Estructuras de propiedad y rentabilidad financiera en el fútbol europeo

  1. Sánchez Martínez, Luis Carlos
  2. Sánchez Fernández, Patricio
  3. Barajas Alonso, Ángel
Revista:
Journal of Sports Economics & Management

ISSN: 2340-7425

Ano de publicación: 2016

Número: 6

Páxinas: 5-17

Tipo: Artigo

DIALNET GOOGLE SCHOLAR lock_openAcceso aberto editor

Outras publicacións en: Journal of Sports Economics & Management

Resumo

El presente trabajo estudia la influencia de las estructuras de propiedad de los principales equipos de fútbol europeos en su rentabilidad. Los resultados obtenidos muestran que la propiedad dispersa y nacional de un equipo tiene una relación positiva con su rentabilidad financiera. Por otra parte, el hecho de que los equipos se organicen como clubes o como sociedades mercantiles no parece influir en su desempeño económico.

Referencias bibliográficas

  • Agrawal, A. & Knoeber, C., 1996. Firm perfomance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and QuantitativeAnalysis, 31(3), pp. 377-397.
  • Alan, G. & Steve, M., 2005. Foregifn acquisitons by UK limited companies short and long-run perfomance. Journal of Empirical Finance, 12(1), pp. 99-125.
  • Aydin, N., Sayim, M. & Yalama, A., 2007. Foreign ownership and firm performance: Evidence from Turkey. International Research Journal of Finance and Economics, Volumen 11, pp. 103-111.
  • Baltagi, B., 1995. Econometric Analysis of Panel Data. Chichester: John Wiley and Sons.
  • Barbosa, N. & Louri, H., 2005. Corporate performance: Does ownership matter? A comparison of foreign-and domestic-owned firms in Greece and Portugal. Review of Industrial Organization, 27(1), pp. 73-102.
  • Bathula, H. & Singh, D., 2015. Ownership concentration, board characteristics and firm performance. Management Decision, 53(5), pp. 911-931.
  • Berle, A. & Means, G., 1932. The Modern Corporation and Private Proverty. New york: Macmillan.
  • Borensztein, E., De Gregorio, J. & Lee, J. W., 1998. How does foreign direct investment affect economic growth?. Journal of international Economics, 45(1), pp. 115-135.
  • Cameron, A. & Trivedi, P., 2010. Microeconometrics using Stata. College Station TX: Stata Press.
  • Cubbin, J. & Leech, D., 1983. The effect of shareholding dispersion on the degree of control in British companies: theory and measurement. The Economic Journal, Volumen 93, pp. 351-369.
  • Demsertz, H & Lehn, K., 1985. The structure of corporate ownership: causes and consequences. Journal of Political Economy, Volumen 93, pp. 1155-1177.
  • Dimitropoulos, P. & Tsagkanos, A., 2012. Financial perfomance and corporate governance in the European football industry. International Journal of Sport Finance, 7(4), pp. 280-308.
  • Djankov, S. & Murrell, P., 2002. Enterprise restructuring in transition: A quantitative survey. Journal of economic literature, Volumen 45, pp. 739-792.
  • Erhemjamts, O. & Leverty, J., 2010. The demise of the mutual organization form: An investigation of the life insurance industry. Journal of Money, Credit and Banking, 42(6), pp. 1011-1036.
  • Ferreira, M. & Matos, P., 2008. The color of investors' money: The role of institutional investors around the world. Journal of Financial Economics, Volumen 88, pp. 499-533.
  • Ferris, S. & Park, K., 2005. Foreign ownership and firm value: Evidence from Japan. En: Corporate governance. Advances in financial economics. London: Esmerald Group, pp. 1-29.
  • Franck, E., 2010. Private firm, public corporation or member's association governance structures in European football. International Journal of Sport Finance, Volumen 5, pp. 108-127.
  • Garcia-del-Barrio, P. & Szymanski, S., 2009. Goal! Profit maximization versus win maximization in soccer. Review of Industrial Organization, 34(1), pp. 45-68.
  • Goethals, J. & Ooghe, H., 1997. The perfomance of foreign and national take-overs in Belgium. European Business Review, 97(1), pp. 24-37.
  • Goig, R. L., 2014. Propiedad y gestión de los clubes de fútbol: la perspectiva de los aficionados. RICYDE. Revista Internacional de Ciencias del Deporte, 10(35), pp. 16-33.
  • Greene, W., 2003. Econometric Analysis. New Jersey: Prentice Hall.
  • Gross, K., 2007. Equity ownership and performance: An empirical study of German. Heidelberg: Physica Verlag.
  • Halkos, G. E. & Tzeremes, N. G., 2013. A Two‐Stage double bootstrap DEA: The case of the top 25 European football clubs' efficiency levels. Managerial and Decision Economics, 34(2), 108-115.
