Research Article
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Year 2020, Volume: 22 Issue: 3, 402 - 413, 31.12.2020

Abstract

References

  • Referans1 Annual Review of Football Finance 2019. Deloitte Sports Business Group Report, june, 2018. 10.
  • Referans2 Ashton JK, Gerrard B, Hudson R. Economic İmpact Of National Sporting Success: Evidence From The London Stock Exchange. Applied Economics Letters, 2003; 10: 783-785.
  • Referans3 Aygören H, Uyar S, Sarıtaş H. Yatırımcılar Futbol Maçlarının Sonuçlarından Etkilenir Mi? İMKB’ de Bir Uygulama. H.Ü. İktisadi ve İdari Bilimler Dergisi, 2008; 26(1): 121-13.
  • Referans4 Baltagi B. Panel Data: Theory and Applications.2nd ed. Heidelberg: Physica-Verlag. 2005.
  • Referans5 Berument H, Ceylan NB, Gozpinar E. Performance of Soccer on the Stock Market: Evidence from Turkey, The Social Science Journal, 2006; 43: 695-699.
  • Referans6 Bhargava A, Franzini L, Narendnarathan W. Serial Correlation and Fıxed Effects Model. Review of Economic Studies, 1982; 49: 533-549.
  • Referans7 Boyle G, Walter B. Reflected Glory and Failure: İnternational Sporting Success and The Stock Market, Applied Financial Economics, 2003; 13: 225-235
  • Referans8 Coates D, Humphreys BR. The Effect of On-Field Success on Stock Prices: Evidence From Nippon Professional Baseball, International Association of Sports Economists Working Paper Series, 2008; 8(5): 1-21
  • Referans9 Çam AV. The Effects of Sportıing on Stock Returns: An Application in istanbul Stock Exchange. Journal of Economics Library, 2015; 2(3): 147-154.
  • Referans10 Devecioğlu S. Halka Arz Edilen Spor Kulüplerinin Sportif Başarıları İle Piyasa Değerleri Arasındaki İlişki. Spormetre Beden Eğitimi ve Spor Bilimleri Dergisi, 2014: 2(1): 11-18
  • Referans11 Dimitropoulos P. The Financial Performance of the Greek Football Clubs. Sport Management International Journal SMIJ, 2010; 6(1): 5-27.
  • Referans12 Doğru C. Futboldaki Maç Sonuçlarının Hisse Senetleri Üzerindeki Etkisi: Galatasaray Sportif Sınaî ve Ticari Yatırımlar A.Ş. Üzerine Bir İnceleme. 9. Ulusal İşletmecilik Kongresi, 2010: 171-177
  • Referans13 Duque, J, Brantes A, Ferreira N. Explaining Share Price Performance Of Football Clubs Listed On The Euronext Lisbon, Instituto Superior De Economia E Gestao, 2004; 1: 38.
  • Referans14 Floros C. The Impact of the Athens Olympic Games on the Athen Stock Exchange. Journal of Economic Studies, 2010; 37(6): 647-657.
  • Referans15 Gannon J, Evans K, Goddard J. The Stock Market Effects of the Sale of Live Broadcasting Rights for English Premiership Football. Journal of Sports Economics, 2010; 7(2): 168-186.
  • Referans16 Grene WH. Econometric Analysis, 5nd ed. New York: Prentice-Hall International Inc, 2002: 285.
  • Referans17 Hausman JA, Taylor WE. Panel Data and Unobservable Individual Effects, Econometrica, 1981; 49(6): 1377–1398.
  • Referans18 Hsiao C. Analysis of Panel Data, 2nd ed. United Kingdom: Cambridge University Presssica Y Del Deporte: Deporte Y Calidad DeVida. 2002.
  • Referans19 Karadeniz E, Koşan L, Kahiloğulları S. Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 2014; 23(2): 129-144.
  • Referans20 Kaya A, Gülhan Ü. Spor Kulüpleri Performanslarının Hisse Senedi Fiyatlarına Etkisi: İMKB’ de Bir Uygulama. 3. Finans Sempozyumu Erzurum, 2012: (35-63).
  • Referans21 Kırlı M, Gümüş H. Hisse Senetleri Borsada İşlem Gören Spor Kulüplerinin Borsa Performanslarının Muhasebe Verileri Yardımı İle Değerlendirilmesi: Fenerbahçe Sportif Hizmetler Sanayi ve Ticaret A.Ş.’de Bir Uygulama. I. Uluslararası Spor Ekonomisi ve Yönetimi Kongresi, Bildiriler Kitabı, 2011: 335-363.
  • Referans22 Kök R, Şimşek N. Panel Data Analysis: Unit Root and Cointegration. Seminar in Dokuz Eylul University, Faculty of Economics and Administrative Sciences, Department of Economics, 2006.
  • Referans23 Kutlar A. Ekonometrik Zaman Serileri, Gazi Kitapevi, Ankara, 2000.
  • Referans24 Nıshıo T, Lim C, Downward P. Analysing the Economic Impact of the Olympics Using Stock Market Indices of Host Countries. 18th World IMACS / MODSIM Congress, , Cairns, Australia, 2009: 1258-1264.
  • Referans25 Scholtens B, Peenstra W. Scoring On The Stock Exchange? The Effect Of Football Matches On Stock Market Returns: An Event Study. Applied Economics, 2009: 3237.
  • Referans26 Tatoğlu FY. Panel veri ekonometrisi: STATA uygulamalı. Beta Yayınları 2nd, İstanbul, 2013.
  • Referans27 Tatoğlu FY. Panel Veri Ekonometrisi: STATA uygulamalı. Beta Yayınları 4nd, İstanbul, 2018.
  • Referans28 Temizel F. Futbol kulüplerinin sportif performansları ile hisse senedi getirileri arasındaki ilişkinin analizi: Türkiye örneği. Tisk Akademi, 2013.
  • Referans29 Uztuğ F, Gösterişli ME, Katırcı H. Değişen Taraftar Kimliği ve Taraftar Web Siteleri: Semt Kahvelerinden Sanal Aleme Bir Dönüşüm, 7. Uluslararası Spor Bilimleri Kongresi, Antalya, 27-29 Ekim 2002.
  • Referans30 Woldridge JM. Introductory Econometrics A Modern Approach, 4nd ed. USA: South-Western Cengage Learning, 2009.
  • Referans31 Zeren F, Gümüş FB. Türk ve yabancı futbol takımlarının borsa performansları üzerine bir uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2013; 3(2): 34-54.
  • Referans32 Aktifbank Ekolig 2015/16-2016/17-2017/18-2018/19 Futbol Ekonomisi Raporu
  • Referans33 brandfinance.com/images/upload/fotball_50_2015_report_for_print.pdf, Erişim Tarihi:20.12.2019.
  • Referans34 Ekolig Futbol Ekonomisi Raporu 4
  • Referans35 fifex.org/Home/Economy, Erişim Tarihi: 17.12.2019.
  • Referans36 http://www.futbolekonomi.com/index.php/vizyon-misyon.html.
  • Referans37 İnvesting.com (Kulüp Gelir Tabloları)
  • Referans38 Transfermakt.com.tr

