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Yabancı Oyuncu Transferlerinin Borsa İstanbul’da İşlem Gören Spor Kulüpleri Şirketlerinin Hisse Senetleri Değerlerine Etkisi

Year 2020, Volume: 3 Issue: 1, 8 - 13, 20.03.2020

Abstract

Spor son zamanlarda fiziksel bir aktivite ve rekabet konseptinden çıkmış ve önemli bir ekonomik pazar haline gelmiştir. Spor kulüplerinin ekonomik olarak ayakta kalabilmeleri ve ekonomilerini geliştirebilmeleri önemlidir. Borsa, hisse senetlerinin, tahvillerin veya diğer menkul kıymetlerin alınıp satıldığı bir ticaret alanı olarak tanımlanmaktadır. Futbol ortamında her transfer sezonunda birçok transfer faaliyeti gerçekleşmektedir. Bir futbolcunun bir kulüp ile yapılan profesyonel bir sözleşme sonucunda kulüp değiştirmesine transfer denir. Bu araştırmanın amacı, 2019 yaz transfer sezonunda Türkiye'de Borsa İstanbul’da işlem gören dört futbol kulübünde (Fenerbahçe A.Ş., Galatasaray A.Ş., Beşiktaş A.Ş., Trabzonspor A.Ş.) yabancı oyuncu transferlerinin hisse senetlerine etkisini araştırmaktır. Bu transfer işlemlerinde, oyuncunun transfer tarihinden 1 gün önce ve transferden 1 gün sonra hisse senetleri değerleri arasındaki ilişki her bir oyuncu bazında analiz edilmiştir. Sonuç olarak, Türkiye'de 2019 yaz transfer sezonunda borsa faaliyeti gösteren futbol kulüplerinin gerçekleştirdiği yabancı oyuncuların transferlerinin olumlu (%66) ve düşük bir etki yaptığı belirlenmiştir. Bu durumun nedeninin, transferlerin takımların sportif başarısını olumlu yönde etkileyeceği söylenilebilir.

