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Yıl 2025, Cilt: 24 Sayı: 4, 1897 - 1911, 30.10.2025
https://doi.org/10.21547/jss.1646207

Öz

Kaynakça

  • Aksar, T. (2021). Spor kulüpleri için yeni gelir yaratma araçları olarak kripto para ve fan tokenlar. https://www.futbolekonomi.com/index.php/haberler-makaleler/mali/110-tugrul-aksar/5360-fan-token-sporafan-tokenkripto-para-ve-futbol.html (Accessed at 11.02.2025).
  • Andreff, W. (2006). The sports goods industry. The Handbook on the Economics of Sport, 20-39.
  • Ante, L., Saggu, A., Schellinger, B., Wazinski, F. P. (2024). Voting participation and engagement in blockchain-based fan tokens. Electronic Markets, 34(1), 26.
  • Ante, L., Schellinger, B., Wazinski, F. P. (2023). Enhancing Trust, Efficiency, and Empowerment in Sports: Developing a Blockchain-Based Fan Token Framework. In Thirty-first European Conference on Information Systems (ECIS 2023).
  • Assaf, A., Demir, E., Ersan, O. (2024). Detecting and date-stamping bubbles in fan tokens. International Review of Economics & Finance, 92, 98-113.
  • Benkraiem, R., Le Roy, F., Louhichi, W. (2011). Sporting performances and the volatility of listed football clubs. International Journal of Sport Finance, 6(4), 283.
  • Cabral, S., Silva Jr, A. F. (2013). An approach for evaluating the risk management role of governments in public–private partnerships for mega-event stadiums. European Sport Management Quarterly, 13(4), 472-490.
  • Çelik, G. M., Kanat, E. (2019). Entrepreneurship and innovation in the finance sector. Eurasian Journal of Researches in Social and Economics, 6(9), 1-8. Retrieved from https://dergipark.org.tr/tr/pub/asead/issue/50040/621750.
  • Daly K. (2018). Financial volatility: Issues and measuring techniques, Physica, A-387, 2377–2393.
  • Demir, M. A., Aktaş, R. (2022a). The relationship between fan tokens and cryptocurrencies: An empirical evidence. International Journal of Economics and Administrative Studies, (37), 55-70.
  • Demir, E., Ersan, O., Popesko, B. (2022b). Are fan tokens fan tokens?, Finance Research Letters, 47, 102736.
  • Engler, A. (2023). Two soccer teams transfer a South American player using USDC, but there’s collateral damage. https://www.coindesk.com/business/2022/07/29/two-soccer-teams-transfer-a-south-american-player-using-usdc-but-theres-collateral-damage/, Access date: 20.08.2023.
  • Ersan, O., Demir, E., Assaf, A. (2022). Connectedness among fan tokens and stocks of football clubs. Research in International Business and Finance, 63, 101780, 1-10.
  • Esen, E., Taştan, S., Degercan, N. (2021). The Impact of perceived corporate reputation of sport clubs on social media usage: A study with the lenses of social capital. Postmodern Openings, 12(3), 350-383.
  • Ferenc, P., Zraková, D., Kubina, M. (2018). Reputation in the field of sport. QUAERE 2018 Conference, 199-206, Hradec Králové, Czech Republic.
  • Fındıklı, S., Saygın, E.P. (2021). Fan tokens in the context of consumer citizenship. Third Sector Social Economic Review, 56(1), 57-71.
  • Fombrun, C. J., Van Riel, C. B. M. (2004) Fame and fortune: How successful companies build winning reputations. New Jersey: FT Prentice Hall.
  • Fombrun, C., Gardberg, N. A., Sever, J. M. (2000). The reputation quotient: A multi-stakeholder measure of corporate reputation. Journal of Brand Management, 7(4), 241-255.
  • Gimet, C., Montchaud, S. (2016). What drives european football clubs’ stock returns and volatility?. International Journal of the Economics of Business, 23(3), 351-390.
  • Gökbulut, R. İ., Pekkaya, M. (2014). Estimating and forecasting volatility of financial markets using asymmetric GARCH models: An application on Turkish financial markets. International Journal of Economics and Finance, 6(4), 23-35.
  • Hall, R. (1992). The strategic analysis of intangible resources, Strategic Management Journal, 13(2), 135-144.
  • Hoseini, H., Bahrololoum, H., Andam, R., Bagheri, H., Hasani, A. (2022). Identifying factors affecting the brand value creation of volleyball clubs: A study of the Iranian super league. Research in Sport Management and Marketing, 3(3), 47-60.
