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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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

The aim of the present study is to examine the impact of human resource (HR) practices (human resource empowerment, organizational culture and transformational leadership) on innovation activities as well as the effect of innovation activities on perceived financial performance within sport services firms.

The proposed relationships were examined using empirical data from 172 managers of Greek sport services firms. Seemingly unrelated regression (SUR) analysis was used to investigate the role of human resource management (HRM) practices on innovation activities and whether innovation activities affected the perceived financial performance.

The results of the study indicated that HRM practices, such as human resource empowerment, organizational culture and transformational leadership, significantly impact innovation activities and subsequently innovation activities have a significant and positive effect on perceived financial performance as measured by satisfaction levels in relation to specific key performance indicators (KPIs) such as profit, ROI, sales volume and market share.

This study presents useful theoretical and managerial implications that can be used by sport service firms to assess the effects of HRM practices on innovation activities and perceived financial performance.

This study contributes to the literature on several merits. Firstly, the authors jointly estimate the impact of HRM practices on innovation and its concurrent effect on perceived financial performance, which is not methodologically considered before. Secondly, the authors incorporate a more thorough measure of perceived financial performance including four dimensions of performance, and finally the authors analyze a larger sample of sport services firms relative to previous studies, leading into more concrete conclusion on the research hypotheses.

The purpose of this study is to provide up-to-date evidence on the net effect of COVID-19 pandemic on international arrivals and occupancy rates in Greece. Analysis and forecasting point out the demand for 2020, and thus yielding more concrete evidence on the pure effect of the pandemic on the tourism industry.

Monthly observations from January 2000 to December 2020 were extracted from the Tourist Enterprises Association (SETE) for Athens, Thessaloniki, Kalamata, Rhodes, Mytilene, Santorini, Zante, Kefalonia and Crete. To model and forecast the volatility and the time trend effect of tourist arrivals individually, the study applies the autoregressive integrated moving average (ARIMA) (p,d,q) and the error, trend, seasonality (ETS) model.

Empirical results suggested that Athens, Thessaloniki and Crete were three destinations with the worst losses in international tourist arrivals. Specifically, Athens was expecting to have (without the existence of COVID-19) more than 330,000 tourist arrivals in December 2020 while instead only 73,000 international tourists visited Athens that period. Similarly, Thessaloniki and the island of Crete lost more than 150,000 international visitors during December 2020.

The author’s study adds to a growing number of studies regarding the impact of COVID-19 by incorporating monthly international arrival data and occupancy rate data for the whole 2020 reflecting differences in transportation or vacation choices. Also, the authors operationalized multiple time-series forecasting models (ETS and ARIMA) for reaching more concrete forecasts and estimates on the effect of COVID-19 on the Greek tourism sector.

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.

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.

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.

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.

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.

The purpose of this research is to develop a more precise evaluation of sport sponsorship efficiency in participant-based sport, by investigating the specific aspects of participants' attitude and behavior toward sponsors. In more detail, this research develops a comprehensive sponsorship model in the participant sport context, integrating the following constructs: sport involvement, sincerity, social media use, beliefs about sponsorship, satisfaction with event, sponsor's image, awareness of sponsors, attitude toward sponsors, purchase and word of mouth intentions.

A quantitative method was utilized and 1,056 questionnaires were effectively collected and analyzed via SPSS and AMOS. Using structural equation modeling, this research tested a conceptual framework analyzing the role of different factors for sponsorship efficiency in a participant sport context.

The present research proposes a model of 10 variables which altogether permits a complete comprehension of how to expand the linkages among antecedents and outcomes of sport sponsorship in participant-based sports. The proposed factors assume a critical role in upgrading sponsorship effectiveness, which is reflected through a continuum of responses that regularly begins with sponsorship awareness and, at last, leads to increments in participants' purchase and word of mouth intentions regarding sponsors' products.

Various implications for future studies as well as strategies to boost the advantages for sponsoring firms in participant-based sports, can be drawn from the suggested model.

Up to the present, there is a scarcity of research exploring the effectiveness of sponsorship in participant-based sports. The majority of sponsorship studies measure the impact of sponsorship on spectators, neglecting the role of participants as potential vehicles in the sport sponsorship setting. This study is the first to exploring the role of sport participants in sport sponsorship literature, provides a comprehensive framework, which can guide future studies and enhance sponsorship efficiency in a participant sport context.

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.

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.

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.

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.

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.

The scope of this study was to underline the specific aspects of positive consumer attitude and behavior related to sports sponsorship. In more detail, the purpose of this study was to establish a comprehensive sponsorship framework integrating Beliefs about sponsorship, Sponsor's Image, Fans' Attachment with the team, Team's Performance, Fans' Sport Involvement, Sponsors' Sincerity, Awareness of Sponsors, Attitude toward Sponsors, Purchase intentions and Actual Purchases.

Quantitative method was utilized and a sum of 2,752 questionnaires were effectively assembled and analyzed by means of SPSS and AMOS. The results of a structural equation model provide an exceptional conceptual framework that underlines the significance of comprehending the role of important factors in sponsorship efficiency.

This paper provides the context for a discussion. It shows that various antecedents have a significant effect on real – instead of just intentions – purchase behavior regarding sponsors' products and services.

Various implications for future researches as well as strategies to boost the advantages for both sport clubs and sponsoring firms can be drawn from the suggested model.

Up to present, only a handful of empirical studies have looked at the effect of sponsorship on the consumer. The majority of sponsorship studies measure the impact of the sponsorship effort on the recall and recognition of sponsors, with empirical results being inconclusive, with some studies showing high levels of recall and recognition while others show only marginal impact on recall and recognition. The present research provides a comprehensive framework, which can guide future studies by isolating the effect of sponsorship on actual purchase behavior, instead of just estimating individuals' purchase intentions.

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.

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.

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.

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.

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.