Search results

1 – 10 of 19
To view the access options for this content please click here
Article

Vincenzo Scafarto and Panagiotis Dimitropoulos

The main purpose of this paper is to examine the relationship between human capital investments and financial performance in the professional football industry. The…

Abstract

Purpose

The main purpose of this paper is to examine the relationship between human capital investments and financial performance in the professional football industry. The authors examine this association by controlling for internal (club-level) mechanisms of governance. Specifically, as they deal with a context of highly concentrated ownership and familial control of football clubs, they posit that the degree of family board representation and a dual leadership structure exert a moderating effect on the decision to spend on playing talent.

Design/methodology/approach

The empirical analysis employs a fixed-effect econometric model on a panel data set of 16 Italian football clubs that spans a nine-year time period ending up with 144 firm-year observations.

Findings

The main novel finding of this investigation is that clubs with CEO duality and a high degree of family board representation manage to profit from investments in player contracts as opposed to clubs which lack these governance mechanisms.

Research limitations/implications

A clear implication is that the presence of corporate governance mechanisms at club level may be value-enhancing. In terms of policy direction, the finding makes the case that regulatory bodies should consider the imposition of governance mechanisms at club level as a means to promote actual financial discipline and a further ally to current regulations that are restricted to monitoring processes tied to accounting data.

Originality/value

This study attempts to explain the financial outcomes of player investments by combining insights from the mainstream governance and family business literature. Prior works in the field are restricted to testing the direct relation between player investments and performance, but fail to consider the potential moderators of this association.

Details

Corporate Governance: The International Journal of Business in Society, vol. 18 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

To view the access options for this content please click here
Article

Isabel Acero, Raúl Serrano and Panagiotis Dimitropoulos

This paper aims to analyse the relationship between ownership structure and financial performance in the five major European football leagues from 2007-2008 to 2012-2013…

Abstract

Purpose

This paper aims to analyse the relationship between ownership structure and financial performance in the five major European football leagues from 2007-2008 to 2012-2013 and examine the impact of the financial fair play (FFP) regulation.

Design/methodology/approach

The sample used comprises 94 teams that participated in the major European competitions: German Bundesliga, Ligue 1 of France, Spanish Liga, English Premier League and the Italian Serie A. The estimation technique used is panel-corrected standard errors.

Findings

The results confirm an inverted U-shaped curve relationship between ownership structure and financial performance as a consequence of both monitoring and expropriation effects. Moreover, the results show that after FFP regulation, the monitoring effect disappears and only the expropriation effect remains.

Research limitations/implications

The lack of transparency of the information provided by some teams has limited the sample size.

Practical implications

One of the main issues that the various regulating bodies of the industry should address is the introduction of a code of good practice, not only for aspects related to the transparency of financial information but also to require greater transparency in the information concerning corporate governance.

Social implications

Regulating bodies could also consider other additional control instruments based on corporate governance, such as for example, corporate governance practices, corporate governance codes, greater transparency, control of the boards of directors, etc.

Originality/value

This study tries to provide direct evidence of the impact of large majority investors in the clubs and FFP regulation on the financial performance of football clubs.

Details

Corporate Governance: The International Journal of Business in Society, vol. 17 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

To view the access options for this content please click here
Article

Panagiotis E. Dimitropoulos

Over the past decades, corporate social responsibility (CSR) has been considered as a significant corporate strategy and also has been documented as a main information…

Abstract

Purpose

Over the past decades, corporate social responsibility (CSR) has been considered as a significant corporate strategy and also has been documented as a main information dissemination mechanism of corporations to shareholders, creditors and other external stakeholders. This fact makes the CSR activities and CSR performance interconnected with the quality of firms’ financial reporting. The purpose of this paper is to study the impact of CSR performance on the earnings management (EM) behaviour using a sample from 24 European Union (EU) countries summing up to 121,154 firm-year observations over the period 2003–2018.

Design/methodology/approach

The study uses a multi-country data set with various dimensions of CSR performance including indexes regarding workforce, community relations, product responsibility and human rights protection. The empirical analysis is conducted with panel data regressions.

Findings

Evidence supports the negative association between CSR and EM indicating that high CSR performing firms are associated with less income smoothing and discretionary accruals, thus with higher financial reporting quality.

Practical implications

Regulatory agencies in the EU could use the findings of the study for the improvement of the accounting framework via enhancing the use and publications of social and environmental responsibility information and reports.