  • Huth, C. (2020). Who invests in the financial instruments of sports clubs? An empirical analysis of actual and potential individual investors of professional European football clubs. European Sport Management Quarterly, 20(4), 499-519.
  • Kaiser-Jovy, S., Breuer, M. (2015). Defining sports marketing, Routledge handbook of sport marketing (S. Chadwick, N. Chanavat, M. Desbordes, Eds.). London: Routledge.
  • Kanat, E., Öget, E., Kaya, F. (2024). The determinants of prices of fan tokens as a new sports finance tool. Ege Academic Review, 24(2), 221-232.
  • Karan, M. B. (2014). Investment analysis and portfolio management. 4. Baskı, Ankara: Gazi Kitabevi.
  • Lyons, Z. (2025). Monopolizing the Hobby: Legal Insights into the consolidation of the sports card industry. UNH Sports Law Review, 4(1), 160-192.
  • Manoli, A. E., Dixon, K., Antonopoulos, G. A. (2025). Football Fan Tokens as a mode of “serious leisure”: Unveiling the dual essence of identity and investment. Leisure Studies, 44(2), 294-308.
  • Navarro, J. C. (2024). Strategies for reputation management in sports. https://marketinlife.com/strategies-for-reputation-management-in-sports/. Access date: 10.02.2025.
  • Ölçen, O., Komath, M.A.C, Sayilir, Ö. (2022). Impacts of covid 19 on the volatility of stock returns: Analysis of MRO industry in the aviation sector with event studies (Y. İrfan, B. Salih, Eds.). Ankara: Serüven Yayınevi.
  • Preston, L. E. (2004). Reputation as a source of corporate social capital, Journal of General Management, 30(2), 43-49.
  • Principe, V. A., de Souza Vale, R. G., Nunes, R. D. A. M. (2024). Blockchain and sports industry: a systematic literature review of Fan Tokens and their implications. Retos: Nuevas Tendencias En Educación Física, Deporte Y Recreación, (60), 823-840.
  • Poon, S. H., Granger, C. W. J. (2003). Forecasting volatility in financial markets: A review. Journal of Economic Literature, 41, 478-539.
  • Rindova, V. P., Williamson, I. O., Petkova, A. P., Sever, J. M. (2005). Being good or being known: An empirical examination of the dimensions, antecedents, and consequences of organizational reputation. Academy of Management Journal, 48(6), 1033–1049.
  • Rohde, M., Breuer, C. (2017). The market for football club investors: A review of theory and empirical evidence from professional European football, European Sport Management Quarterly, 17(3). 265-289.
  • Saggu, A., Ante, L., Demir, E. (2024). Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup. Research in International Business and Finance, 70, 102333, 1-16.
  • Salgado P., Ruão, T. (2011). Football and reputation management: the role of online communication platforms. Scientific Conference of the International Association for Media and Communication Research (IAMCR), 13-17 July, Istanbul.
  • Süleymanoğlu-Kürüm, R. (2021). Writing articles in international relations using qualitative methods: Case study methods and its details. Pamukkale University Journal of Social Sciences Institute, 42, 149-169.
  • Teker, T., Konuşkan, A. (2022). Association effect on fan token prices. International Journal of Business, Economics and Management Perspectives, 6(2), 359-376.
  • Valenti, D., Fazio, G., Spagnolo, B. (2017). The stabilizing effect of volatility in financial markets. Physical Review E 97 (6-1), 1-10.
  • Vidal-Tomas, D. (2023). Blockchain, sport and fan tokens. Journal of Economic Studies, 50(5), 1-18.
  • Wang, Y., Lucey, B. M., Vigne, S. A., Yarovaya, L. (2022). The effects of central bank digital currencies news on financial markets. Technological Forecasting & Social Change, 180(C), 121715, 1-39.
  • Wang, Q., Ngai, E. W. (2020). Event study methodology in business research: a bibliometric analysis. Industrial Management & Data Systems, 120(10), 1863-1900.
  • Zarifis, A., Xheng, X. (2022). The business models of NFTs and fan tokens and how they build trust, Journal of Electronic Business & Digital Economics, 1(2), 138-151.

