Stakeholder salience of economic investors on professional football clubs in Europe

References

• Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. The Journal of Financial and Quantitative Analysis, 31(3), 377–397. doi: 10.2307/2331397
   Web of Science ®Google Scholar
• Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328. doi: 10.1111/1540-6261.00567
   Web of Science ®Google Scholar
• Andreff, W. (2007). French football: A financial crisis rooted in weak governance. Journal of Sports Economics, 8(6), 652–661. doi: 10.1177/1527002506297021
   Web of Science ®Google Scholar
• Andreff, W. (2014). French professional football: How much different? In J. Goddard & P. Sloane (Eds.), Handbook on the economics of professional football (pp. 298–321). Cheltenham: Edward Elgar.
   Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. doi: 10.2307/2297968
   Web of Science ®Google Scholar
• Avgerinou, V. (2007). The economics of professional team sports: Content, trends and future developments. Sport Management International Journal, 3(1), 5–18. doi: 10.4127/ch.2007.3.1.5-18
   Google Scholar
• Barajas, Á., & Rodríguez, P. (2010). Spanish football clubs’ finances: Crisis and player salaries. International Journal of Sport Finance, 5, 52–66.
   Google Scholar
• Barajas, Á., & Rodríguez, P. (2014). Spanish football in need of financial therapy: Cut expenses and inject capital. International Journal of Sport Finance, 9(1), 73–90.
   Web of Science ®Google Scholar
• Barclay, M. J., & Holderness, C. G. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25(2), 371–395. doi: 10.1016/0304-405X(89)90088-3
   Web of Science ®Google Scholar
• de Barros, C., Pestana Barros, C., & Correia, A. (2007). Governance in sports clubs: Evidence for the island of Madeira. European Sport Management Quarterly, 7(2), 123–139. doi: 10.1080/16184740701353273
   Google Scholar
• Baur, D. G., & McKeating, C. (2011). Do football clubs benefit from initial public offerings? International Journal of Sport Finance, 6(1), 40–59.
   Web of Science ®Google Scholar
• BDO. (2015). The annual survey of football finance directors 2015. Retrieved from http://www.bdo.co.uk/__data/assets/pdf_file/0003/1351902/Football-Report-2015.pdf
   Google Scholar
• Ben-Amar, W., & Andre, P. (2006). Separation of ownership from control and acquiring firm performance: The case of family ownership in Canada. Journal of Business Finance & Accounting, 33(3–4), 517–543. doi: 10.1111/j.1468-5957.2006.00613.x
   Web of Science ®Google Scholar
• Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6–8), 613–673. doi: 10.1016/S0378-4266(98)00038-7
   Web of Science ®Google Scholar
• Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. doi: 10.1016/j.jcorpfin.2008.03.006
   Web of Science ®Google Scholar
• Boscá, J. E., Liern, V., Martínez, A., & Sala, R. (2008). The Spanish football crisis. European Sport Management Quarterly, 8(2), 165–177. doi: 10.1080/16184740802024476
   Web of Science ®Google Scholar
• Brown, A. (2000). European football and the European Union: Governance, participation and social cohesion – Towards a policy research agenda. Soccer & Society, 1(2), 129–150. doi: 10.1080/14660970008721268
   Google Scholar
• Capasso, A., & Rossi, M. (2013). Systemic value and corporate governance. Exploring the case of professional football teams. Business Systems Review, 2(2), 216–236.
