Does the Agency Theory play football?

  1. Luis Carlos Sánchez
  2. Ángel Barajas
  3. Patricio Sánchez- Fernández
Revista:
Universia Business Review

ISSN: 1698-5117

Ano de publicación: 2017

Número: 53

Páxinas: 18-59

Tipo: Artigo

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Outras publicacións en: Universia Business Review

Resumo

El objetivo del presente trabajo es analizar la influencia de la propiedad en el desempeño de los equipos de fútbol europeos. El estudio de la eficiencia nos permite conocer el desempeño relativo en la consecución de varios objetivos como es el caso de los equipos de fútbol donde se persiguen el rendimiento financiero y los éxitos deportivos. El análisis muestra que aquellos equipos de fútbol organizados como clubes, con una propiedad dispersa y no controlados por inversores foráneos tienen un mejor desempeño. Así las estructuras de propiedad que facilitan un menor control sobre los directivos, tienen una relación positiva con el desempeño

€ Ver financiamento

Información de financiamento

We thank the anonymus reviewers for their detailed and rich comments that greatly improved the manuscript.We also appreciate the work done by the two editors that have handle this paper. he authors. Angel Barajas thanks the financial support from the National Research University Higher School of Economics? Basic Research Program.

Financiadores

Referencias bibliográficas

  • Baur, D. G., y McKeating, C. (2011). Do Football Clubs Benefit from Initial Public Offerings? International Journal of Sport Finance, 6(1), 40-59.
  • Borensztein, E., De Gregorio, J., y Lee, J. W. (1998). How does foreign direct investment affect economic growth? Journal of international Economics, 45(1), 115-135.
  • Claessens, S., Djankov, S., Fan, J., y Lang, L. (2002). Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. Journal of Finance(57), 2741-2771.
  • De Miguel, A., Pindado, J., y de la Torre, C. (2004). Ownership structure and firm value: new evidence from Spain. Strategic Management Journal, 25(12), 1199-1207.
  • Dimitropoulos, P., y Tsagkanos, A. (2012). Financial perfomance and corporate governance in the European football industry. International Journal of Sport Finance, 7(4), 280-308.
  • El-Hodiri, M. y Quirk, J. (1971). An economic model of a professional sports league. The Journal of Political Economy, 1302-1319
  • Faccio, L., Lang, L., y Young, L. (2001). Dividends and Expropriation. American Economic Review(91), 54-78.
  • Fort, R. y Quirk, J. (1995). Cross-subsidization, incentives, and outcomes in professional team sports leagues. Journal of Economic Literature, 33(3), 1265-1299.
  • Grossman, S. J., y Hart, O. D. (1980). Takeover bids, the free-rider problem, and the theory of the corporation. The Bell Journal of Economics, 11(1), 42-64.
  • Hansmann, H. (1988). Ownership of the Firm. Journal of Law, Economics, and Organization, 4(2), 267-304.
  • Hoff, A. (2007). Second stage DEA: Comparison of approaches for modelling the DEA score. European Journal of Operational Research, 181(1), 425-435.
  • Hoehn, T., y Szymanski, S. (1999). The americanization of European football. Economic Policy, 28, 205-240.
  • Jensen, M., y Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs and Ownership structure. Journal of Financial Economics, 3, 305-360.
  • Kang, D. L., y Sorensen, A. B. (1999). Ownership organization and firm performance. Annual review of sociology, v.25, 121-144
  • La Porta, R., Lopez-de-Silanes, F., y Shleifer, A. (1999). Corporate ownership around the world. Journal of Financial Economics(54 (2)), 471-517.
  • Leah, S., y Szymanski, S. (2015). Making money out of football. Scottish Journal of Politica Economy, 62(1), 25-50.
  • Lins, K. V. (2003). Equity Ownership and Firm Value in Emerging. Journal of Financial and Quantitative Anayisis(38), 159-184.
  • López-de-Foronda, Ó., López-Iturriaga, F. J. and Santamaría-Mariscal, M. (2007), Ownership Structure, Sharing of Control and Legal Framework: international evidence. Corporate Governance: An International Review, 15 (6): 1130–1143.
  • Maury, B., y Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking y Finance, 29(7), 1813-1834.
  • Mayers, D., y Smith, C. (1988). Ownership structure across lines of proverty casualty insurance. Journal of Law and Economics(31), 357-378.
  • Morrow, S. (2003). The people's game?: football, finance and society. London: Palgrave Macmillan.
  • Nilsson, J. (2001). Organisational Principles for Co-operative firms. Scandinavian Journal of Management(17), 329-356.
  • North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge : Cambridge university press.
  • Sanchez, L. C. (2006). ¿ Son compatibles el" bolsillo" y el" corazón"? El caso de las sociedades anónimas deportivas españolas. Estudios Financieros. Revista de Contabilidad y Tributación, 283, 131-164.
  • Sánchez, L.C. (2012). Dividendo emocional: el papel de los accionistas en la responsabilidad empresarial. Revista de responsabilidad social de la empresa, 12, 15-45.
  • Sánchez, L. C., Sánchez-Fernández, P., y Barajas, Á. (2016a). Estructuras de propiedad y rentabilidad financiera en el fútbol europeo. Journal of Sports Economics y Management, 6(1), 5-17.
  • Sánchez, L.C.; Sánchez-Fernández, P. y Barajas, A. (2016b). Objetivos financieros y deportivos en la eficiencia del fútbol europeo, Revista de Psicología del Deporte, 25 (3), 47-50
  • Shleifer, A., y Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94(3), 461-488.
  • Sloane, P. (1971). The Economics of Professional Football: the football club as a utility maximizer. Scottish Journal of Political Economy, 17(2), 121-145.
  • Stiglitz, J. (1982). Ownership, Control and Efficient Markets: Some Paradoxes in the Theory of Capital Markets. En K. Boyer, y W. Shepherd, Economic Regulation: Essays in honor of James R. Nelson (págs. 311-321). Ann Arbor: Michigan University Press.
  • Szymanski, S y Késenne, S. (2004). Competitive balance and gate revenue sharing in team sports. The Journal of Industrial Economics, 52(1), 165-177.Thomsen, S., y Pedersen, T. (2000). Ownership structure and economic perfomance in the largest european companies. Strategic Management Journal, 21(6), 689-705.
  • Vitaliano, P. (1983). Cooperative enterprise: An alterntive copceptual basis for analyzing a complex institution. American Journal of Agricultural Economics(65), 1078-1083.
  • Wilson, R., Plumley, D., y 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.
  • Zuber, R., Yiu, P., Lamb, R. P., y 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