Social implications

Also, the current paper could be of interest not only to academic researchers but also to potential and existing investors in European corporations. The negative association between CSR performance and EM could be used by investors in assessing the risk of firms and the quality and reliability of their financial information.

Originality/value

This is the first study within the EU, which considers the multi-facet characteristics of CSR on the quality of accounting earnings and offers useful policy implications for regulators and investors.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

Keywords

To view the access options for this content please click here
Article

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

To view the access options for this content please click here
Article

Panagiotis Dimitropoulos, Konstantinos Koronios, Alkis Thrassou and Demetris Vrontis

Several theories have been developed trying to explain the corporate decisions on cash holdings. Stakeholder theory is one of the arguments that urge firms with strong…

Abstract

Purpose

Several theories have been developed trying to explain the corporate decisions on cash holdings. Stakeholder theory is one of the arguments that urge firms with strong stakeholder relationships to hold more cash. The purpose of this paper is to shed further light on this issue by examining the impact of cash holdings on the financial performance and viability of Greek Small-Medium Enterprises before and after the Greek sovereign debt crisis.

Design/methodology/approach

The authors collected a large sample from Small-Medium-sized Enterprises (SMEs) and a comparable sample from large firms operating in Greece during the period 2003–2016. Panel regression analysis was performed before and after the Greek debt crisis.

Findings

Results indicated that cash holdings contribute positively to the profitability and viability of firms validating the precautionary theory of cash holdings in Greece. Before the crisis, SMEs and large firms both benefited significantly by cash holdings but after the crisis that positive impact of cash is more evident and significant for SMEs.

Practical implications

These findings corroborate the hypotheses that during a period of limited lending (and severe financial turmoil); cash holdings (and effective cash management) could be a vital tool for sustaining SMEs’ viability and financial performance. This study offers useful managerial implications and contributes to the ongoing debate about the impact of cash holdings on corporate performance.

Originality/value

This is the first study in the Greek business setting trying to examine the impact of cash holdings on financial performance within stakeholder-oriented firms during a period of financial turmoil.

Details

EuroMed Journal of Business, vol. 15 no. 3
Type: Research Article
ISSN: 1450-2194

Keywords

To view the access options for this content please click here
Article

Panagiotis Dimitropoulos, Ioannis Kosmas and Ioannis Douvis

The purpose of this paper is to examine the issue of performance management in the public sector and specifically the implementation of the balanced scorecard (BSC…

Abstract

Purpose

The purpose of this paper is to examine the issue of performance management in the public sector and specifically the implementation of the balanced scorecard (BSC) methodology on a public (municipal) non-profit sport organization in Greece. The research provides a discussion on the BSC development process, the goals set on each pillar and the outcome that the organization achieved, in order to be used as a roadmap for other managers in the public sector.

Design/methodology/approach

The study used information extracted from the municipal board of Papagos-Holargos city in Greece, including board reports, documents and decision transcripts and open-ended interviews related to the implementation of BSC method, as well as to the impact of this decision on the quality of services, citizens’ satisfaction and the improvement of internal processes.

Findings

The results indicated that the citizens of Papagos-Holargos perceived sport services to be of enhanced quality related to/when compared to the previous years (based on a questionnaire submitted by the citizens of Papagos-Holargos at the end of the each sample per year). In addition, the staff improved its skills and abilities by participating in training seminars and, in general, the implementation of the BSC method on the municipal sport organization of Papagos-Holargos city sets the basis for an effective performance management which can enhance its future sustainability.

Practical implications

Managers of municipal and public sport organizations could use the findings of the study as a roadmap for discussing, evaluating and possibly implementing the BSC approach in their organizations’ daily operations.

Originality/value

This study fills a significant gap in the existing literature on the implementation of a traditional business performance management tool on a non-profit public sport organization.

Details

International Journal of Productivity and Performance Management, vol. 66 no. 3
Type: Research Article
ISSN: 1741-0401

Keywords

To view the access options for this content please click here

Abstract

Details

A Guide to Planning and Managing Open Innovative Ecosystems
Type: Book
ISBN: 978-1-78973-409-6

To view the access options for this content please click here
Article

Panagiotis Dimitropoulos

The present study aims to examine the impact of corporate governance quality on the capital structure of European soccer clubs and specifically on the level of debt that…

Abstract

Purpose

The present study aims to examine the impact of corporate governance quality on the capital structure of European soccer clubs and specifically on the level of debt that soccer clubs decide to issue.

Design/methodology/approach

A sample from 67 European soccer clubs over the period of 2005-2009 was analyzed, and panel data techniques were performed to assess the impact of specific corporate governance provisions on the capital structure of football clubs (FCs).

