Private Equity Investments in Support of Professional Athletes: Developing and Testing a Cross-Country Framework of Sporting and Venture Creation Performances in Countries With a Strong Long-Term Orientation

References

• Ahtiainen, S., & Jarva, H. (2022). Has UEFA’s Financial Fair Play regulation increased football clubs’ profitability. European Sport Management Quarterly, 22(4), 569–587. https://doi.org/10.1080/16184742.2020.1820062
   Web of Science ®Google Scholar
• Brown, K., & Wiles, K. W. (2015). In search of unicorns: Private IPOs and the changing markets for private equity investments and corporate control. Journal of Applied Corporate Finance, 27(3), 34–48. https://doi.org/10.1111/jacf.12127
   Google Scholar
• Brown, K., & Wiles, K. W. (2020). The growing blessing of unicorns: The changing nature of the market for privately funded companies. Journal of Applied Corporate Finance, 32(3), 52–72. https://doi.org/10.1111/jacf.12418
   Web of Science ®Google Scholar
• Browndorf, C. (2021). A new kind of pitch: The rise of sports-dedicated private equity funds and the future of the single entity defense. Jeffrey S. Moorad Sports LJ, 335–368.
   Google Scholar
• Chen, Y., Dietl, H. M., Orlowski, J., & Zheng, F. (2019). The effect of investment into European football on the market value of Chinese corporations. International Journal of Sport Finance, 14(4), 249–261. https://doi.org/10.32731/IJSF/144.112019.05
   Web of Science ®Google Scholar
• Crawford, G. C., Aguinis, H., Lichtenstein, B., Davidsson, P., & McKelvey, B. (2015). Power of law distributions in entrepreneurship: Implications for theory and research. Journal of Business Venturing, 30(5), 696–713. https://doi.org/10.1016/j.jbusvent.2015.01.001
   Web of Science ®Google Scholar
• Crick, D., & Crick, J. M. (2016). Coopetition at the sports marketing/entrepreneurship interface. A case study of a taekwondo organization. Marketing Intelligence & Planning, 34(2), 169–187. https://doi.org/10.1108/MIP-09-2014-0174
   Web of Science ®Google Scholar
• Dietl, H. M., Grossmann, M., & Lang, M. (2011). Competitive balance and revenue sharing in sports leagues with utility-maximizing teams. Journal of Sports Economics, 12(3), 284–308. https://doi.org/10.1177/1527002511404787
   Web of Science ®Google Scholar
• Duerden, J. (2019). Korean football struggling to draw fans. Asia Times, Issue on 5th March, 2019.
   Google Scholar
• Garner, R. (2010). The Joy of Stats. A short guide to introductory statistics in the social sciences (2nd ed.). University of Toronto Press.
   Google Scholar
• Gomez-Mejia, L., Wiseman, R. M., & Dykes, B. J. (2005). Agency problems in diverse contexts: A global perspective. Journal of Management Studies, 42(7), 1507–1517. https://doi.org/10.1111/j.1467-6486.2005.00554.x
   Web of Science ®Google Scholar
• Hammerschmidt, J., Durst, S., Kraus, S., & Puumalainen, K. (2021). Professional football clubs and empirical evidence from the COVID-19 crisis: Time for sport entrepreneurship? Technological Forecasting and Social Change, 165, 120572. https://doi.org/10.1016/j.techfore.2021.120572
   PubMed Web of Science ®Google Scholar
• Hammerschmidt, J., Kraus, S., & Jones, P. (2022). Sport entrepreneurship: Definition and conceptualization. Journal of Small Business Strategy, 32(2), 1–10. https://doi.org/10.53703/001c.31718
   Google Scholar
• Hayduk, T., & Walker, M. (2018). Mapping the strategic factor market for sport entrepreneurship. International Entrepreneurship and Management Journal, 14(3), 705–724. https://doi.org/10.1007/s11365-017-0482-3
   Web of Science ®Google Scholar
• Hemme, F., Morais, D. G., Bowers, M. T., & Todd, J. S. (2017). Extending sport-based entrepreneurship theory through phenomenological inquiry. Sport Management Review, 20(1), 92–104. https://doi.org/10.1016/j.smr.2016.07.005
   Web of Science ®Google Scholar
• Hindle, K., Hammerschmidt, J., Viala, C., Kraus, S., Jones, P., & Calabuig-Moreno, F. (2021). Converting sporting capacity to entrepreneurial capacity: A process perspective. European J. of International Management, 15(2/3), 197–213. https://doi.org/10.1504/EJIM.2021.113246
   Web of Science ®Google Scholar
• Hofstede, G. (1994). The business of international business is culture. International Business Review, 3(1), 1–14. https://doi.org/10.1016/0969-5931(94)90011-6
   Google Scholar
• Hofstede, G. (2002). Dimensions do not exist: A reply to Brendan McSweeney. Human Relations, 55(11), 1355–1361. https://doi.org/10.1177/0018726702055011921
   Web of Science ®Google Scholar
• Hofstede, G., & Minkov, M. (2013). Values survey module 2013 manual. Hofstede Insights. Retrieved December 15, 2022, from https://geerthofstede.com/wp-content/uploads/2016/07/Manual-VSM-2013.pdf.