Dijital Para Birimi ve Taraftar Tokenları ile Futbolcu Transferinin Kurumsal İtibar ve İmaj Üzerindeki Etkisi: Finansal Değer Oynaklığı ve Pazarlama Stratejileri Bağlamında Bir Analiz

Yıl 2025, Cilt: 24 Sayı: 4, 1897 - 1911, 30.10.2025
https://doi.org/10.21547/jss.1646207

Öz

Bu çalışmada, futbolcu transferlerinde dijital para birimleri ve taraftar jetonları kullanımının, yenilikçi finansal araçlarda yatırımcı olarak hareket eden yatırımcıların ve taraftarların algıları üzerindeki etkisi araştırılmıştır. Çalışmanın temel amacı, taraftar tokenleri ve dijital para birimi ile yapılan yıldız futbolcu transferlerine ilişkin ampirik verileri analiz etmek ve futbol kulüplerinin kurumsal itibarını ve hedef kitleleri arasındaki olumlu marka algılarını artırmak için stratejik pazarlama önerileri geliştirmektir. Taraftar token getirileri ile ünlü bir futbolcunun transfer günü için detaylı bir vaka çalışması metodolojisi geliştirilmiş ve GARCH (1,1) ve OLS Regresyon yöntemleri kullanılmıştır. Çalışmanın bulguları, futbolcunun önceden var olan itibarına ve imajına bağlı olarak, yüksek profilli futbolcu transferlerinin futbol kulüplerinin hisse senedi getirileri üzerindeki etkisini vurgulamaktadır. Bu bulgular, futbol kulüplerinin transfer sürecinde yeni pazarlama stratejilerine yönelmeleri gerekebileceğine işaret etmektedir. Başarılı ve popüler oyuncu transferlerinin taraftar tokenları ya da dijital para birimi ile yapılacağının duyurulması, kurumsal imaj ve itibar oluşturmaya yönelik profesyonel pazarlama iletişimi çalışmaları ile desteklendiğinde futbol kulübünün finansal değerinin korunmasına katkı sağlayabilir. Çalışmada dijital para birimleri, taraftar tokenleri ve futbolcu transferleri arasındaki etkileşim incelenerek literatüre katkı sağlanması amaçlanmıştır. Dijital araçların futbol ekonomisini ve transfer süreçlerini nasıl değiştirdiğini araştıran çalışma, dijital para birimlerinin ve taraftar tokenlerinin kulüpler ve taraftarlar arasındaki ilişkiyi nasıl dönüştürdüğüne dair önemli bulgular sunmaktadır. Çalışma ayrıca dijital para birimlerinin ve taraftar tokenlerinin finansal etkilerini ve etkili pazarlama iletişiminin yatırımcı ve taraftar algılarını şekillendirmedeki kritik rolünü vurgulamaktadır.

