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Abstract

Details

Navigating the Investment Minefield
Type: Book
ISBN: 978-1-78769-053-0

Article
Publication date: 3 November 2021

Furkan Amil Gur, Adrien Bouchet, Brian R. Walkup and Jonathan A. Jensen

The purpose of this study is to understand the structure and dynamics of minority equity sponsorship agreements and the motivations for organizations to go beyond…

Abstract

Purpose

The purpose of this study is to understand the structure and dynamics of minority equity sponsorship agreements and the motivations for organizations to go beyond traditional sponsorships by acquiring minority equity in the sponsored organization.

Design/methodology/approach

This paper adopts a qualitative methodology and presents interview data from key actors involved in minority equity sponsorship agreements.

Findings

The findings of the paper include major characteristics of minority equity sponsorship agreements including the motivations, dynamics and resources exchanged by sponsoring firms and clubs in these relationships, based on the experiences of key actors from firms, clubs and other key stakeholders, and a conceptual model for forming and maintaining these relationships.

Practical implications

Sponsorships are increasingly evolving into minority equity sponsorship agreements, particularly in the European market. The findings of this study assist sponsoring firms and the executives of clubs in better understanding the dynamics and stakeholder-related consequences of these relations.

Originality/value

The findings of this paper illustrate the differences between minority equity sponsorship agreements and both traditional sponsorships and minority equity alliances. The findings also identify major characteristics of these relationships and the interdependencies among these characteristics.

Details

Journal of Business & Industrial Marketing, vol. 37 no. 9
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 28 February 2022

Finlay Maclean, Renzo Cordina and Martin J. Gannon

The purpose of this study is to investigate the Union of European Football Associations’s Financial Fair Play (FFP) Regulations in the context of the European football…

Abstract

Purpose

The purpose of this study is to investigate the Union of European Football Associations’s Financial Fair Play (FFP) Regulations in the context of the European football industry. This study seeks to explore whether these regulations are perceived by member organisations as contributing to the creation of a “poverty trap”. To do so, this study turns towards what are traditionally perceived as smaller clubs operating in smaller member associations and, in doing so, explores whether the regulations limiting benefactor payments are suitable for smaller leagues.

Design/methodology/approach

In-depth semi-structured interviews were conducted with key individuals involved in the management of Scottish football clubs. The Scottish context was chosen because of the disparity in revenues amongst competing teams and the limited broadcasting revenues achieved in comparison to some other European member associations.

Findings

FFP Regulations are perceived to be an effective tool for monitoring clubs and ensuring financial stability. However, the findings suggest that participants believe that these regulations consolidate the financial position of larger teams who rely on broadcasting and extant brand power for revenue generation. Further, smaller leagues demonstrate a lesser reliance on benefactor payments, and therefore, the restriction on benefactor payments inherent within FFP Regulations is posited by participants as holding little consequence and/or relevance within the Scottish football context.

Originality/value

Most prior studies on FFP Regulations have focused on generating quantitative insight into the application of FFP Regulations in large, resource-rich European football leagues. Through a qualitative approach, this study provides nascent exploratory insight into FFP Regulations from the perspective of smaller leagues.

Details

Qualitative Research in Financial Markets, vol. 14 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 10 July 2017

Antonios K. Travlos, Panagiotis Dimitropoulos and Stylianos Panagiotopoulos

The purpose of this paper is to examine the migration of foreign football players that participated in the elite football championship in Greece and the impact of this…

Abstract

Purpose

The purpose of this paper is to examine the migration of foreign football players that participated in the elite football championship in Greece and the impact of this migratory channel on the athletic success of the football clubs.

Design/methodology/approach

The study analyzed a database of all migrant and local athletes that participated in the professional Greek football championship over the period 2001-2013 and performed descriptive and regression analyses.

Findings

The regression analyses revealed a positive and significant statistical relation between the investment in foreign talents and the position of the clubs in the championship; however, this impact was more intense for foreign athletes after the formation of the Greek Super League (SL) in 2007 but on the contrary native athletes seem to contribute less to the athletic success than their foreign counterparts.

