Purpose

Our paper shows an empirical analysis of the European football companies to test the association between sport results, proxied by ranking position and financial performance in panel framework (starting from 59 firms over the 2013–2018 time span).

Design/methodology/approach

We use panel data models for studying the relationship of our interest and we make no a priori assumption about the strict exogeneity of the covariates and estimate equation using both Random Effects GLS (RE-GLS) and Fixed Effects OLS (FE-OLS) estimations.

Findings

Our results suggest there is stable and significant relationship between the two types of performance and that when detectable this is linked in a positive way to the profit maximization of the business model, suggesting that it is more useful for investor remuneration and to increase technical-tactical resources and therefore sports results. Not surprisingly, as for many clubs, concentration effect is relevant while the financial fair play regulation is not. In fact, the current regulation of UEFA authority does not seem to have an impact on sport and financial results.

Originality/value

This work complements literature in several ways. First, we offer new empirical evidence for the association between the sport and financial performance for a panel of the European football companies, listed and not. Second, we show that the persistence of the sport results is strongly correlated with financial performance.

中文翻译：

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关于体育与财务绩效之间的关系：一项实证调查

目的

我们的论文展示了对欧洲足球公司的实证分析，以测试体育成绩之间的关联，以小组框架中的排名位置和财务业绩为代表（从 2013-2018 年的 59 家公司开始）。

设计/方法/方法

我们使用面板数据模型来研究我们感兴趣的关系，并且我们没有对协变量的严格外生性做出先验假设，并使用随机效应 GLS (RE-GLS) 和固定效应 OLS (FE-OLS) 估计来估计方程。

发现

我们的结果表明，两种类型的绩效之间存在稳定且显着的关系，并且当可检测到时，这与商业模式的利润最大化呈正相关，表明它对投资者报酬和增加技术战术更有用资源和体育成果。毫不奇怪，对于许多俱乐部来说，集中效应是相关的，而财务公平竞争监管则不然。事实上，欧足联目前的监管似乎并没有对体育和财务结果产生影响。

原创性/价值

这项工作在几个方面补充了文学。首先，我们为一组欧洲足球公司（上市和非上市）提供了新的实证证据，证明运动与财务业绩之间的关联。其次，我们表明运动成绩的持久性与财务表现密切相关。