Kaynakça

  • Aksar, T. (2021). Spor kulüpleri için yeni gelir yaratma araçları olarak kripto para ve fan tokenlar. https://www.futbolekonomi.com/index.php/haberler-makaleler/mali/110-tugrul-aksar/5360-fan-token-sporafan-tokenkripto-para-ve-futbol.html (Accessed at 11.02.2025).
  • Andreff, W. (2006). The sports goods industry. The Handbook on the Economics of Sport, 20-39.
  • Ante, L., Saggu, A., Schellinger, B., Wazinski, F. P. (2024). Voting participation and engagement in blockchain-based fan tokens. Electronic Markets, 34(1), 26.
  • Ante, L., Schellinger, B., Wazinski, F. P. (2023). Enhancing Trust, Efficiency, and Empowerment in Sports: Developing a Blockchain-Based Fan Token Framework. In Thirty-first European Conference on Information Systems (ECIS 2023).
  • Assaf, A., Demir, E., Ersan, O. (2024). Detecting and date-stamping bubbles in fan tokens. International Review of Economics & Finance, 92, 98-113.
  • Benkraiem, R., Le Roy, F., Louhichi, W. (2011). Sporting performances and the volatility of listed football clubs. International Journal of Sport Finance, 6(4), 283.
  • Cabral, S., Silva Jr, A. F. (2013). An approach for evaluating the risk management role of governments in public–private partnerships for mega-event stadiums. European Sport Management Quarterly, 13(4), 472-490.
  • Çelik, G. M., Kanat, E. (2019). Entrepreneurship and innovation in the finance sector. Eurasian Journal of Researches in Social and Economics, 6(9), 1-8. Retrieved from https://dergipark.org.tr/tr/pub/asead/issue/50040/621750.
  • Daly K. (2018). Financial volatility: Issues and measuring techniques, Physica, A-387, 2377–2393.
  • Demir, M. A., Aktaş, R. (2022a). The relationship between fan tokens and cryptocurrencies: An empirical evidence. International Journal of Economics and Administrative Studies, (37), 55-70.
  • Demir, E., Ersan, O., Popesko, B. (2022b). Are fan tokens fan tokens?, Finance Research Letters, 47, 102736.
  • Engler, A. (2023). Two soccer teams transfer a South American player using USDC, but there’s collateral damage. https://www.coindesk.com/business/2022/07/29/two-soccer-teams-transfer-a-south-american-player-using-usdc-but-theres-collateral-damage/, Access date: 20.08.2023.
  • Ersan, O., Demir, E., Assaf, A. (2022). Connectedness among fan tokens and stocks of football clubs. Research in International Business and Finance, 63, 101780, 1-10.
  • Esen, E., Taştan, S., Degercan, N. (2021). The Impact of perceived corporate reputation of sport clubs on social media usage: A study with the lenses of social capital. Postmodern Openings, 12(3), 350-383.
  • Ferenc, P., Zraková, D., Kubina, M. (2018). Reputation in the field of sport. QUAERE 2018 Conference, 199-206, Hradec Králové, Czech Republic.
  • Fındıklı, S., Saygın, E.P. (2021). Fan tokens in the context of consumer citizenship. Third Sector Social Economic Review, 56(1), 57-71.
  • Fombrun, C. J., Van Riel, C. B. M. (2004) Fame and fortune: How successful companies build winning reputations. New Jersey: FT Prentice Hall.
  • Fombrun, C., Gardberg, N. A., Sever, J. M. (2000). The reputation quotient: A multi-stakeholder measure of corporate reputation. Journal of Brand Management, 7(4), 241-255.
  • Gimet, C., Montchaud, S. (2016). What drives european football clubs’ stock returns and volatility?. International Journal of the Economics of Business, 23(3), 351-390.
  • Gökbulut, R. İ., Pekkaya, M. (2014). Estimating and forecasting volatility of financial markets using asymmetric GARCH models: An application on Turkish financial markets. International Journal of Economics and Finance, 6(4), 23-35.
  • Hall, R. (1992). The strategic analysis of intangible resources, Strategic Management Journal, 13(2), 135-144.
  • Hoseini, H., Bahrololoum, H., Andam, R., Bagheri, H., Hasani, A. (2022). Identifying factors affecting the brand value creation of volleyball clubs: A study of the Iranian super league. Research in Sport Management and Marketing, 3(3), 47-60.
