"This dissertation offers a strategic perspective on franchising. More specifically, this research study examines two related strategic issues that have not received much attention in the existing literature. First, is the franchise governance structure better suited to the pursuit of certain types of strategies, rather than others? Second, how does the franchise form have an impact on the adaptability of organizations over time? I examine these issues using extensive longitudinal data on the performance and strategic choices of about 6,000 stores within one of the biggest U.S. restaurant chains from 1991 to 1997. I also conduct interviews and a survey to gather qualitative information to complement the quantitative approach. With this study design, I provide a comprehensive strategic study of franchising, which makes important extensions to both the existing research on franchising and the prior work on strategy/structure fit and organizational change."