Practical implications

The findings indicated that valuable resources where spent after SL formation for the acquisition of foreign well-trained athletes. Therefore, this study corroborated arguments in previous research that a basic reason for foreign player migration in football is the increased revenues accrued from the media and sponsors. The study also provided useful policy implications for football managers for improving their decisions on this matter.

Originality/value

The present study fills a gap in the empirical literature and contributes significantly on the ongoing debate about the international athletes’ migration and its impact on athletic success.

Details

Sport, Business and Management: An International Journal, vol. 7 no. 3
Type: Research Article
ISSN: 2042-678X

Keywords

Article
Publication date: 15 March 2013

Robert Wilson, Daniel Plumley and Girish Ramchandani

The purpose of this paper is three‐fold. First, to explore the relationship between the financial and sporting performance of clubs competing in the English Premier League…

7029

Abstract

Purpose

The purpose of this paper is three‐fold. First, to explore the relationship between the financial and sporting performance of clubs competing in the English Premier League (EPL). Second, to investigate the effect of different models of EPL club ownership on financial and league performance. Third, to review the finances of EPL clubs in the context of UEFA's Financial Fair Play regulations.

Design/methodology/approach

Financial data from annual reports for the period 2001‐2010 was collected for 20 EPL clubs. Correlation analysis was conducted to examine the relationship between the finances of EPL clubs and their league position. One‐way analysis of variance (ANOVA) tests were then used to examine the effect of ownership type on clubs’ financial and league performances. Where the results of ANOVA testing revealed statistically significant differences between groups, these were investigated further using appropriate post hoc procedures.

Findings

The stock market model of ownership returned better financial health relative to privately owned (domestic and foreign) clubs. However, clubs owned privately by foreign investors or on the stock market performed better in the league in comparison with domestically owned clubs. The stock market model was more likely to comply with Financial Fair Play regulations.

Originality/value

The paper confirms empirically that football clubs that float on the stock market are in better financial health and that clubs in pursuit of short‐term sporting excellence are reliant on substantial investment, in this case from foreign investors.

Details

Sport, Business and Management: An International Journal, vol. 3 no. 1
Type: Research Article
ISSN: 2042-678X

Keywords

Article
Publication date: 1 March 2001

Bernd Stauss, Klaus Chojnacki, Alexander Decker and Frank Hoffmann

Customer clubs belong to the most important and particularly cost‐intensive elements of customer retention systems. By offering specific advantages to club members, they…

8175

Abstract

Customer clubs belong to the most important and particularly cost‐intensive elements of customer retention systems. By offering specific advantages to club members, they are supposed to increase customer satisfaction and loyalty. However, up to now there is no certainty with respect to the existence and degree of the expected loyalty effects. Thus, there still is also no sufficient foundation for an estimation whether investments in customer clubs can be justified in comparison to several alternatives of gaining new customers or customer retention. To fill this gap in information, this paper focuses on the question of which kind of retention effects of customer clubs might exist and whether there is a scientific evidence of these effects. In the first step, a theoretical model and propositions of different retention effects of customer clubs are developed. Afterwards the results of an empirical study among members of the Volkswagen Customer Club, Germany’s largest automotive customer club are presented. They indicate that customer club satisfaction has a remarkable impact on the customer’s relationship satisfaction and customer retention. Consequently it can be concluded that a customer club certainly is an important issue of retention management.

Details

International Journal of Service Industry Management, vol. 12 no. 1
Type: Research Article
ISSN: 0956-4233

Keywords

Article
Publication date: 19 July 2019

Dina Miragaia, João Ferreira, Alexandre Carvalho and Vanessa Ratten

In the current economic climate, the huge rise in the levels of debt incurred by professional football clubs challenges the need to improve their efficiency levels. Hence…

Abstract

Purpose

In the current economic climate, the huge rise in the levels of debt incurred by professional football clubs challenges the need to improve their efficiency levels. Hence, analysis of their productivity is essential and represents an integral dimension to any realistic and efficient strategy. Any such strategy includes the identification and analysis of the inputs and outputs that underpin club sustainability. The purpose of this paper is to evaluate the relationship between the team performance of professional European football clubs and the stability of their financial efficiency.