The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs

Year 2020, Volume: 22 Issue: 3, 402 - 413, 31.12.2020

Abstract

In the literature, although there are studies examining the stock values by applying the ratio analysis method with the data obtained from the financial tables of football clubs, there are limited number of studies examining the factors affecting the stock values of football clubs with econometric methods.
The main aim of the study is to investigate the effects of financial and sports achievements criteria of 14 football clubs on stock values competing in European League and Turkish Super League and traded on the stock market. The study includes a 4-year period between 2016-2019. In this period, 6-month financial data of the clubs were tested by using panel data analysis method. Empirical results reveal that the market value and league scores of football clubs affect the stock value positively but club revenues affect the stock value negatively.

References

  • Referans1 Annual Review of Football Finance 2019. Deloitte Sports Business Group Report, june, 2018. 10.
  • Referans2 Ashton JK, Gerrard B, Hudson R. Economic İmpact Of National Sporting Success: Evidence From The London Stock Exchange. Applied Economics Letters, 2003; 10: 783-785.
  • Referans3 Aygören H, Uyar S, Sarıtaş H. Yatırımcılar Futbol Maçlarının Sonuçlarından Etkilenir Mi? İMKB’ de Bir Uygulama. H.Ü. İktisadi ve İdari Bilimler Dergisi, 2008; 26(1): 121-13.
  • Referans4 Baltagi B. Panel Data: Theory and Applications.2nd ed. Heidelberg: Physica-Verlag. 2005.
  • Referans5 Berument H, Ceylan NB, Gozpinar E. Performance of Soccer on the Stock Market: Evidence from Turkey, The Social Science Journal, 2006; 43: 695-699.
  • Referans6 Bhargava A, Franzini L, Narendnarathan W. Serial Correlation and Fıxed Effects Model. Review of Economic Studies, 1982; 49: 533-549.
  • Referans7 Boyle G, Walter B. Reflected Glory and Failure: İnternational Sporting Success and The Stock Market, Applied Financial Economics, 2003; 13: 225-235
  • Referans8 Coates D, Humphreys BR. The Effect of On-Field Success on Stock Prices: Evidence From Nippon Professional Baseball, International Association of Sports Economists Working Paper Series, 2008; 8(5): 1-21
  • Referans9 Çam AV. The Effects of Sportıing on Stock Returns: An Application in istanbul Stock Exchange. Journal of Economics Library, 2015; 2(3): 147-154.
  • Referans10 Devecioğlu S. Halka Arz Edilen Spor Kulüplerinin Sportif Başarıları İle Piyasa Değerleri Arasındaki İlişki. Spormetre Beden Eğitimi ve Spor Bilimleri Dergisi, 2014: 2(1): 11-18
  • Referans11 Dimitropoulos P. The Financial Performance of the Greek Football Clubs. Sport Management International Journal SMIJ, 2010; 6(1): 5-27.
  • Referans12 Doğru C. Futboldaki Maç Sonuçlarının Hisse Senetleri Üzerindeki Etkisi: Galatasaray Sportif Sınaî ve Ticari Yatırımlar A.Ş. Üzerine Bir İnceleme. 9. Ulusal İşletmecilik Kongresi, 2010: 171-177
  • Referans13 Duque, J, Brantes A, Ferreira N. Explaining Share Price Performance Of Football Clubs Listed On The Euronext Lisbon, Instituto Superior De Economia E Gestao, 2004; 1: 38.
  • Referans14 Floros C. The Impact of the Athens Olympic Games on the Athen Stock Exchange. Journal of Economic Studies, 2010; 37(6): 647-657.
