Research Article
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Year 2024, Volume: 26 Issue: 4, 197 - 209, 25.12.2024
https://doi.org/10.62425/rses.1517401

Abstract

References

  • Andreff, W. (2008). Globalization of the sports economy. Rivista Di Diritto Ed Economia Dello Sport, 4(3), 13-32.
  • Andreff, W. (2013). Economic development as major determinant of Olympic medal wins: Predicting performances of Russian and Chinese teams at Sochi Games. International Journal of Economic Policy in Emerging Economies, 6(4), 314-340. https://doi.org/10.1504/IJEPEE.2013.057908
  • Aygün, M., Savaş, Y., & Alma Savaş, D. (2023). The relation between football clubs and economic growth: The case of developed countries. Humanities and Social Sciences Communications, 10(1), 1-11. https://doi.org/10.1057/s41599-023-02074-2
  • Bernard, A.B., & Busse, M.R. (2004), Who wins the Olympic Games: Economic resources and medal totals. Review of Economics and Statistics, 86(1), 413-417. https://doi.org/10.1162/003465304774201824
  • Bian, X. (2005). Predicting Olympic medal counts: The effects of economic development on Olympic performance. The Park Place Economist, 13(1), 37-44.
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model spesification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Buts, C., Bois, C. D., Heyndels, B., & Jegers, M. (2013). Socioeconomic determinants of success at the Summer Paralympics. Journal of Sports Economics, 14(2), 133-147. https://doi.org/10.1177/1527002511416511
  • Csurilla, G., & Fertő, I. (2022). How long does a medal win last? Survival analysis of the duration of Olympic success. Applied Economics, 54(43), 5006-5020. https://doi.org/10.1080/00036846.2022.2039370
  • Csurilla, G., & Fertő, I. (2023). The less obvious effect of hosting the Olympics on sporting performance. Scientific Reports, 13(1), 819. https://doi.org/10.1038/s41598-022-27259-8
  • De Bosscher, V., De Knop, P., Van Bottenburg, M., & Shibli, S. (2006). A conceptual framework for analysing sports policy factors leading to international sporting success. European Sport Management Quarterly, 6(2), 185-215. https://doi.org/10.1080/16184740600955087
  • Dimitrov, D., Helmenstein, C., Kleissner, A., Moser, B., & Schindler, J. (2006). The macroeconomic effects of sport in Europe. Wien: Studie im Auftrag des Bundeskanzleramts, Sektion Sport. [in German] Search in.
  • Dumitrescu, E. I., & Hurlin, C. (2012) Testing for granger noncausality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Feenstra, R. C., Inklaar, R., & Timmer, M. (2015). The next generation of the penn world table. American Economic Review, 105(10), 3150-3182. https://doi.org/10.1257/aer.20130954
  • Forrest, D., McHale, I.G., Sanz, I., & Tena, J. D. (2017). An analysis of country medal shares in individual sports at the Olympics. European Sport Management Quarterly, 17(2), 117-131. https://doi.org/10.1080/16184742.2016.1248463
  • Gratton, C., Dobson, N., & Shibli, S. (2000). The economic importance of major sports events: A case-study of six events. Managing Leisure, 5(1), 17-28. https://doi.org/10.1080/136067100375713
  • Hoffmann, R., Ging, L. C., & Ramasamy, B. (2004). Olympic success and asean countries: Economic analysis and policy implications. Journal of Sports Economics, 5(3), 262-276. https://doi.org/10.1177/1527002503261826
  • Johnson, D. K., & Ali, A. (2000). Coming to play or coming to win: Participation and success at the Olympic Games. Wellesley College Dept. of Economics Working Paper. 2000-2010.
  • Johnson, D. K., & Ali, A. (2004). A tale of two seasons: Participation and medal counts at the Summer and Winter Olympic Games. Social Science Quarterly, 85(4), 974-993. https://doi.org/10.1111/j.0038-4941.2004.00254.x
  • Kasimati, E., & Dawson, P. (2008). Assessing the impact of the 2004 Olympic Games on the Greek economy: A small macroeconometric model. Economic Modelling, 26, 139-146. https://doi.org/10.1016/j.econmod.2008.06.006
