Doherty and Quinn (1999) is the second selected paper to represent the late 1990s epoch. This paper appeals for two reasons. First, although the earlier theories make reference in some way to agency theory or its associated components such as monitoring costs, moral hazard, opportunism, and risk management generally, Doherty and Quinn take the concepts further and use them as the total basis for a conceptual theory of international retail franchising. Second, for the first time, Doherty and Quinn explicitly refer to the notion of international retail franchising theory. Although this might seem to downgrade international franchising in a sense by covering only part of international franchising, it nonetheless focuses attention on the retail dimension. In most countries, retailing, especially when traditional retailing is combined with retail services, is probably more than 80% of franchising.