Articole

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Profitability and financial structure of European soccer clubs: a first international comparison
(INCE, 2024) Migliaccio, Guido; Preziosi, Luca
Soccer is not only a sport and a spectacle but has also become a real business, to be managed appropriately. The sector is economically important in many countries and requires academics’ attention. This research analyses the economic and financial dynamics of a sample of prominent soccer clubs in ten European countries where soccer is widespread. Literature review. There are numerous managerial studies of soccer sports enterprises. Few, however, have measured economic and financial performance based on balance sheets, making an international comparison. Research methodology. The financial statements of 10 soccer clubs for 2013-2022 were analysed, illustrating the average employee trend as an indicator of company size, Roe, and financial leverage. We subjected the data to statistical processing and used the ANOVA and Tukey-Kramer methods to compare the teams. Main results. The companies analysed have significant differences in size concerning the workforce. Profitability is almost always low, presumably due to high management costs for the most renowned players. Indebtedness is high. There are significant differences between countries. This study implements the economic literature on companies in the sport. Public policies should consider the sector relevant to many European nations’ economies and leisure time.
Profitability and financial structure of soccer clubs: an international comparison
(INCE, 2022) Migliaccio, Guido; Orsillo, Giuseppe
The pandemic has greatly affected the economies of all nations. Sport, too, has suffered the consequences of the measures necessary to contain the infection, with obvious consequences on clubs' budgets. Proposal - The study analyses the financial performance of a sample of soccer teams in the leagues of three European nations: Italy Spain and Germany. It highlights the ten-year trend of profitability and financial structure. This is also to verify the impact of the pandemic on the balance sheets of the major soccer clubs. Methodology - From the Orbis Europe full database of the Bureau van Dick database, the balance sheet data for 10 consecutive years of the decade 2012-2021 of the 10 most representative teams of the Italian, Spanish and German leagues were taken. Subsequently, the development of Roe and Leverage was analysed. The data were also subjected to various statistical elaborations mainly to verify whether the differences between the three nations are significant. Results - In recent years, there has been a much smaller decline in profitability in Spain and Germany, rather than in Italy, where the results have been truly disastrous. On the contrary, a progressive improvement in the financial structure can be noted, especially in the Italian clubs, which have recorded worrying values over time. The Italian clubs, however, although very renowned, have too often had worse outcomes over the decade than the teams of the other two nations. Implications - This study implements the literature on the effects of the pandemic on the economy, especially in sports. It encourages comparisons in time and space of budgets. It will be necessary to implement the research by analysing the trend of other indices as well to have more detailed information. However, the results are useful for the governance of European soccer clubs and also for public authorities that often support sports activities that are considered socially relevant. This is also at a time when refreshments were needed to cope with the damage resulting from the pandemic.
Profitability and financial structure of italian real estate companies: quantitative profiles
(INCE, 2022) Migliaccio, Guido; De Palma, Andrea
The pandemic has had devastating effects on real estate companies. The sector is economically important in many countries and therefore needs special attention. Purpose - This research analyses the economic and financial dynamics of Italian real estate companies before and during the pandemic. This is also to outline possible relaunch strategies, post Covid-19. Research methods - The balance sheets of 1,559 Italian companies, with a turnover exceeding € 800,000, for the decade 2011-2020 were analysed. The average trends of Roe and the Financial Independence Ratio were then illustrated, for Italy and each of its macro-areas (North, Centre, and South). The data were subjected to statistical processing. The Anova and Tukey-Kramer methods were used for the comparison between macro-regions. Results - ROE decreased in the years 2012-2013, presumably due to the reverberations of the 2008 crisis. Then it improved, with a decline due to the pandemic, but this was not generalised. Roe has always been positive. There are no significant differences between the different geographical areas. There is evidence of a good financial situation, which has improved over time. Implications - This study implements the modest economic literature on real estate companies. Quantitative research highlights the gains that justify the presence of numerous companies. Public policies should be attentive to the sector that implements the national GDP. The Italian situation can be a useful reference for all countries that want to develop the real estate market.

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