In the internationalization literature of economics, many theories have been applied to various issues, but transaction cost economics remains significant among other prominent theories. The original intention of transaction cost economics was to explain the nature of firms in general; however, the approach has subsequently been applied to international operations. Despite the prevalent use of the theory to explain internationalization issues, few empirical examinations have been undertaken through its application in the hospitality literature. This study therefore examines the internationalization of US publicly traded restaurant companies through transaction cost economics.
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