   Google Scholar
• Hofstede, G., Hofstede, G. J., & Minkov, M. (2010). Cultures and organizations. Software in. McGraw Hill.
   Google Scholar
• Hooke, J. C. (2020). The myth of private equity. An inside look at Wall Street’s transformative investments. Columbia Business School Publishing.
   Google Scholar
• Houlihan, B., & Zhen, J. (2013). The Olympics and elite sport policy: Where will it all end? The International Journal of the History of Sport, 30(4), 338–355. https://doi.org/10.1080/09523367.2013.765726
   Web of Science ®Google Scholar
• Hsiao, C.-T., Lin, J.-S., & Chang, K.-P. (2010). Taekwondo sport development: The case of Taiwan. RSC Advances, 13(3), 2010–2023. https://doi.org/10.1057/ori.2010.7
   Google Scholar
• Hunter, A. (2022). FSG ‘fully committed’ to Liverpool but ‘would consider’ new investment. The Guardian, Issue on 7th November 2022.
   Google Scholar
• Jackson, T. (2020). The legacy of Geert Hofstede. International Journal of Cross Cultural Management, 20(1), 3–6. https://doi.org/10.1177/1470595820915088
   Web of Science ®Google Scholar
• Jones, P., Jones, A., Williams-Burnett, N., & Ratten, V. (2017). Let’s get physical: Stories of entrepreneurial activity from sports coaches/instructors. The International Journal of Entrepreneurship and Innovation, 18(4), 219–230. https://doi.org/10.1177/1465750317741878
   Web of Science ®Google Scholar
• Jorzik, P., Yigit, A., Kanbach, D. K., Kraus, S., & Dabić, M. (2024). Artificial intelligence-enabed business model innovation: Competencies and roles of top management. IEEE Transactions on Engineering Management, 71, 1–13. https://doi.org/10.1109/TEM.2023.3275643
   Web of Science ®Google Scholar
• Kauppinen, A. (2022). Characterizing features of the sports entrepreneurship process. International Journal of Sport Management and Marketing, 22(1/2), 96–119. https://doi.org/10.1504/IJSMM.2022.10045427
   Google Scholar
• Kauppinen, A., & Escamilla-Fajardo, P. (2023). Sport entrepreneurs’ performance in business. European Sport Management Quarterly, 23(1), 250–273. https://doi.org/10.1080/16184742.2020.1846577
   Google Scholar
• Kim, J., Dattilo, J., & Heo, J. (2011). Taekwondo participation as serious leisure for life satisfaction and health. Journal of Leisure Research, 43(4), 545–559. https://doi.org/10.1080/00222216.2011.11950249
   Web of Science ®Google Scholar
• Klitschko, W., & Bilen, S. (2018). Challenge management. What managers can learn from the top athlete. Campus Verlag.