References

  • Athanasios, D. (2013). Finance and football: The market reaction to football player transfers in Europe, Master Thesis, Van Tilburg University, School of Economics and Management, Tilburg, Nederland. http://arno.uvt.nl/show.cgi?fid=131857
  • Berument, M. H., & Ceylan, N. B. (2012). Effects of soccer on stock markets: The return–volatility relationship. The Social Science Journal, 49(3), 368-374.
  • Contreras, A. (2015). An exploration into the influence on share prices for publicly traded football clubs, Campus Only Senior Thesis, Claremont McKenna College, California, USA. 1157. https://scholarship.claremont.edu/cmc_theses/1157
  • De Bakker, D. (2016). The effect of player transfers on stock prices. An event study on European listed football clubs. Master Thesis, Tilburg University. Tilburg, Nederland. http://arno.uvt.nl/show.cgi?fid=141910
  • Devecioglu, S. (2004). The relation between sports success and market price of sport clubs supply to public. Spormetre Physical Education and Sport Science Journal, 2(1), 11-18. https://doi.org/10.1501/Sporm_0000000020
  • Dorukkaya, S., and Kiratli, A. (1998). Incorporation of Football Clubs in Turkey. Istanbul: Publication, Finance and Taxation, World Publishing.
  • Duque, J., and Ferreira, N. A. (2005). Explaining share price performance of football clubs listed on the Euronext Lisbon. ISEG-Universidade Tecnica de Lisboa Business Administration Working Paper, (05-01). https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2005-Milan/papers/73-duque_paper.pdf
  • Floros, C. (2014). Football and stock returns: New evidence. Procedia Economics and Finance, 14, 201-209.
  • Hanke, M. and Kirchler, M. (2013). Football championships and jersey sponsors’ stock prices: an empirical investigation, The European Journal of Finance, 19(3), 228-241, DOI: 10.1080/1351847X.2012.659268
  • https://www.borsaistanbul.com, Date Accessed: 05.01.2020
  • https://www.fifa.com/about-fifa/who-we-are/news/fifa-s-big-5-transfer-window-analysis-spain-joins-england-in-topping-usd-1-billi. Date Accessed: 05.01.2020
  • https://www.transfermarkt.com.tr/super-lig/startseite/wettbewerb/TR1, Date Accessed: 05.01.2020
  • Leeuw, B. (2016). The effect of football player transfers on the stock market return for listed football clubs. Master Thesis, Amsterdam University, Business Economics Faculty of Economics and Business, Amsterdam, Nederland. http://www.scriptiesonline.uba.uva.nl/document/479164
  • Malinowski, M. (2013). Capital market efficiency: an event study on the incorporation of football transfers. Kristianstad University, Bank and Finance, Kristianstad, Sweden, https://pdfs.semanticscholar.org/c8ac/05027abe8b7b12ef42e44bf8c23f4feb920c.pdf? _ga=2.143934323.75457741.1578579713-1909012913.1557483887
  • Maria, F. Markellos, R. and Mania, M. (2007). The effect of human resource turnover on shareholder wealth: evidence from the uk football industry. Athens University of Economics and Business https://efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2007-Austria/papers/0578.pdf
  • Pentheny, G. K. (2009).Analysis of stock market investment strategies. Retrieved from https://digitalcommons.wpi.edu/iqp-all/2312, Date Accessed: 05.01.2020
  • Samagaio, A., Couto, E., and Caiado, J. (2009). Sporting, financial and stock market performance in English football: an empirical analysis of structural relationships, CEMAPRE Working Papers 0906, Centre for Applied Mathematics and Economics (CEMAPRE), School of Economics and Management (ISEG), Technical University of Lisbon, Portugal. https://ideas.repec.org/p/cma/wpaper/0906.html
  • Whitehead, K. (2014). The impact of European football player transfers on share price, Undergraduate Theses, UVM Honors College Senior Theses, Vermont University, School of Business Administration, Vermont, USA. https://core.ac.uk/download/pdf/51066756.pdf

The Effect of Foreign Player Transfers on the Stock Values of Sports Clubs Companies Istanbul Stock Exchange

Year 2020, Volume: 3 Issue: 1, 8 - 13, 20.03.2020

Abstract

Sports has recently emerged from a concept of physical activity and competition and has become an important economic market. It is important for sports clubs to survive economically and improve their economies. The stock market is defined as a trading area where stocks, bonds or other securities are traded. There are many transfer activities in every transfer season in the football environment. Transfer of a football player as a result of a professional contract with a club is called a transfer. The purpose of this research, 2019 summer transfer season in four football clubs in Turkey in stock market in Istanbul (Fenerbahce Inc., Galatasaray Inc., Besiktas Inc., Trabzonspor Inc.) to shares of foreign player transfers is to investigate the effect. In these transfer season, the relationship between the stock values 1 day before the transfer date of the player and 1 day after the transfer was analyzed on the basis of each player. As a result, Turkey in 2019 summer transfer season in the stock market showing positive activity of football clubs realized the transfer of foreign players (66%) and was determined to make a low impact. It can be said that the reason for this situation is that transfers will positively affect the sportive success of the teams.