  • Knuepling, L., & Broekel, T. (2022). Does relatedness drive the diversification of countries’ success in sports?. European Sport Management Quarterly, 22(2), 182-204, https://doi.org/10.1080/16184742.2020.1770830
  • Kufenko, V., & Geloso, V. (2019). Who are the champions? Inequality, institutions and the Olympics. Inequality, Institutions and the Olympics (July 4, 2019).
  • Lui, H. K., & Suen, W. (2008). Men, money, and medals: An econometric analysis of the Olympic Games. Pacific Economic Review 13(1), 1-16. https://doi.org/10.1111/j.1468-0106.2007.00386.x
  • Makiyan, S., & Rostami, M. (2021). Economic determinants of success in Olympic Games. Turkish Journal of Sport and Exercise, 23(1), 33-39. https://doi.org/10.15314/tsed.779393
  • Moosa, I. A., & Smith, L. (2004). Economic development indicators as determinants of medal winning at the Sydney Olympics: An extreme bounds analysis. Australian Economic Papers, 43(3), 288-301. https://doi.org/10.1111/j.1467-8454.2004.00231.x
  • Noland, M., & Stahler, K. (2016a). What goes into a medal: Women's inclusion and success at the Olympic Games. Social Science Quarterly, 97(2), 177-196. https://doi.org/10.1111/ssqu.12210
  • Noland, M., & Stahler, K. (2016b). Asian participation and performance at the Olympic Games. Asian Economic Policy Review, 11(1), 70-90. https://doi.org/10.1111/aepr.12118
  • Noland, M., & Stahler, K. (2017). An old boys club no more: Pluralism in participation and performance at the Olympic Games. Journal of Sports Economics, 18(5), 506-536. https://doi.org/10.1177/1527002515588138
  • Olympics.com. (n.d.). Retrieved February 5, 2023 from https://www.olympics.com/
  • Omoregie, P. O. (2016). The impact of technology on sport performance. In Proceedings of INCEDI 2016 Conference 29th-31st August. (2016, August).
  • Otamendi, J., & Doncel, L. M. (2014). Medal shares in Winter Olympic Games by sport: Socioeconomic analysis after Vancouver 2010. Social Science Quarterly, 95(2), 598-614. https://doi.org/10.1111/ssqu.12055
  • Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis. Econometric Theory, 20(3), 597-625. https://doi.org/10.1017/S0266466604203073
  • Pesaran, M. (2007). A Simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, 22, 265-312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79-113. https://doi.org/10.1016/0304-4076(94)01644-F
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999) Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
  • Rathke, A., & Woitek, U. (2007). Economics and Olympics: An efficiency analysis. Institute for Empirical Research in Economics Working Paper. No. 313.
  • Rewilak, J. (2021). The (non) determinants of Olympic success. Journal of Sports Economics, 22(5), 546-570. https://doi.org/10.1177/1527002521992833
  • Scandizzo, P. L., & Pierleoni, M. R. (2018). Assessing the Olympic Games: The economic impact and beyond. Journal of Economic Surveys, 32(3), 649-682. https://doi.org/10.1111/joes.12213
  • Seiler, S. (2013). Evaluating the (Your Country Here) Olympic medal count. International Journal of Sports Physiology and Performance, 8(2), 203-210. https://doi.org/10.1123/ijspp.8.2.203
  • Singleton, C., Reade, J.J., Rewilak, J., & Schreyer, D. (2024). How big is home advantage at the Olympic Games?. In Research Handbook on Major Sporting Events. Edward Elgar Publishing.
  • Shasha, W., Abbasi, B.N., & Sohail, A. (2022). Assessment of Olympic performance in relation to economic, demographic, geographic, and social factors: Quantile and Tobit approaches. Economic Research-Ekonomska Istraživanja, 36(1), 1-25. https://doi.org/10.1080/1331677X.2022.2080735
  • Tcha, M., & Perchin, V. (2003). Reconsidering performance at the Summer Olympics and revealed comparative advantage. Journal of Sports Economics, 4(3), 2016-2239. https://doi.org/10.1177/1527002503251636
  • Vagenas, G., & Vlachokyriakou, E. (2012). Olympic medals and demo-economic factors: Novel predictors, the ex-host effect, the exact role of team size, and the population-GDP model revisited. Sport Management Review, 15(2), 211-217. https://doi.org/10.1016/j.smr.2011.07.001