Findings

Evidence indicate that efficient corporate governance mechanisms such as the increased board size and independence and the existence of more dispersed ownership (managerial and institutional) result in a reduction in the level of leverage and debt, thus reducing the risk of financial instability.

Practical implications

This evidence suggests that corporate governance could be used as a monitoring mechanism for reducing the fictitious level of debt that characterizes the majority of European soccer clubs. This study could prove useful to Union of European Football Associations (UEFA) regulators because it provides an additional insight for the importance of establishing sound governance principles in European soccer so as to enhance the effectiveness of the recent “financial fair play” regulation which was launched in 2010, as well as to improve the financial status of the clubs and sustain their future viability.

Originality/value

This is the first study internationally that examines capital structure within FCs, thus extending the existent empirical evidence in the literature and adding to a growing body of research on the issues of corporate governance and financing decisions.

Details

Management Research Review, vol. 37 no. 7
Type: Research Article
ISSN: 2040-8269

Keywords

To view the access options for this content please click here
Article

Panagiotis E. Dimitropoulos, Dimitrios Asteriou and Costas Siriopoulos

The purpose of this paper is to consider the impact of the drachma's replacement by the euro on the quality of accounting information published by Greek listed firms.

Abstract

Purpose

The purpose of this paper is to consider the impact of the drachma's replacement by the euro on the quality of accounting information published by Greek listed firms.

Design/methodology/approach

The authors examined how the adoption of the euro currency impacted on the timeliness of income recognition and the relevance of accounting information during the pre and post euro adoption periods using a sample of 176 listed firms over the period 1995‐2008.

Findings

Convincing evidence was found that the euro contributed to a decrease on the value relevance of accounting information, an increase in the conservatism of financial statements and finally a reduction in the earnings management behavior of managers.

Practical implications

By considering the impact of the common currency on the quality of accounting information, analysts are more able to provide accurate estimates on firms' future prospects, thus contributing to less information asymmetries among stock market participants.

Social implications

The results could be proved useful to regulators since they indicate that financial accounting information prepared after the adoption of the euro currency has inferior value relevance. Therefore, if regulators want to develop an efficient financial market they need to address this effect by developing relative legislation that promotes the quality of accounting information.

Originality/value

The majority of studies on the issue of the euro have focused on matters of macroeconomic stability, corporate investments and valuation and market integration. No research until now has studied the impact of euro adoption on the quality of accounting information and how accounting quality is perceived by market participants during the pre and post‐euro adoption periods.

Details

Managerial Auditing Journal, vol. 27 no. 3
Type: Research Article
ISSN: 0268-6902

Keywords

To view the access options for this content please click here
Article

Stergios Leventis and Panagiotis Dimitropoulos

The purpose of this research paper is to investigate the role of corporate governance in earnings management behaviour by US listed banks during the era of the…

Abstract

Purpose

The purpose of this research paper is to investigate the role of corporate governance in earnings management behaviour by US listed banks during the era of the Sarbanes‐Oxley Act (2003‐2008).

Design/methodology/approach

The paper examines the issue of accounting quality and corporate governance within banking corporations through the use of two different measures of earnings management, namely small positive net income and the difference between discretionary realized security gains and losses and discretionary loan loss provisions (LLPs), by applying a corporate governance index estimated from 63 governance provisions.

Findings

The research found convincing evidence that banks with efficient corporate governance mechanisms report small positive income to a lesser extent than banks with weak governance efficiency. Also well‐governed banks engage less in aggressive earnings management behaviour through the use of discretionary loan loss provisions and realized security gains and losses.

Practical implications

The findings could prove to be valuable to investors since they must take into consideration the efficiency of each bank's corporate governance and demand supplementary information in order to reach a better investment decision when earnings are not highly informative.

Social implications

The findings could prove to be useful for regulators since they are responsible for the acceptable level of corporate governance standards. Thus, they must consider strengthening governance mechanisms either though new legislation or stronger enforcement where earnings management is of such magnitude to that serious impedes information transparency and quality.

Originality/value

The present study aims to bridge a gap in the literature by investigating corporate governance and earnings management behaviour during a period of transition to an intensively legalized governance environment (SOX Act). The results contribute further evidence to the ongoing debate about the effectiveness of established corporate governance mechanisms.

Details

Journal of Applied Accounting Research, vol. 13 no. 2
Type: Research Article
ISSN: 0967-5426

Keywords

1 – 10 of 19