   Google Scholar
• Chen, Z., Cheung, Y.-L., Stouraitis, A., & Wong, A. W. S. (2005). Ownership concentration, firm performance, and dividend policy in Hong Kong. Pacific-Basin Finance Journal, 13(4), 431–449. doi: 10.1016/j.pacfin.2004.12.001
   Google Scholar
• Dalton, D. R., Daily, C. M., Certo, S. T., & Roengpitya, R. (2003). Meta-analyses of financial performance and equity: Fusion or confusion? Academy of Management Journal, 46(1), 13–26. doi: 10.2307/30040673
   Web of Science ®Google Scholar
• Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674–686. doi: 10.2307/256988
   Web of Science ®Google Scholar
• Deloitte LLP. (2014). Deloitte annual review of football finance 2014. Retrieved from http://www2.deloitte.com/uk/en/pages/sports-business-group/articles/annual-review-of-football-finance.html
   Google Scholar
• Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177. doi: 10.1086/261354
   Web of Science ®Google Scholar
• Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. doi: 10.1016/S0929-1199(01)00020-7
   Web of Science ®Google Scholar
• Dietl, H. M., & Franck, E. (2007). Governance failure and financial crisis in German football. Journal of Sports Economics, 8(6), 662–669. doi: 10.1177/1527002506297022
   Web of Science ®Google Scholar
• Dietl, H. M., Franck, E., & Lang, M. (2008). Overinvestment in team sports leagues: A contest theory model. Scottish Journal of Political Economy, 55(3), 353–368. doi: 10.1111/j.1467-9485.2008.00457.x
   Web of Science ®Google Scholar
• Dimitropoulos, P. (2011). Corporate governance and earnings management in the European football industry. European Sport Management Quarterly, 11(5), 495–523. doi: 10.1080/16184742.2011.624108
   Web of Science ®Google Scholar
• Dimitropoulos, P. (2012). Financial performance and corporate governance in the European football industry. International Journal of Sport Finance, 7, 280–308.
   Web of Science ®Google Scholar
• Dimitropoulos, P. (2014). Capital structure and corporate governance of soccer clubs. Management Research Review, 37(7), 658–678. doi: 10.1108/MRR-09-2012-0207
   Google Scholar
• Dimitropoulos, P., Leventis, S., & Dedoulis, E. (2016). Managing the European football industry: UEFA’s regulatory intervention and the impact on accounting quality. European Sport Management Quarterly, 16(4), 459–486. doi: 10.1080/16184742.2016.1164213
   Web of Science ®Google Scholar
• Farquhar, S., Machold, S., & Ahmed, P. K. (2005). Governance and football: An examination of the relevance of corporate governance regulations for the sports sector. International Journal of Business Governance and Ethics, 1(4), 329. doi: 10.1504/IJBGE.2005.006716
   Google Scholar
• Fassin, Y. (2012). Stakeholder management, reciprocity and stakeholder responsibility. Journal of Business Ethics, 109(1), 83–96. doi: 10.1007/s10551-012-1381-8
   Web of Science ®Google Scholar
• Fenn, G. W., & Liang, N. (1998). New resources and new ideas: Private equity for small businesses. Journal of Banking & Finance, 22(6–8), 1077–1084. doi: 10.1016/S0378-4266(98)00042-9
   Web of Science ®Google Scholar
• Ferguson, M. F. (1994). Ownership structure, potential competition, and the free-rider problem in tender offers. Journal of Law, Economics, and Organization, 10(1), 35–62. doi: 10.1093/jleo/10.1.35
   Web of Science ®Google Scholar
• Financial Action Task Force. (2009). Money laundering through the football sector. Retrieved from http://www.fatfgafi.org/topics/methodsandtrends/documents/moneylaunderingthroughthefootballsector.html
   Google Scholar
• Forrest, D., & Simmons, R. (2002). Team salaries and playing success in sports: A comparative perspective. In H. Albach & B. Frick (Eds.), Sportökonomie [ Sport economics] (pp. 221–238). Wiesbaden: Gabler Verlag.
   Google Scholar
• Franck, E. (2010). Private firm, public corporation or member‘s association: Governance structures in European football. International Journal of Sport Finance, 5, 108–127.
   Web of Science ®Google Scholar
• Franck, E., & Lang, M. (2014). A theoretical analysis of the influence of money injections on risk taking in football clubs. Scottish Journal of Political Economy, 61(4), 430–454. doi: 10.1111/sjpe.12052
   Web of Science ®Google Scholar
• Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman series in business and public policy. Boston, MA: Pitman.
