This study examined the effects of the environment on the structure and behavior between manufacturers and distributors. As the theoretical basis of this study, the political economy approach, grounded in resource dependence theory, provides a systematic analytical framework for the effects of the external environment on the internal political economy of both channel parties. Recently, studies have been attempted from this perspective to identify the effects of the environment on the internal political economy. However, research on the influence of external politics has been relatively neglected. As part of an effort to fill this gap, this study sought to identify the effects of external actors—as an element of external politics—on the relationships between environmental characteristics and the internal political economy, particularly channel control and relational bonds. To this end, focusing on franchise dealers in the audio industry, the study examined how environmental dynamism (as an environmental characteristic) and inter-channel competition (with competitors as external actors) affect channel control and relational bonds. The results, although partial, showed that inter-channel competition mediates the relationship between environmental characteristics and channel control, and that the effects on relational bonds differ depending on the type of channel control variable. This suggests that the role of the external political economy needs to be further examined in conjunction with other environmental characteristics.