  • Huth, C. (2020). Who invests in the financial instruments of sports clubs? An empirical analysis of actual and potential individual investors of professional European football clubs. European Sport Management Quarterly, 20(4), 499-519.
  • Kaiser-Jovy, S., Breuer, M. (2015). Defining sports marketing, Routledge handbook of sport marketing (S. Chadwick, N. Chanavat, M. Desbordes, Eds.). London: Routledge.
  • Kanat, E., Öget, E., Kaya, F. (2024). The determinants of prices of fan tokens as a new sports finance tool. Ege Academic Review, 24(2), 221-232.
  • Karan, M. B. (2014). Investment analysis and portfolio management. 4. Baskı, Ankara: Gazi Kitabevi.
  • Lyons, Z. (2025). Monopolizing the Hobby: Legal Insights into the consolidation of the sports card industry. UNH Sports Law Review, 4(1), 160-192.
  • Manoli, A. E., Dixon, K., Antonopoulos, G. A. (2025). Football Fan Tokens as a mode of “serious leisure”: Unveiling the dual essence of identity and investment. Leisure Studies, 44(2), 294-308.
  • Navarro, J. C. (2024). Strategies for reputation management in sports. https://marketinlife.com/strategies-for-reputation-management-in-sports/. Access date: 10.02.2025.
  • Ölçen, O., Komath, M.A.C, Sayilir, Ö. (2022). Impacts of covid 19 on the volatility of stock returns: Analysis of MRO industry in the aviation sector with event studies (Y. İrfan, B. Salih, Eds.). Ankara: Serüven Yayınevi.
  • Preston, L. E. (2004). Reputation as a source of corporate social capital, Journal of General Management, 30(2), 43-49.
  • Principe, V. A., de Souza Vale, R. G., Nunes, R. D. A. M. (2024). Blockchain and sports industry: a systematic literature review of Fan Tokens and their implications. Retos: Nuevas Tendencias En Educación Física, Deporte Y Recreación, (60), 823-840.
  • Poon, S. H., Granger, C. W. J. (2003). Forecasting volatility in financial markets: A review. Journal of Economic Literature, 41, 478-539.
  • Rindova, V. P., Williamson, I. O., Petkova, A. P., Sever, J. M. (2005). Being good or being known: An empirical examination of the dimensions, antecedents, and consequences of organizational reputation. Academy of Management Journal, 48(6), 1033–1049.
  • Rohde, M., Breuer, C. (2017). The market for football club investors: A review of theory and empirical evidence from professional European football, European Sport Management Quarterly, 17(3). 265-289.
  • Saggu, A., Ante, L., Demir, E. (2024). Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup. Research in International Business and Finance, 70, 102333, 1-16.
  • Salgado P., Ruão, T. (2011). Football and reputation management: the role of online communication platforms. Scientific Conference of the International Association for Media and Communication Research (IAMCR), 13-17 July, Istanbul.
  • Süleymanoğlu-Kürüm, R. (2021). Writing articles in international relations using qualitative methods: Case study methods and its details. Pamukkale University Journal of Social Sciences Institute, 42, 149-169.
  • Teker, T., Konuşkan, A. (2022). Association effect on fan token prices. International Journal of Business, Economics and Management Perspectives, 6(2), 359-376.
  • Valenti, D., Fazio, G., Spagnolo, B. (2017). The stabilizing effect of volatility in financial markets. Physical Review E 97 (6-1), 1-10.
  • Vidal-Tomas, D. (2023). Blockchain, sport and fan tokens. Journal of Economic Studies, 50(5), 1-18.
  • Wang, Y., Lucey, B. M., Vigne, S. A., Yarovaya, L. (2022). The effects of central bank digital currencies news on financial markets. Technological Forecasting & Social Change, 180(C), 121715, 1-39.
  • Wang, Q., Ngai, E. W. (2020). Event study methodology in business research: a bibliometric analysis. Industrial Management & Data Systems, 120(10), 1863-1900.
  • Zarifis, A., Xheng, X. (2022). The business models of NFTs and fan tokens and how they build trust, Journal of Electronic Business & Digital Economics, 1(2), 138-151.