   Google Scholar
• García, B. (2007). UEFA and the European Union: From confrontation to co-operation? Journal of Contemporary European Research, 3(3), 202–223.
   Google Scholar
• García, B. (2011). The influence of the EU on the governance of football. In H. Gammelsæter & B. Senaux (Eds.), Routledge research in sport, culture and society. The organisation and governance of top football across Europe: An institutional perspective (pp. 32–45). New York, NY: Routledge.
   Google Scholar
• Garcia-del-Barrio, P., & Szymanski, S. (2009). Goal! Profit maximization versus win maximization in soccer. Review of Industrial Organization, 34(1), 45–68. doi: 10.1007/s11151-009-9203-6
   Web of Science ®Google Scholar
• Gedajlovic, E. R., & Shapiro, D. M. (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19(6), 533–553. doi: 10.1002/(SICI)1097-0266(199806)19:6<533::AID-SMJ957>3.0.CO;2-#
   Web of Science ®Google Scholar
• Gerrard, B. (2005). A resource-utilization model of organizational efficiency in professional sports teams. Journal of Sport Management, 19(2), 143–169. doi: 10.1123/jsm.19.2.143
   Web of Science ®Google Scholar
• Hall, S., Szymanski, S., & Zimbalist, A. S. (2002). Testing causality between team performance and payroll: The cases of Major League Baseball and English soccer. Journal of Sports Economics, 3(2), 149–168. doi: 10.1177/152700250200300204
   Google Scholar
• Hamil, S., Holt, M., Michie, J., Oughton, C., & Shailer, L. (2004). The corporate governance of professional football clubs. Corporate Governance: The International Journal of Business in Society, 4(2), 44–51. doi: 10.1108/14720700410534967
   Google Scholar
• Hamil, S., & Walters, G. (2010). Financial performance in English professional football: ‘An inconvenient truth’. Soccer & Society, 11(4), 354–372. doi: 10.1080/14660971003780214
   Google Scholar
• Hirschman, A. O. (1985). Against parsimony: Three easy ways of complicating some categories of economic discourse. Economics and Philosophy, 1(1), 7–21. doi: 10.1017/S0266267100001863
   Google Scholar
• Holderness, C. G. (2003). A survey of blockholders and corporate control. Economic Policy Review, 9(1), 51–64.
   Google Scholar
• Holderness, C. G., & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations. Journal of Financial Economics, 20, 317–346. doi: 10.1016/0304-405X(88)90049-9
   Web of Science ®Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. doi: 10.1016/0304-405X(76)90026-X
   Web of Science ®Google Scholar
• Juventus Football Club Spa. (2015). Annual report 2015. Retrieved from http://www.juventus.com/en/club/investor-relations/financial-reports/statements-and-reports/2014-15.php
   Google Scholar
• Kesenne, S. L. J. (2010). The financial situation of the football clubs in the Belgian Jupiler League: Are players overpaid in a win-maximization league? International Journal of Sport Finance, 5(1), 67–71.
   Web of Science ®Google Scholar
• King, A. (2003). The European ritual: Football in the new Europe. Aldershot: Ashgate.
   Google Scholar
• Lago, U., Simmons, R., & Szymanski, S. (2006). The financial crisis in European football: An introduction. Journal of Sports Economics, 7(1), 3–12. doi: 10.1177/1527002505282871
   Google Scholar
• Lang, J. C. (2008). Corporate Governance der Fußballunternehmen: Leitung, Überwachung und Interessen im Sportmanagement [ Corporate governance of football clubs: Administration, supervision and interests in sport management]. Berlin: Erich Schmidt Verlag.