  • Referans15 Gannon J, Evans K, Goddard J. The Stock Market Effects of the Sale of Live Broadcasting Rights for English Premiership Football. Journal of Sports Economics, 2010; 7(2): 168-186.
  • Referans16 Grene WH. Econometric Analysis, 5nd ed. New York: Prentice-Hall International Inc, 2002: 285.
  • Referans17 Hausman JA, Taylor WE. Panel Data and Unobservable Individual Effects, Econometrica, 1981; 49(6): 1377–1398.
  • Referans18 Hsiao C. Analysis of Panel Data, 2nd ed. United Kingdom: Cambridge University Presssica Y Del Deporte: Deporte Y Calidad DeVida. 2002.
  • Referans19 Karadeniz E, Koşan L, Kahiloğulları S. Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 2014; 23(2): 129-144.
  • Referans20 Kaya A, Gülhan Ü. Spor Kulüpleri Performanslarının Hisse Senedi Fiyatlarına Etkisi: İMKB’ de Bir Uygulama. 3. Finans Sempozyumu Erzurum, 2012: (35-63).
  • Referans21 Kırlı M, Gümüş H. Hisse Senetleri Borsada İşlem Gören Spor Kulüplerinin Borsa Performanslarının Muhasebe Verileri Yardımı İle Değerlendirilmesi: Fenerbahçe Sportif Hizmetler Sanayi ve Ticaret A.Ş.’de Bir Uygulama. I. Uluslararası Spor Ekonomisi ve Yönetimi Kongresi, Bildiriler Kitabı, 2011: 335-363.
  • Referans22 Kök R, Şimşek N. Panel Data Analysis: Unit Root and Cointegration. Seminar in Dokuz Eylul University, Faculty of Economics and Administrative Sciences, Department of Economics, 2006.
  • Referans23 Kutlar A. Ekonometrik Zaman Serileri, Gazi Kitapevi, Ankara, 2000.
  • Referans24 Nıshıo T, Lim C, Downward P. Analysing the Economic Impact of the Olympics Using Stock Market Indices of Host Countries. 18th World IMACS / MODSIM Congress, , Cairns, Australia, 2009: 1258-1264.
  • Referans25 Scholtens B, Peenstra W. Scoring On The Stock Exchange? The Effect Of Football Matches On Stock Market Returns: An Event Study. Applied Economics, 2009: 3237.
  • Referans26 Tatoğlu FY. Panel veri ekonometrisi: STATA uygulamalı. Beta Yayınları 2nd, İstanbul, 2013.
  • Referans27 Tatoğlu FY. Panel Veri Ekonometrisi: STATA uygulamalı. Beta Yayınları 4nd, İstanbul, 2018.
  • Referans28 Temizel F. Futbol kulüplerinin sportif performansları ile hisse senedi getirileri arasındaki ilişkinin analizi: Türkiye örneği. Tisk Akademi, 2013.
  • Referans29 Uztuğ F, Gösterişli ME, Katırcı H. Değişen Taraftar Kimliği ve Taraftar Web Siteleri: Semt Kahvelerinden Sanal Aleme Bir Dönüşüm, 7. Uluslararası Spor Bilimleri Kongresi, Antalya, 27-29 Ekim 2002.
  • Referans30 Woldridge JM. Introductory Econometrics A Modern Approach, 4nd ed. USA: South-Western Cengage Learning, 2009.
  • Referans31 Zeren F, Gümüş FB. Türk ve yabancı futbol takımlarının borsa performansları üzerine bir uygulama. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2013; 3(2): 34-54.
  • Referans32 Aktifbank Ekolig 2015/16-2016/17-2017/18-2018/19 Futbol Ekonomisi Raporu
  • Referans33 brandfinance.com/images/upload/fotball_50_2015_report_for_print.pdf, Erişim Tarihi:20.12.2019.
  • Referans34 Ekolig Futbol Ekonomisi Raporu 4
  • Referans35 fifex.org/Home/Economy, Erişim Tarihi: 17.12.2019.
  • Referans36 http://www.futbolekonomi.com/index.php/vizyon-misyon.html.
  • Referans37 İnvesting.com (Kulüp Gelir Tabloları)
  • Referans38 Transfermakt.com.tr
There are 38 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Hüseyin Enes Erkoçak 0000-0002-7648-2793

