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Inter‐firm channel relationships have recently attracted great interest in academic research. This paper attempts to make a study of the governance mechanisms in manufacturer‐distributor relationships and the role played by the relationalism perceived by channel members. In particular, the aim is to account for why exclusive dealing and exclusive territories agreements frequently appear in association. Two theories are compared regarding this question. In one of the theories relationalism plays a mediating role between both vertical restraints, whereas according to the other theory the relation between the two is independent of the degree of relationalism. A sample of 96 Spanish manufacturers was used to test the hypotheses proposed, obtaining empirical support for both theories.

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