   Google Scholar
• Koba, T. (2021). Private equity and venture capital in sport: Who is receiving funding and what factors influence funding. The Journal of Entrepreneurial Finance, 22(2), 30–44. https://doi.org/10.57229/2373-1761.1387
   Google Scholar
• Kreiser, P. M., Marino, L. D., Dickson, P., & Weaver, K. M. (2010). Cultural influences on entrepreneurial orientation: The impact of national culture on risk taking and proactiveness in SMEs. Entrepreneurship Theory and Practice, 34(5), 959–984. https://doi.org/10.1111/j.1540-6520.2010.00396.x
   Web of Science ®Google Scholar
• Kuckertz, A., Scheu, M., & Davidsson, P. (2023). Chasing mythical creatures – a (not-so-sympathetic) critique of entrepreneurhip’s obsession with unicorn startups. Journal of Business Venturing Insights, 19, e00365. https://doi.org/10.1016/j.jbvi.2022.e00365
   Google Scholar
• Kuratko, D. F., & Audretsch, D. B. (2022). The future of entrepreneurship: The few or the many? Small Business Economics, 59(1), 269–278. https://doi.org/10.1007/s11187-021-00534-0
   Web of Science ®Google Scholar
• Lauva, M., & Grāvītis, U. (2016). Development of athletes as an object of investment. Sporto Mokslas / Sport Science, 2(84), 67–76. https://doi.org/10.15823/sm.2016.22
   Google Scholar
• Lee, S., & No, S. (2022). China’s overseas financial direct investment (ODI) in European football clubs: Revisiting ODI in the context of sport industry. Journal of Global Sport Management, 7(3), 391–405. https://doi.org/10.1080/24704067.2020.1805163
   Google Scholar
• Lepschy, H., Woll, A., & Wäsche, H. (2021). Success factors in the FIFA 2018 World Cup in Russia and FIFA World 2014 Cup in Brazil. Frontiers in Psychology, 12, 638690. https://doi.org/10.3389/fpsyg.2021.638690
   PubMed Web of Science ®Google Scholar
• Lortie, J., Barreto, T., & Cox, K. (2018). The implications of national and regional long-term orientation on entrepreneurial activity. International Journal of Entrepreneurial Behavior & Research, 25(6), 1236–1258. https://doi.org/10.1108/IJEBR-01-2018-0026
   Web of Science ®Google Scholar
• Madden, P. (2015). Welfare economics of “Financial Fair Play” in a sports league with benefactor owners. Journal of Sports Economics, 16(2), 159–184. https://doi.org/10.1177/1527002512465759
   Web of Science ®Google Scholar
• Olson, L. K. (2022). Ethically challenged. Private equity storms US health care. Johns Hopkins University Press.
   Google Scholar
• Orr, S., Carson, H. J., & Cruickshank, A. (2022). How do coaches operationalize long-term technical training in elite golf? International Sport Coaching Journal, 9(3), 319–330. https://doi.org/10.1123/iscj.2021-0059
   Web of Science ®Google Scholar
• Pervun, K., Libaers, D., & Sutton, N. (2022). From athletes to entrepreneurs: Participation in youth sports as a precursor to future business endeavors. Journal of Small Business Management, 62(1), 521–562. https://doi.org/10.1080/00472778.2022.2073359
   Web of Science ®Google Scholar
• Pfeifer, S., & Sarlija, N. (2010). The relationship between entrepreneurial activities, national and regional development and firm efficiency – Global Entrepreneurship Monitor (GEM)-based evidence from Croatia. The Journal of Entrepreneurship, 19(1), 23–41. https://doi.org/10.1177/097135570901900102
   Google Scholar
• Pittz, T., Bendickson, J. S., Cowden, B. J., & Davis, P. E. (2021). Sport business models: A stakeholder optimization approach. Journal of Small Business and Enterprise Development, 28(1), 134–147. https://doi.org/10.1108/JSBED-12-2019-0409
   Web of Science ®Google Scholar
• Plumley, D., Ramchandani, G., & Wilson, R. (2018). The unintended consequence of Financial Fair Play: An examination of competitive balance across five European football leagues. Sport, Business and Management: An International Journal, 9(2), 118–133. https://doi.org/10.1108/SBM-03-2018-0025
   Google Scholar
• Ratten, V. (2015). Athletes as entrepreneurs: The role of social capital and leadership ability. International Journal of Entrepreneurship and Small Business, 25(4), 442–455. https://doi.org/10.1504/IJESB.2015.070217
   Google Scholar
• Ratten, V. (2017). Entrepreneurial sport policy. International Journal of Sport Policy and Politics, 9(4), 641–648. https://doi.org/10.1080/19406940.2017.1334693
   Web of Science ®Google Scholar
• Ratten, V. (2018). Athlete entrepreneurs. In V. Ratten (Ed.), Sport entrepreneurship. Developing and sustaining an entrepreneurial sports culture (pp. 51–62). Springer.