Mustafa Ay 0000-0002-4489-8946

Publication Date December 31, 2020
Acceptance Date January 2, 2021
Published in Issue Year 2020 Volume: 22 Issue: 3

Cite

APA Erkoçak, H. E., & Ay, M. (2020). The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs. Turkish Journal of Sport and Exercise, 22(3), 402-413.
AMA Erkoçak HE, Ay M. The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs. Turk J Sport Exe. December 2020;22(3):402-413.
Chicago Erkoçak, Hüseyin Enes, and Mustafa Ay. “The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs”. Turkish Journal of Sport and Exercise 22, no. 3 (December 2020): 402-13.
EndNote Erkoçak HE, Ay M (December 1, 2020) The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs. Turkish Journal of Sport and Exercise 22 3 402–413.
IEEE H. E. Erkoçak and M. Ay, “The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs”, Turk J Sport Exe, vol. 22, no. 3, pp. 402–413, 2020.
ISNAD Erkoçak, Hüseyin Enes - Ay, Mustafa. “The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs”. Turkish Journal of Sport and Exercise 22/3 (December 2020), 402-413.
JAMA Erkoçak HE, Ay M. The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs. Turk J Sport Exe. 2020;22:402–413.
MLA Erkoçak, Hüseyin Enes and Mustafa Ay. “The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs”. Turkish Journal of Sport and Exercise, vol. 22, no. 3, 2020, pp. 402-13.
Vancouver Erkoçak HE, Ay M. The Effect of Financial and Sports Achievements of Football Clubs on Stock Values: A Study on European and Super League Clubs. Turk J Sport Exe. 2020;22(3):402-13.

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