   Google Scholar
• Leach, S., & Szymanski, S. (2015). Making money out of football. Scottish Journal of Political Economy, 62(1), 25–50. doi: 10.1111/sjpe.12065
   Web of Science ®Google Scholar
• London Stock Exchange Group. (2015). Ground rules for the FTSE UK index series. Retrieved from http://www.ftse.com/products/downloads/FTSE_UK_Index_Series.pdf
   Google Scholar
• McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. doi: 10.1016/0304-405X(90)90069-C
   Web of Science ®Google Scholar
• Meier, H. E. (2008). Institutional complementarities and institutional dynamics: Exploring varieties in European football capitalism. Socio-Economic Review, 6(1), 99–133. doi: 10.1093/ser/mwm009
   Google Scholar
• Michie, J. (2000). The governance and regulation of professional football. The Political Quarterly, 71(2), 184–191. doi: 10.1111/1467-923X.00293
   Web of Science ®Google Scholar
• Michie, J., & Oughton, C. (2005). The corporate governance of professional football clubs in England. Corporate Governance: An International Review, 13(4), 517–531. doi: 10.1111/j.1467-8683.2005.00446.x
   Web of Science ®Google Scholar
• de Miguel, A., Pindado, J., & de La Torre, C. (2004). Ownership structure and firm value: New evidence from Spain. Strategic Management Journal, 25(12), 1199–1207. doi: 10.1002/smj.430
   Web of Science ®Google Scholar
• Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. The Academy of Management Review, 22(4), 853–886. doi: 10.2307/259247
   Web of Science ®Google Scholar
• Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293–315. doi: 10.1016/0304-405X(88)90048-7
   Web of Science ®Google Scholar
• Nooteboom, B. (1999). Voice- and exit-based forms of corporate control: Anglo-American, European, and Japanese. Journal of Economic Issues, 33(4), 845–860. doi: 10.1080/00213624.1999.11506217
   Web of Science ®Google Scholar
• Parent, M. M., & Deephouse, D. L. (2007). A case study of stakeholder identification and prioritization by managers. Journal of Business Ethics, 75(1), 1–23. doi: 10.1007/s10551-007-9533-y
   Web of Science ®Google Scholar
• Peeters, T., & Szymanski, S. (2014). Financial fair play in European football. Economic Policy, 29(78), 343–390. doi: 10.1111/1468-0327.12031
   Web of Science ®Google Scholar
• Pindado, J., & de La Torre, C. (2006). The role of investment, financing and dividend decisions in explaining corporate ownership structure: Empirical evidence from Spain. European Financial Management, 12(5), 661–687. doi: 10.1111/j.1468-036X.2006.00272.x
   Web of Science ®Google Scholar
• PKF. (2011). Fraud in football. Retrieved from http://www.pkflb.com/pdf/Fraud-in-Football-Report.pdf
   Google Scholar
• Rohde, M., & Breuer, C. (2016). The financial impact of (foreign) private investors on team investments and profits in professional football: Empirical evidence from the premier league. Applied Economics and Finance, 3(2). doi: 10.11114/aef.v3i2.1366
   Google Scholar
• Roodman, D. (2009a). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136.
   Web of Science ®Google Scholar
• Roodman, D. (2009b). A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135–158. doi: 10.1111/j.1468-0084.2008.00542.x
   Web of Science ®Google Scholar
• Ruoss, K. (2009). Allokation von Verfügungsrechten und die Governance von Fußballunternehmen: Eine empirische Analyse unter institutionenökonomischen Aspekten [ Allocation of property rights and the governance of football clubs: An empirical analysis under consideration of institutional economics]. Munich: Rainer Hampp Verlag.
   Google Scholar
• Sánchez-Ballesta, J. P., & García-Meca, E. (2007). A meta-analytic vision of the effect of ownership structure on firm performance. Corporate Governance: An International Review, 15(5), 879–892. doi: 10.1111/j.1467-8683.2007.00604.x
   Web of Science ®Google Scholar
• Sanders, R. (2013). How football was born. History Today, 63(9), 40–42.