Analysing Winter Olympic Medals Through Economic Variables: A Comprehensive Examination

Year 2024, Volume: 26 Issue: 4, 197 - 209, 25.12.2024
https://doi.org/10.62425/rses.1517401

Abstract

The impact of economic development holds considerable significance across various domains, including the realm of sports, which has been extensively explored in existing literature. To establish this relationship between Olympic performance and economic factors, an examination was conducted on the medals obtained by countries during Winter Olympic Games spanning the game period from 1960 to 2018. The results of the Pedroni cointegration test signify the presence of a robust co-integration relationship across all test statistics conducted The Panel ARDL analysis reveals that Real GDP emerges as the singular influential factor affecting countries' medal scores in the long term, achieving statistical significance at the 1% level. Additionally, labor compensation exerts a discernible impact, albeit at a 10% significance level. Notably, in the short term, none of these variables exhibit any influence on medal scores, a finding corroborated by the results from the panel PMG analysis. Furthermore, among all variables examined, only Real GDP demonstrates Granger causality concerning medal scores. In contrast, none of the other variables exhibit a Granger causative relationship with medal scores. This profound insight underscores the specific and substantial role played by Real GDP in shaping the dynamics of medal scores, highlighting its unique influence on medal success.

References

  • Andreff, W. (2008). Globalization of the sports economy. Rivista Di Diritto Ed Economia Dello Sport, 4(3), 13-32.
  • Andreff, W. (2013). Economic development as major determinant of Olympic medal wins: Predicting performances of Russian and Chinese teams at Sochi Games. International Journal of Economic Policy in Emerging Economies, 6(4), 314-340. https://doi.org/10.1504/IJEPEE.2013.057908
  • Aygün, M., Savaş, Y., & Alma Savaş, D. (2023). The relation between football clubs and economic growth: The case of developed countries. Humanities and Social Sciences Communications, 10(1), 1-11. https://doi.org/10.1057/s41599-023-02074-2
  • Bernard, A.B., & Busse, M.R. (2004), Who wins the Olympic Games: Economic resources and medal totals. Review of Economics and Statistics, 86(1), 413-417. https://doi.org/10.1162/003465304774201824
  • Bian, X. (2005). Predicting Olympic medal counts: The effects of economic development on Olympic performance. The Park Place Economist, 13(1), 37-44.
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model spesification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Buts, C., Bois, C. D., Heyndels, B., & Jegers, M. (2013). Socioeconomic determinants of success at the Summer Paralympics. Journal of Sports Economics, 14(2), 133-147. https://doi.org/10.1177/1527002511416511
  • Csurilla, G., & Fertő, I. (2022). How long does a medal win last? Survival analysis of the duration of Olympic success. Applied Economics, 54(43), 5006-5020. https://doi.org/10.1080/00036846.2022.2039370
  • Csurilla, G., & Fertő, I. (2023). The less obvious effect of hosting the Olympics on sporting performance. Scientific Reports, 13(1), 819. https://doi.org/10.1038/s41598-022-27259-8
  • De Bosscher, V., De Knop, P., Van Bottenburg, M., & Shibli, S. (2006). A conceptual framework for analysing sports policy factors leading to international sporting success. European Sport Management Quarterly, 6(2), 185-215. https://doi.org/10.1080/16184740600955087
  • Dimitrov, D., Helmenstein, C., Kleissner, A., Moser, B., & Schindler, J. (2006). The macroeconomic effects of sport in Europe. Wien: Studie im Auftrag des Bundeskanzleramts, Sektion Sport. [in German] Search in.
  • Dumitrescu, E. I., & Hurlin, C. (2012) Testing for granger noncausality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Feenstra, R. C., Inklaar, R., & Timmer, M. (2015). The next generation of the penn world table. American Economic Review, 105(10), 3150-3182. https://doi.org/10.1257/aer.20130954
  • Forrest, D., McHale, I.G., Sanz, I., & Tena, J. D. (2017). An analysis of country medal shares in individual sports at the Olympics. European Sport Management Quarterly, 17(2), 117-131. https://doi.org/10.1080/16184742.2016.1248463
  • Gratton, C., Dobson, N., & Shibli, S. (2000). The economic importance of major sports events: A case-study of six events. Managing Leisure, 5(1), 17-28. https://doi.org/10.1080/136067100375713
  • Hoffmann, R., Ging, L. C., & Ramasamy, B. (2004). Olympic success and asean countries: Economic analysis and policy implications. Journal of Sports Economics, 5(3), 262-276. https://doi.org/10.1177/1527002503261826
  • Johnson, D. K., & Ali, A. (2000). Coming to play or coming to win: Participation and success at the Olympic Games. Wellesley College Dept. of Economics Working Paper. 2000-2010.
  • Johnson, D. K., & Ali, A. (2004). A tale of two seasons: Participation and medal counts at the Summer and Winter Olympic Games. Social Science Quarterly, 85(4), 974-993. https://doi.org/10.1111/j.0038-4941.2004.00254.x