  • Hoehn, T. & Szymanski, S., 1999. The americanization of European football. Economic Policy, 28, 205-240.
  • Holderness, C., 2003. A survey of blockholders and corporate control. Economic policy review, 9(1), 51-63.
  • Jensen, M. & Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs and Ownership structure. Journal of Financial Economics, 3, 305-360.
  • La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R., 2002. Investor Protection and Corporate Valuation. Journal of Finance, 57, 1147-1170.
  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., 1999. Corporate ownership around the world. Journal of Financial Economics, 54 (2), 471-517.
  • Lam, S. S., 1997. Control versus firm value: The impact of restrictions on foreign share ownership. Financial Mangement, 26(1), 48-61.
  • Leah, S. & Szymanski, S., 2015. Making money out of football. Scottish Journal of Politica Economy, 62(1), pp. 25-50.
  • Mishra, A., 2014. Foreign ownership and firm value: Evidence from Australian firms. Asia-Pacific Financial Markets, 21, 69-96.
  • Nauright, J. & Ramfjord, J., 2010. Who owns England's game? American professional sporting influences and foreign ownership in the Premier League. Soccer & Society, 10(4), 428-441.
  • Nilsson, J., 2001. Organisational Principles for Co-operative firms. Scandinavian Journal of Management, 17, 329-356.
  • Piscitello, L. & Rabbiosi, L., 2005. The impact of inward FDI on local companies’ labour productivity: evidence from the Italian case. International Journal of the Economics of Business, 12(1), 35-51.
  • Rohde, M. & Breuer, C., 2016. The Financial Impact of (Foreign) Private Investors on Team Investments and Profits in Professional Football: Empirical Evidence from the Premier League. Applied Economics and Finance, 3(2), 243-256.
  • Sakinc, I., 2014. Using grey relational analysis to determine the financial perfomance of Turkish football clubs. Journal of Economics Library, 1(1), 22-33.
  • Sánchez, J. & García, E., 2007. A meta-analytic vision of the effect of ownership structure on firm perfomance. Corporate Governance: An International Review, 15(5), 879-893.
  • Serlenga, L. & Shin, Y., 2007. Gravity models of intra‐EU trade: application of the CCEP‐HT estimation in heterogeneous panels with unobserved common time‐specific factors. Journal of applied econometrics, 22(2), 361-381.
  • Shleifer, A. & Vishny, R. W., 1986. Large shareholders and corporate control. The Journal of Political Economy, 94(3), 461-488.
  • Short, H., 1994. Owmership, control, financial structure and the perfomance of the firms. Journal of Economic Surveys, 8(3), 203-249.
  • Smith, S., Cin, B. & Vodopivec, M., 1997. Privatizarion incidence, ownership forms and firm performance: Evidence from Slovenia. Journal of Comparative Economics, 25, 158-179.
  • Thomsen, S. & Pedersen, T., 2000. Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689-705.
  • Viswanathan, K. & Cummins, J., 2003. Ownership structure changes in the insurance industry: An analysis of desmutualization. Journal of Risk and Insurance, 70, 401-437.
  • Vitaliano, P., 1983. Cooperative enterprise: An alterntive copceptual basis for analyzing a complex institution. American Journal of Agricultural Economics, 65, 1078-1083.
  • Walters, G. & Hamil, S., 2010. Ownership and Governance. En: Managing Football: An international perspective. Oxford: Elsevier, pp. 17-36.
  • Wei, Z., Xie, F. & Zhang, S., 2005. Ownership structure and firm value in China's privatized firms: 1991-2001. Journal of Financial and Quantitative Analysis, 40, 87-108.
  • Williams, J. & Hopkins, S., 2011. Over here’:‘Americanization’and the new politics of football club ownership–the case of Liverpool FC. Sport in Society, 14(2), 160-174.
  • Wilson, R., Plumley, D. & Ramchandani, G., 2013. The relantionship between ownership and club perfomance in the English Premier League. Sport, Business and Management: An International Journal, 3(1), 19-36.
  • Yasar, M. & Paul, C. J. M., 2007. International linkages and productivity at the plant level: Foreign direct investment, exports, imports and licensing. Journal of International Economics, 71(2), 373-388.
  • Zhou, X., 2001. Understanding the determinants of managerial ownership and the link between ownership and performance: comment. Journal of financial economics, 62(3), 559-571.
  • Zuber, R., Yiu, P., Lamb, R. P. & Gandar, J. M., 2005. Investor-fans? An examination of the perfomance of publicly traded English Premier League teams. Applied Financial Economics, 15(5), 305-313.
Fonte de datos: Dialnet