On the Relationship between Sport and Financial Performances: An Empirical Investigation

Luca Di Simone*, Davide Zanardi

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review


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.
Lingua originaleEnglish
pagine (da-a)812-824
Numero di pagine13
RivistaManagerial Finance
Volume2021 V. 47
Stato di pubblicazionePubblicato - 2021


  • Agency Costs
  • C23 (Panel Data)
  • Efficiency
  • Financial Fair Play
  • Football
  • G30 (Corporate Finance)
  • Panel Analysis
  • Performance


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