The Impact of Football Player Transfers with Digital Currency and Fan Tokens on Corporate Reputation and Image: An Analysis in the Context of Financial Value Volatility and Marketing Strategies

Yıl 2025, Cilt: 24 Sayı: 4, 1897 - 1911, 30.10.2025
https://doi.org/10.21547/jss.1646207

Öz

This study investigates the impact of the use of digital currencies and fan tokens in football player transfers on the perceptions of investors and fans who act as investors in innovative financial instruments. The main purpose of the study is to analyze empirical data on star football player transfers with fan tokens and digital currency and to develop strategic marketing recommendations to increase the corporate reputation of football clubs and positive brand perceptions among their target audiences. A detailed case study methodology is developed for the transfer day of a famous football player with fan token returns and GARCH (1,1) and OLS Regression methods are used. The findings of the study highlight the impact of high-profile football player moves on the stock returns of football clubs, depending on the pre-existing reputation and image of the player. These findings indicate that football clubs might need to turn to new marketing strategies in the transfer process. Announcing that successful and popular player transfers will be made with fan tokens or digital currency can contribute to preserving the financial value of the football club when supported by professional marketing communications efforts to build corporate image and reputation. In the study, it has been aimed to contribute to the literature by examining the interaction between digital currencies, fan tokens and football player transfers. The study investigates how digital instruments have changed the football economy and transfer processes and presents important findings on how digital currencies and fan tokens have transformed the relationship between clubs and fans. The study also highlights the financial implications of digital currencies and fan tokens and the critical role of effective marketing communication in shaping investor and fan perceptions.

Etik Beyan

‘The Impact of Football Player Transfers with Digital Currency and Fan Tokens on Corporate Reputation and Image: An Analysis in the Context of Financial Value Volatility and Marketing Strategies’ does not require an ethics committee approval as it is a case study.

Destekleyen Kurum

None.

