed to identify a set of variables that best differentiated firms engaged in franchise contracts from those that were not. The statistical results indicated that: 1) Young and growing firms used franchise more to increase the flow of resources. This result supported resource scarcity theory. 2) The degree of geographic dispersion and involvement in foreign countries increased the probability of a firm's decision to franchise. These results supported agency theory. 3) The decrease of specific knowledge requirements increased the franchising probability. This result supported specific knowledge theory. T-tests and multivariate regression models were used to test how franchising affects firms' financial performance. The findings indicated that 1) franchised firms had better financial performance than non-franchised firms, 2) the relationship between ownership mix and financial performance was curvilinear and the inverted U-shaped relationship suggested the existence of optimal ownership mix that can maximize a firm's financial performance, and 3) ownership mix not only directly affected a firm's intangible assets, but also indirectly affected a firm's intangible assets through advertising. This study found that a purely company owned or a purely franchised chain did not produce the best financial performance. Restaurant companies could use both company-owned and franchised units to leverage the strengths of one another, which will yield a better overall financial performance than if either structure was to operate alone.