Design/methodology/approach

The sample spans 15 professional football clubs that won the league titles in the leading football leagues (the English, German, Spanish, Italian and French leagues) in the period between 2009 and 2014. The analysis made recourse to the data envelopment analysis method.

Findings

The results demonstrate that of the 15 clubs analysed, only 10 proved efficient. Football is now an industry that moves major quantities of financial capital and holds the attentions of large groups of fans worldwide. However, despite this attractiveness, the financial crisis and recession, ongoing since 2008, increasingly requires the better management of such resources. To this end, clubs should improve their control over the financial resources available given the positive relationship prevailing between the sporting performance of clubs and their levels of financial efficiency.

Originality/value

Analysis of the efficiency levels of the inputs and outputs encapsulating performance related financial variables may aid in improving the standards of planning and sustainable management at professional sport clubs.

Details

Journal of Entrepreneurship and Public Policy, vol. 8 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

Article
Publication date: 13 March 2019

Aaron W. Stark and Isaac Wisniewski

The purpose of this paper is to look at how the faculty at West Point uses a student-managed investment fund (SMIF) to contribute to the development of Army officers.

Abstract

Purpose

The purpose of this paper is to look at how the faculty at West Point uses a student-managed investment fund (SMIF) to contribute to the development of Army officers.

Design/methodology/approach

The United States Military Academy at West Point started a student-managed investment fund in 1983. The Economics program, which has four finance classes within its curriculum, hosts the student-run SMIF. The students (cadets) in charge of the SMIF have recently started pursuing a risk parity strategy. This paper discusses the challenges that arise from taking on this strategy.

Findings

It argues that investment management, especially with a risk-aware strategy, helps the cadets learn to manage the risk/reward tradeoff as well as help them work on leadership skills, both of which will help them as future Army officers.

Originality/value

The authors suggest that the recent student-initiated changes to the SMIF at West Point highlight some of the leadership opportunities inherent to approaching a SMIF from a risk-aware, portfolio-based perspective. This can teach students important experiential lessons about how to manage prudent risk both in finance and as a leader.

Details

Managerial Finance, vol. 46 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 7 June 2019

Samar Ashour, Craig G. Rennie and Sergio Santamaria

The purpose of this paper is to describe lessons learned from integrating student-managed investment funds (SMIFs) in finance education systems based on the case of the…

Abstract

Purpose

The purpose of this paper is to describe lessons learned from integrating student-managed investment funds (SMIFs) in finance education systems based on the case of the Raymond Rebsamen Investment Fund at the Sam M. Walton College of Business, University of Arkansas.

Design/methodology/approach

The paper has three main parts. First, it describes how the Rebsamen Fund operates as an integral part of undergraduate and graduate finance education at the Walton College. Second, it explains how the Fund spawned creation of sister funds, an institute, a 62-seat trading center, and coordinates with other agencies and stakeholders. Third, it lists strengths, weaknesses, opportunities and threats facing future SMIF integration into finance education.

Findings

The use of innovative experiential learning solutions like SMIFs bridging theory and practice can be enhanced by integrating them into effective systems of finance education.

Practical implications

Lessons learned include benefits of SMIF management by class, licensing and professional certification, trading centers, use of SMIF finances to support other components of education, proliferation of SMIFs, SMIF stimulation of academic units like centers/institutes, SMIF facilitation of collaboration, importance of tying SMIFs to student finance clubs, coordination of industry speaker visits between SMIF classes and clubs, and use of SMIFs in addressing cutting-edge challenges.

Originality/value

This paper discusses how SMIFs can be integrated in finance education.

Details

Managerial Finance, vol. 46 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

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