In this paper, football clubs are modeled as value-maximizing enterprises. With a long-term perspective in this framework, players are not only factors of production, but also assets of the club. It is shown that talent investment is higher with value-maximization than with profit maximization for homogeneous football clubs. Club heterogeneity is then modeled by different time-horizons regarding future profits, which leads to asymmetric levels of talent investment. Teams with longer time-horizons demand more talent and tilt the competition to their favor. Increases in transfer prices for players worsen the competitive balance, while higher player wages improve it.

中文翻译：

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价值最大化的足球俱乐部

在本文中，足球俱乐部被建模为价值最大化的企业。从长远来看，在这个框架下，球员不仅是生产要素，也是俱乐部的资产。结果表明，对于同质化足球俱乐部，价值最大化的人才投资高于利润最大化。然后，俱乐部异质性通过关于未来利润的不同时间范围进行建模，从而导致人才投资水平不对称。时间跨度较长的团队需要更多的人才，并使竞争对他们有利。球员转会价格的上涨会恶化竞争平衡，而更高的球员工资会改善这种平衡。