   Google Scholar
• Schultz, E. L., Tan, D. T., & Walsh, K. D. (2010). Endogeneity and the corporate governance – Performance relation. Australian Journal of Management, 35(2), 145–163. doi: 10.1177/0312896210370079
   Web of Science ®Google Scholar
• Senaux, B. (2008). A stakeholder approach to football club governance. International Journal of Sport Management and Marketing, 4(1), 4–17. doi: 10.1504/IJSMM.2008.017655
   Google Scholar
• Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461–488. doi: 10.1086/261385
   Web of Science ®Google Scholar
• Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. doi: 10.1111/j.1540-6261.1997.tb04820.x
   Web of Science ®Google Scholar
• Sloane, P. J. (1971). The economics of professional football: The football club as a utility maximiser. Scottish Journal of Political Economy, 18(2), 121–146. doi: 10.1111/j.1467-9485.1971.tb00979.x
   Web of Science ®Google Scholar
• Smith, A. C. T., & Stewart, B. (2010). The special features of sport: A critical revisit. Sport Management Review, 13(1), 1–13. doi: 10.1016/j.smr.2009.07.002
   Google Scholar
• Stewart, B., & Smith, A. (1999). The special features of sport. Annals of Leisure Research, 2(1), 87–99. doi: 10.1080/11745398.1999.10600874
   Google Scholar
• Storm, R. K., & Nielsen, K. (2012). Soft budget constraints in professional football. European Sport Management Quarterly, 12(2), 183–201. doi: 10.1080/16184742.2012.670660
   Web of Science ®Google Scholar
• Sur, S., Lvina, E., & Magnan, M. (2013). Why do boards differ? Because owners do: Assessing ownership impact on board composition. Corporate Governance: An International Review, 21(4), 373–389. doi: 10.1111/corg.12021
   Web of Science ®Google Scholar
• Szymanski, S. (2010). The financial crisis and English football: The dog that will not bark. International Journal of Sport Finance, 1(5), 28–40.
   Google Scholar
• Szymanski, S., & Késenne, S. (2004). Competitive balance and gate revenue sharing in team sports. Journal of Industrial Economics, 52(1), 165–177. doi: 10.1111/j.0022-1821.2004.00220.x
   Web of Science ®Google Scholar
• Szymanski, S., & Kuypers, T. (1999). Winners and losers. London: Viking; Penguin Putnam.
   Google Scholar
• Szymanski, S., & Smith, R. (1997). The English football industry: Profit, performance and industrial structure. International Review of Applied Economics, 11(1), 135–153. doi: 10.1080/02692179700000008
   Google Scholar
• Thomsen, S., & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689–705. doi: 10.1002/(SICI)1097-0266(200006)21:6<689::AID-SMJ115>3.0.CO;2-Y
   Web of Science ®Google Scholar
• Union of European Football Associations. (2014a). Financial fair play: Everything you need to know: UEFA.com. Retrieved from http://www.uefa.com/community/news/newsid=2064391.html
   Google Scholar
• Union of European Football Associations. (2014b). The European club licensing benchmarking report: Financial year 2012. Retrieved from http://www.uefa.org/protecting-the-game/club-licensing-and-financial-fair-play/index.html
   Google Scholar
• Union of European Football Associations. (2015). UEFA club licensing and financial fair play regulations: Edition 2015. Retrieved from http://www.uefa.org/protecting-the-game/club-licensing-and-financial-fair-play/index.html
   Google Scholar
• Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance in the English Premier League. Sport, Business and Management: An International Journal, 3(1), 19–36. doi: 10.1108/20426781311316889
   Google Scholar
• Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. doi: 10.1016/j.jeconom.2004.02.005
   Web of Science ®Google Scholar
• Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. doi: 10.1016/j.jfineco.2012.03.005
   Web of Science ®Google Scholar
• Yueh, L. (2014). Why on earth buy a football club? BBC News. Retrieved from http://www.bbc.com/news/business-26365955
   Google Scholar