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

Hüseyin Enes Erkoçak , Mustafa Ay

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.

Keywords

football clubs, stock, panel data

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