   Google Scholar
• Ratten, V., & Jones, P. (2020). New challenges in sport entrepreneurship for value creation. International Entrepreneurship and Management Journal, 16(3), 961–980. https://doi.org/10.1007/s11365-020-00664-z
   Web of Science ®Google Scholar
• Rey, A., & Santelli, F. (2017). The relationship between financial ratios and sporting performance in Italy’s Serie A. International Journal of Business and Management, 12(12), 53–63. https://doi.org/10.5539/ijbm.v12n12p53
   Google Scholar
• Richau, L., Follert, F., Frenger, M., & Emrich, E. (2021). The impact of investors on transfer fees in the English Premier League: A study of the ownership structures. Corporate Ownership and Control, 18(3, special issue), 241–256. https://doi.org/10.22495/cocv18i3siart2
   Google Scholar
• 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. https://doi.org/10.1080/16184742.2017.1279203
   Web of Science ®Google Scholar
• Sauley, K. S., & Bedeian, A. G. (1989). 05: A case of the tail wagging the distribution. Journal of Management, 15(2), 335–344. https://doi.org/10.1177/014920638901500209
   Web of Science ®Google Scholar
• Sims, P. J. (2018). The circumvention of UEFA’s Financial Fair Play rules through the influx of foreign investments. Northwestern Journal of International Law & Business, 39(1), 59–84.
   Web of Science ®Google Scholar
• Skille, E. Å., & Säfvenbom, R. (2011). Sport policy in Norway. International Journal of Sport Policy and Politics, 3(2), 289–299. https://doi.org/10.1080/19406940.2010.547867
   Google Scholar
• Steinbrink, K. M., & Ströhle, C. (2023). The entrepreneurial intention of top athletes – does resilience lead the way? International Entrepreneurship and Management Journal. https://doi.org/10.1007/s11365-023-00860-7
   Web of Science ®Google Scholar
• Steinbrink, K. M., Berger, E. S. C., & Kuckertz, A. (2020). Top athletes‘psychological characteristics and their potential for entrepreneurship. International Entrepreneurship and Management Journal, 16(3), 859–878. https://doi.org/10.1007/s11365-019-00612-6
   Web of Science ®Google Scholar
• Tang, J., Yang, J., Ye, W., & Khan, S. A. (2021). Now is the time: The effects of linguistic time reference and national time orientation on innovative new ventures. Journal of Business Venturing, 36(5), 106142. https://doi.org/10.1016/j.jbusvent.2021.106142
   Web of Science ®Google Scholar
• Torres, P., & Godinho, P. (2022). Levels of necessity of entrepreneurial ecosystem elements. Small Business Economics, 59(1), 29–45. https://doi.org/10.1007/s11187-021-00515-3
   Web of Science ®Google Scholar
• Vorkunov, M. (2022). The NBA has embraced private equity. With team values skyrocketing, is outside money inevitable for every franchise? The Athletic, Issue on 17th February 2022.
   Google Scholar
• Wilson, P. (2020). Manchester United fans have a right to be angry but attacking Woodward’s home was outrageous. The Guardian, Issue on 29th January 2020.
   Google Scholar
• Won, H.-J., & Hong, E. (2014). The development of sport policy and management in South Korea. International Journal of Sport Policy and Politics, 7(1), 1–12. https://doi.org/10.1080/19406940.2014.900104
   Google Scholar