Table 3 Control variable extraction standards

Category Variables Content Data
Franchise headquarters Asset The log value of the accumulated assets in 2017 Disclosure documents
Sales The log value of the sales recorded for 2017
Total number of stores The log value of the total stores recorded for 2017
Firm age The log value of the firm age recorded for 2017
Franchise stores Other brands store ownership The number of stores in operation of other brands Surveys
Store size The exclusive area size in pyeong of the current franchise store
Cost to start business: The cost to start the current franchise store (including rental costs, installation costs)
Yearly sales Current sales numbers for the current franchise store (in ten millions)