Kaynakça

  • Aksar, T. (2021). Spor kulüpleri için yeni gelir yaratma araçları olarak kripto para ve fan tokenlar. https://www.futbolekonomi.com/index.php/haberler-makaleler/mali/110-tugrul-aksar/5360-fan-token-sporafan-tokenkripto-para-ve-futbol.html (Accessed at 11.02.2025).
  • Andreff, W. (2006). The sports goods industry. The Handbook on the Economics of Sport, 20-39.
  • Ante, L., Saggu, A., Schellinger, B., Wazinski, F. P. (2024). Voting participation and engagement in blockchain-based fan tokens. Electronic Markets, 34(1), 26.
  • Ante, L., Schellinger, B., Wazinski, F. P. (2023). Enhancing Trust, Efficiency, and Empowerment in Sports: Developing a Blockchain-Based Fan Token Framework. In Thirty-first European Conference on Information Systems (ECIS 2023).
  • Assaf, A., Demir, E., Ersan, O. (2024). Detecting and date-stamping bubbles in fan tokens. International Review of Economics & Finance, 92, 98-113.
  • Benkraiem, R., Le Roy, F., Louhichi, W. (2011). Sporting performances and the volatility of listed football clubs. International Journal of Sport Finance, 6(4), 283.
  • Cabral, S., Silva Jr, A. F. (2013). An approach for evaluating the risk management role of governments in public–private partnerships for mega-event stadiums. European Sport Management Quarterly, 13(4), 472-490.
  • Çelik, G. M., Kanat, E. (2019). Entrepreneurship and innovation in the finance sector. Eurasian Journal of Researches in Social and Economics, 6(9), 1-8. Retrieved from https://dergipark.org.tr/tr/pub/asead/issue/50040/621750.
  • Daly K. (2018). Financial volatility: Issues and measuring techniques, Physica, A-387, 2377–2393.
  • Demir, M. A., Aktaş, R. (2022a). The relationship between fan tokens and cryptocurrencies: An empirical evidence. International Journal of Economics and Administrative Studies, (37), 55-70.
  • Demir, E., Ersan, O., Popesko, B. (2022b). Are fan tokens fan tokens?, Finance Research Letters, 47, 102736.
  • Engler, A. (2023). Two soccer teams transfer a South American player using USDC, but there’s collateral damage. https://www.coindesk.com/business/2022/07/29/two-soccer-teams-transfer-a-south-american-player-using-usdc-but-theres-collateral-damage/, Access date: 20.08.2023.
  • Ersan, O., Demir, E., Assaf, A. (2022). Connectedness among fan tokens and stocks of football clubs. Research in International Business and Finance, 63, 101780, 1-10.
  • Esen, E., Taştan, S., Degercan, N. (2021). The Impact of perceived corporate reputation of sport clubs on social media usage: A study with the lenses of social capital. Postmodern Openings, 12(3), 350-383.
  • Ferenc, P., Zraková, D., Kubina, M. (2018). Reputation in the field of sport. QUAERE 2018 Conference, 199-206, Hradec Králové, Czech Republic.
  • Fındıklı, S., Saygın, E.P. (2021). Fan tokens in the context of consumer citizenship. Third Sector Social Economic Review, 56(1), 57-71.
  • Fombrun, C. J., Van Riel, C. B. M. (2004) Fame and fortune: How successful companies build winning reputations. New Jersey: FT Prentice Hall.
  • Fombrun, C., Gardberg, N. A., Sever, J. M. (2000). The reputation quotient: A multi-stakeholder measure of corporate reputation. Journal of Brand Management, 7(4), 241-255.
  • Gimet, C., Montchaud, S. (2016). What drives european football clubs’ stock returns and volatility?. International Journal of the Economics of Business, 23(3), 351-390.
  • Gökbulut, R. İ., Pekkaya, M. (2014). Estimating and forecasting volatility of financial markets using asymmetric GARCH models: An application on Turkish financial markets. International Journal of Economics and Finance, 6(4), 23-35.
  • Hall, R. (1992). The strategic analysis of intangible resources, Strategic Management Journal, 13(2), 135-144.
  • Hoseini, H., Bahrololoum, H., Andam, R., Bagheri, H., Hasani, A. (2022). Identifying factors affecting the brand value creation of volleyball clubs: A study of the Iranian super league. Research in Sport Management and Marketing, 3(3), 47-60.
  • Huth, C. (2020). Who invests in the financial instruments of sports clubs? An empirical analysis of actual and potential individual investors of professional European football clubs. European Sport Management Quarterly, 20(4), 499-519.
  • Kaiser-Jovy, S., Breuer, M. (2015). Defining sports marketing, Routledge handbook of sport marketing (S. Chadwick, N. Chanavat, M. Desbordes, Eds.). London: Routledge.
