Binali Selman EREN, Sevinç GÜLER ÖZÇALIK

Futbolcu Transferlerinin Finansal Performans Üzerindeki Etkisi: STOXX Avrupa Futbol Endeksi’ nde Bir Araştırma

Bu çalışmanın temel amacı emek faktörünün etkisinin yoğun bir şekilde hissedildiği profesyonel futbol endüstrinde finansal performansı ölçmeye çalışmaktır. Bu kapsamda çalışmada STOXX Avrupa Futbol Endeksinde yer alan 13 futbol kulübünün transfer gelirlerinin ve giderlerinin finansal performansa olan etkisi panel veri analizi yöntemi ile analiz edilmiştir. Bu doğrultuda 2004-2022 yılları arasındaki transfer gelir/giderleri ve muhasebe bazlı finansal performans göstergesi olarak varlık karlılığı (ROA), öz kaynak karlılığı (ROE) ve faiz ve vergi öncesi kar marjı (FAVÖK) dikkate alınarak üç model oluşturulmuştur. Elde edilen bulgulara göre transfer giderleri değişkeni, ROA ve FAVÖK modellerinde istatistiksel olarak anlamlı bir sonuç verirken, ikinci model olan ROE’ de ise bu sonuca ulaşılamamıştır. Çalışmada ayrıca futbol kulüplerinin faaliyet gösterdikleri ulusal liglerinde şampiyon olma durumlarının finansal performansı olumlu yönde etkilediği gözlemlenmiştir.

Anahtar Kelimeler:

Finansal Performans, Futbol Endüstrisi, Panel Veri Analizi

The Impact of Football Player Transfers on Financial Performance: A Research on STOXX European Football Index

The main purpose of this study is to try to measure financial performance in the professional football industry, where the effect of the labor factor is heavily felt. In this context, the impact of the transfer revenues and expenses of 13 football clubs in the Stoxx European Football Index on financial performance is analyzed by panel data method. In this respect, three models are created considering the transfer income/expenses and accounting-based financial performance indicators such as return on assets (ROA), return on equity (ROE) and profit margin before interest and tax (EBITDA) between 2004-2022. According to the findings, the transfer expenses variable gave a statistically significant result in ROS and EBITDA models, while the second model, ROE, this result could not be achieved. In the study, it is observed that the fact that the championship in the national leagues, where football clubs operates, has a positive effect on the impact of financial performance.

Keywords:

Financial Performance, Football Industry, Panel Data Analysis,

PDF

___

Acero, I., Serrano, R., & Dimitropoulos, P. (2017). Ownership structure and financial performance in European football. Corporate Governance: 17(3): 511-523. https://doi.org/10.1108/CG-07-2016-0146.
Alaminos, D., Esteban, I., Fernández-Gámez, M.A. (2020). Financial performance analysis in European football clubs. Entropy, 22 (1056), https://doi.org/10.3390/e22091056.
Baroncelli, A. , Lago, U. and Szymanski, S. (2004), Il business del calcio: successi sportivi erovesci finanziari, EGEA, Milano. Baroncelli, A., & Lago, U. (2006). Italian football. Journal of sports economics, 7(1), 13-28.
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
Dimitropoulos, P. (2011). Corporate governance and earnings management in the European football industry. European Sport Management Quarterly, 11(5), 495-523.
Dimitropoulos, P. E., & Koumanakos, E. (2015). Intellectual capital and profitability in European football clubs. International Journal of Accounting, Auditing and Performance Evaluation, 11(2), 202-220.
Dimitropoulos, P. E., & Tsagkanos, A. (2012). Financial performance and corporate governance in the European football industry. International Journal of Sport Finance, 7(4).
Dolles, H., & Söderman, S. (2013). The network of value captures in football club management: A framework to develop and analyse competitive advantage in professional team sports. In Handbook of research on sport and business. Edward Elgar Publishing.
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
Edmans, A., García, D., & Norlı, Ø. (2007). Sports sentiment and stock returns. The Journal of Finance, 62(4): 1967–1998. doi:10.1111/j.1540-6261.2007.01262.x
Fotaki, M., Markellos, R., & Mania, M. (2007). The effect of human resource turnover on shareholder wealth : Evidence from the UK football industry. Athens University of Economics and Business, Working Paper, January, 1– 21.
Fűrész, D. I., & Rappai, G. (2020). Information leakage in the football transfer market. European Sport Management Quarterly, 1-21.
Garcia-del-Barrio, P. and Szymanski, S. (2009), Goal! Profit maximization versus win maximization in soccer, Review of Industrial Organization, Vol. 34, No. 1, pp.45–68.
Gonçalves, R. S., Mendes, R. C., Henriques, F. M., & Tavares, G. M. (2020). The influence of sports performance on economic-financial performance: An analysis of Brazilian soccer clubs from 2013 to 2017. Contextus: Revista Contemporânea de economia e gestão, 18, 239-250.
Göllü, E. (2012). Impact of the financial performances of incorporations of football clubs in the domestic league on their sportive performances: A study covering four major football clubs in Turkey. Pamukkale Journal of Sport Sciences, 3(1), 20-29.
Güriş, Selahattin ve Diğerleri, Uygulamalı Panel Veri Ekonometrisi, 1. Baskı, İstanbul: Der Yayınları, 2018. Leach, S. and Szymanski, S. (2015), Making money out of football, Scottish Journal of Political Economy, Vol. 62 No. 1, pp. 25-50.
Lozano, F.J.M. and Carrasco Gallego, A. (2011), Deficits of accounting in the valuation of rights to exploit the performance of professional players in football clubs: a case study, Journal of Management Control, Vol. 22 No. 3, pp. 335-357.
Morrow, S. (1996), Football players as human assets. Measurement as the critical factor in asset recognition: a case study investigation, Journal of Human Resource Costing & Accounting, Vol. 1 No. 1, pp. 75-97.
Morrow, S. (2006). Impression management in football club financial reporting. International Journal of Sport Finance, 1(2), 96-108.
Nagy, Z. I. (2012). Finances of the professional football enterprises. Danube: Law and Economics Review, (1), 53-69.
Panagiotis D. ve Vincenzo S. (2021), The Impact of UEFA Financial Fair Play on Player Expenditures, Sporting Success and Financial Performance: Evidence from the Italian Top League, European Sport Management Quarterly,21(1): 20-38, DOI: 10.1080/16184742.2019.1674896.
Poli, R., Ravenel, L., & Besson, R. (2015). Transfer values and probabilities. CIES Football Observatory Monthly Report, 6, 1-11.
Rowbottom, N. (2002), The application of intangible asset accounting and discretionary policy choices in the UK football industry, The British Accounting Review, Vol. 34 No. 4, pp. 335-355.
Sakinc, I., Acikalin, S., & Soyguden, A. (2017). Evaluation of the relationship between financial performance and sport success in European football. Journal of Physical Education and Sport, 17, 16.
Scafarto, V., & Dimitropoulos, P. (2018). Human capital and financial performance in professional football: The role of governance mechanisms. Corporate Governance, 18(2): 289-316. https://doi.org/10.1108/CG-05-2017-0096
Stadtmann, G. (2006). Frequent news and pure signals: The case of a publicly traded football club. Scottish Journal of Political Economy, 53(4), 485–504. doi:10.1111/j.1467-9485.2006.00391.x
Szymanski, S. (2014). On the ball: European soccer’s success can be credited, in part, to the liberalization of the players’ market. But what will the future bring? Finance & Development, 51(001).
Szymanski, S. A., Kuypers, T. (1999). Winners and losers: the business strategy of football. London: Penguin Group.
Szymanski, S. and Smith, R. (1997), The English football industry: profit, performance and industrial structure, International Review of Applied Economics, Vol. 11 No. 1, pp. 135-153.
Topaloğlu, E. E. (2018). Bankalarda finansal kırılganlığı etkileyen faktörlerin panel veri analizi ile belirlenmesi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 13(1), 15-38.
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica. 48(4):817-838. Wilson, R. (2017). An analysis of factors affecting financial performance in English Professional team sports. Sheffield Hallam University (United Kingdom).
https://www.transfermarkt.com/ Erişim Tarihi: 30.01.2022