  • Kasimati, E., & Dawson, P. (2008). Assessing the impact of the 2004 Olympic Games on the Greek economy: A small macroeconometric model. Economic Modelling, 26, 139-146. https://doi.org/10.1016/j.econmod.2008.06.006
  • Knuepling, L., & Broekel, T. (2022). Does relatedness drive the diversification of countries’ success in sports?. European Sport Management Quarterly, 22(2), 182-204, https://doi.org/10.1080/16184742.2020.1770830
  • Kufenko, V., & Geloso, V. (2019). Who are the champions? Inequality, institutions and the Olympics. Inequality, Institutions and the Olympics (July 4, 2019).
  • Lui, H. K., & Suen, W. (2008). Men, money, and medals: An econometric analysis of the Olympic Games. Pacific Economic Review 13(1), 1-16. https://doi.org/10.1111/j.1468-0106.2007.00386.x
  • Makiyan, S., & Rostami, M. (2021). Economic determinants of success in Olympic Games. Turkish Journal of Sport and Exercise, 23(1), 33-39. https://doi.org/10.15314/tsed.779393
  • Moosa, I. A., & Smith, L. (2004). Economic development indicators as determinants of medal winning at the Sydney Olympics: An extreme bounds analysis. Australian Economic Papers, 43(3), 288-301. https://doi.org/10.1111/j.1467-8454.2004.00231.x
  • Noland, M., & Stahler, K. (2016a). What goes into a medal: Women's inclusion and success at the Olympic Games. Social Science Quarterly, 97(2), 177-196. https://doi.org/10.1111/ssqu.12210
  • Noland, M., & Stahler, K. (2016b). Asian participation and performance at the Olympic Games. Asian Economic Policy Review, 11(1), 70-90. https://doi.org/10.1111/aepr.12118
  • Noland, M., & Stahler, K. (2017). An old boys club no more: Pluralism in participation and performance at the Olympic Games. Journal of Sports Economics, 18(5), 506-536. https://doi.org/10.1177/1527002515588138
  • Olympics.com. (n.d.). Retrieved February 5, 2023 from https://www.olympics.com/
  • Omoregie, P. O. (2016). The impact of technology on sport performance. In Proceedings of INCEDI 2016 Conference 29th-31st August. (2016, August).
  • Otamendi, J., & Doncel, L. M. (2014). Medal shares in Winter Olympic Games by sport: Socioeconomic analysis after Vancouver 2010. Social Science Quarterly, 95(2), 598-614. https://doi.org/10.1111/ssqu.12055
  • Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis. Econometric Theory, 20(3), 597-625. https://doi.org/10.1017/S0266466604203073
  • Pesaran, M. (2007). A Simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, 22, 265-312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79-113. https://doi.org/10.1016/0304-4076(94)01644-F
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999) Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
  • Rathke, A., & Woitek, U. (2007). Economics and Olympics: An efficiency analysis. Institute for Empirical Research in Economics Working Paper. No. 313.
  • Rewilak, J. (2021). The (non) determinants of Olympic success. Journal of Sports Economics, 22(5), 546-570. https://doi.org/10.1177/1527002521992833
  • Scandizzo, P. L., & Pierleoni, M. R. (2018). Assessing the Olympic Games: The economic impact and beyond. Journal of Economic Surveys, 32(3), 649-682. https://doi.org/10.1111/joes.12213
  • Seiler, S. (2013). Evaluating the (Your Country Here) Olympic medal count. International Journal of Sports Physiology and Performance, 8(2), 203-210. https://doi.org/10.1123/ijspp.8.2.203
  • Singleton, C., Reade, J.J., Rewilak, J., & Schreyer, D. (2024). How big is home advantage at the Olympic Games?. In Research Handbook on Major Sporting Events. Edward Elgar Publishing.
  • Shasha, W., Abbasi, B.N., & Sohail, A. (2022). Assessment of Olympic performance in relation to economic, demographic, geographic, and social factors: Quantile and Tobit approaches. Economic Research-Ekonomska Istraživanja, 36(1), 1-25. https://doi.org/10.1080/1331677X.2022.2080735
  • Tcha, M., & Perchin, V. (2003). Reconsidering performance at the Summer Olympics and revealed comparative advantage. Journal of Sports Economics, 4(3), 2016-2239. https://doi.org/10.1177/1527002503251636
  • Vagenas, G., & Vlachokyriakou, E. (2012). Olympic medals and demo-economic factors: Novel predictors, the ex-host effect, the exact role of team size, and the population-GDP model revisited. Sport Management Review, 15(2), 211-217. https://doi.org/10.1016/j.smr.2011.07.001
There are 42 citations in total.

Details

Primary Language English
Subjects Sports Activity Management
Journal Section Research Articles
Authors

Murat Aygün 0000-0002-7636-8325

Yunus Savaş 0000-0002-9642-4734

Publication Date December 25, 2024
Submission Date July 16, 2024
Acceptance Date November 12, 2024
Published in Issue Year 2024 Volume: 26 Issue: 4

Cite

APA Aygün, M., & Savaş, Y. (2024). Analysing Winter Olympic Medals Through Economic Variables: A Comprehensive Examination. Research in Sport Education and Sciences, 26(4), 197-209. https://doi.org/10.62425/rses.1517401

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