  • Kanat, E., Öget, E., Kaya, F. (2024). The determinants of prices of fan tokens as a new sports finance tool. Ege Academic Review, 24(2), 221-232.
  • Karan, M. B. (2014). Investment analysis and portfolio management. 4. Baskı, Ankara: Gazi Kitabevi.
  • Lyons, Z. (2025). Monopolizing the Hobby: Legal Insights into the consolidation of the sports card industry. UNH Sports Law Review, 4(1), 160-192.
  • Manoli, A. E., Dixon, K., Antonopoulos, G. A. (2025). Football Fan Tokens as a mode of “serious leisure”: Unveiling the dual essence of identity and investment. Leisure Studies, 44(2), 294-308.
  • Navarro, J. C. (2024). Strategies for reputation management in sports. https://marketinlife.com/strategies-for-reputation-management-in-sports/. Access date: 10.02.2025.
  • Ölçen, O., Komath, M.A.C, Sayilir, Ö. (2022). Impacts of covid 19 on the volatility of stock returns: Analysis of MRO industry in the aviation sector with event studies (Y. İrfan, B. Salih, Eds.). Ankara: Serüven Yayınevi.
  • Preston, L. E. (2004). Reputation as a source of corporate social capital, Journal of General Management, 30(2), 43-49.
  • Principe, V. A., de Souza Vale, R. G., Nunes, R. D. A. M. (2024). Blockchain and sports industry: a systematic literature review of Fan Tokens and their implications. Retos: Nuevas Tendencias En Educación Física, Deporte Y Recreación, (60), 823-840.
  • Poon, S. H., Granger, C. W. J. (2003). Forecasting volatility in financial markets: A review. Journal of Economic Literature, 41, 478-539.
  • Rindova, V. P., Williamson, I. O., Petkova, A. P., Sever, J. M. (2005). Being good or being known: An empirical examination of the dimensions, antecedents, and consequences of organizational reputation. Academy of Management Journal, 48(6), 1033–1049.
  • Rohde, M., Breuer, C. (2017). The market for football club investors: A review of theory and empirical evidence from professional European football, European Sport Management Quarterly, 17(3). 265-289.
  • Saggu, A., Ante, L., Demir, E. (2024). Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup. Research in International Business and Finance, 70, 102333, 1-16.
  • Salgado P., Ruão, T. (2011). Football and reputation management: the role of online communication platforms. Scientific Conference of the International Association for Media and Communication Research (IAMCR), 13-17 July, Istanbul.
  • Süleymanoğlu-Kürüm, R. (2021). Writing articles in international relations using qualitative methods: Case study methods and its details. Pamukkale University Journal of Social Sciences Institute, 42, 149-169.
  • Teker, T., Konuşkan, A. (2022). Association effect on fan token prices. International Journal of Business, Economics and Management Perspectives, 6(2), 359-376.
  • Valenti, D., Fazio, G., Spagnolo, B. (2017). The stabilizing effect of volatility in financial markets. Physical Review E 97 (6-1), 1-10.
  • Vidal-Tomas, D. (2023). Blockchain, sport and fan tokens. Journal of Economic Studies, 50(5), 1-18.
  • Wang, Y., Lucey, B. M., Vigne, S. A., Yarovaya, L. (2022). The effects of central bank digital currencies news on financial markets. Technological Forecasting & Social Change, 180(C), 121715, 1-39.
  • Wang, Q., Ngai, E. W. (2020). Event study methodology in business research: a bibliometric analysis. Industrial Management & Data Systems, 120(10), 1863-1900.
  • Zarifis, A., Xheng, X. (2022). The business models of NFTs and fan tokens and how they build trust, Journal of Electronic Business & Digital Economics, 1(2), 138-151.
Toplam 44 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Pazarlama İletişimi, Pazarlama Teorisi, Ürün ve Marka Yönetimi, Pazarlama (Diğer)
Bölüm Olgu Sunumu
Yazarlar

Olcay Ölçen 0000-0002-4835-1171

Ahmet Aydın 0000-0002-4046-1982

Begüm Maral 0000-0002-0013-0281

Gönderilme Tarihi 25 Şubat 2025
Kabul Tarihi 3 Eylül 2025
Yayımlanma Tarihi 30 Ekim 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 24 Sayı: 4

Kaynak Göster

APA Ölçen, O., Aydın, A., & Maral, B. (2025). The Impact of Football Player Transfers with Digital Currency and Fan Tokens on Corporate Reputation and Image: An Analysis in the Context of Financial Value Volatility and Marketing Strategies. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 24(4), 1897-1911. https://doi.org/10.21547/jss.1646207