References

  • Athanasios, D. (2013). Finance and football: The market reaction to football player transfers in Europe, Master Thesis, Van Tilburg University, School of Economics and Management, Tilburg, Nederland. http://arno.uvt.nl/show.cgi?fid=131857
  • Berument, M. H., & Ceylan, N. B. (2012). Effects of soccer on stock markets: The return–volatility relationship. The Social Science Journal, 49(3), 368-374.
  • Contreras, A. (2015). An exploration into the influence on share prices for publicly traded football clubs, Campus Only Senior Thesis, Claremont McKenna College, California, USA. 1157. https://scholarship.claremont.edu/cmc_theses/1157
  • De Bakker, D. (2016). The effect of player transfers on stock prices. An event study on European listed football clubs. Master Thesis, Tilburg University. Tilburg, Nederland. http://arno.uvt.nl/show.cgi?fid=141910
  • Devecioglu, S. (2004). The relation between sports success and market price of sport clubs supply to public. Spormetre Physical Education and Sport Science Journal, 2(1), 11-18. https://doi.org/10.1501/Sporm_0000000020
  • Dorukkaya, S., and Kiratli, A. (1998). Incorporation of Football Clubs in Turkey. Istanbul: Publication, Finance and Taxation, World Publishing.
  • Duque, J., and Ferreira, N. A. (2005). Explaining share price performance of football clubs listed on the Euronext Lisbon. ISEG-Universidade Tecnica de Lisboa Business Administration Working Paper, (05-01). https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2005-Milan/papers/73-duque_paper.pdf
  • Floros, C. (2014). Football and stock returns: New evidence. Procedia Economics and Finance, 14, 201-209.
  • Hanke, M. and Kirchler, M. (2013). Football championships and jersey sponsors’ stock prices: an empirical investigation, The European Journal of Finance, 19(3), 228-241, DOI: 10.1080/1351847X.2012.659268
  • https://www.borsaistanbul.com, Date Accessed: 05.01.2020
  • https://www.fifa.com/about-fifa/who-we-are/news/fifa-s-big-5-transfer-window-analysis-spain-joins-england-in-topping-usd-1-billi. Date Accessed: 05.01.2020
  • https://www.transfermarkt.com.tr/super-lig/startseite/wettbewerb/TR1, Date Accessed: 05.01.2020
  • Leeuw, B. (2016). The effect of football player transfers on the stock market return for listed football clubs. Master Thesis, Amsterdam University, Business Economics Faculty of Economics and Business, Amsterdam, Nederland. http://www.scriptiesonline.uba.uva.nl/document/479164
  • Malinowski, M. (2013). Capital market efficiency: an event study on the incorporation of football transfers. Kristianstad University, Bank and Finance, Kristianstad, Sweden, https://pdfs.semanticscholar.org/c8ac/05027abe8b7b12ef42e44bf8c23f4feb920c.pdf? _ga=2.143934323.75457741.1578579713-1909012913.1557483887
  • Maria, F. Markellos, R. and Mania, M. (2007). The effect of human resource turnover on shareholder wealth: evidence from the uk football industry. Athens University of Economics and Business https://efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2007-Austria/papers/0578.pdf
  • Pentheny, G. K. (2009).Analysis of stock market investment strategies. Retrieved from https://digitalcommons.wpi.edu/iqp-all/2312, Date Accessed: 05.01.2020
  • Samagaio, A., Couto, E., and Caiado, J. (2009). Sporting, financial and stock market performance in English football: an empirical analysis of structural relationships, CEMAPRE Working Papers 0906, Centre for Applied Mathematics and Economics (CEMAPRE), School of Economics and Management (ISEG), Technical University of Lisbon, Portugal. https://ideas.repec.org/p/cma/wpaper/0906.html
  • Whitehead, K. (2014). The impact of European football player transfers on share price, Undergraduate Theses, UVM Honors College Senior Theses, Vermont University, School of Business Administration, Vermont, USA. https://core.ac.uk/download/pdf/51066756.pdf
There are 18 citations in total.

Details

Primary Language Turkish
Subjects Sports Medicine
Journal Section Research Article
Authors

Murat Turğut 0000-0002-4050-6482

Onur Yaşar 0000-0001-7598-3927

Publication Date March 20, 2020
Acceptance Date March 3, 2020
Published in Issue Year 2020 Volume: 3 Issue: 1

Cite

APA Turğut, M., & Yaşar, O. (2020). The Effect of Foreign Player Transfers on the Stock Values of Sports Clubs Companies Istanbul Stock Exchange. Türk Spor Bilimleri Dergisi, 3(1), 8-13.

TÜBİTAK-ULAKBİM DERGİPARK AKADEMİK bünyesinde kurulan Türk Spor Bilimleri Dergisi Doçentlik başvurusu Ulusal Makale b maddesi kapsamındadır.