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UEFA SIRALAMASINDA YER ALAN 5 BÜYÜK FUTBOL KULÜBÜNÜN FİNANSAL PERFORMANSININ KARŞILAŞTIRMALI ANALİZİ

Year 2022, Volume: 24 Issue: 2, 436 - 460, 30.06.2022
https://doi.org/10.31460/mbdd.984685

Abstract

Dünyada futbolun sanayileşmesi ile birlikte kulüplerin sadece sportif başarıları değil, finansal performansları da tartışma konusu olmuştur. Bu çalışmanın amacı, UEFA sıralamasında yer alan 5 büyük futbol kulübünün finansal performanslarını gri ilişkisel analiz yöntemi (GRA) ile karşılaştırmaktır. Bu amaçla, kulüplerin likidite, kısa-vadeli finansal yükümlülük ve karlılık oranları kullanılmıştır. Araştırmada kullanılan 2015-2019 verileri kulüplerin internet sitelerinden ve faaliyet raporlarından elde edilmiştir. Araştırmada, en yüksek finansal performansı Manchester City FC'nin, en düşük performansı ise Juventus FC'nin gösterdiği sonucuna ulaşılmıştır. Ayrıca likidite ve kısa vadeli yükümlülük/özkaynak oranlarının bir futbol kulübünün finansal performansını ölçmede en önemli göstergeler olduğu bulunmuştur.

References

  • Akyüz, M.E. (2005). Futbol Kulüplerinin Şirketleşmesi ve Halka Açılması: Avrupa Futbol Piyasalarında Gelişmeler Çerçevesinde Beşiktaş, Fenerbahçe, Galatasaray ve Trabzonspor Örneğinin Değerlendirilmesi. T.C. Başbakanlık Sermaye Piyasası Kurulu Aracılık Faaliyetleri Dairesi Yeterlilik Etüdü, 1-40.
  • Atmaca, M. (2012). Financial Performance Evaluation of Sports Companies Quoted in İstanbul Stock Exchange With TOPSIS Method. İktisat, İşletme ve Finans, 27 (320), 91-108. DOI: 10.3848/iif.2012.320.3478.
  • Aygören, H., Uyar, S. & Sarıtaş, H. (2008). Are Investors Influenced by the Results of Football Matches? An Empirical Investigation in Istanbul Stock Exchange. Hacettepe University Journal of Economics and Administrative Sciences, 26(1), 121-137.
  • Baroncelli, A. & Caruso, R. (2011). The Organization and Economics of Italian Serie A: A Brief Overall View. Rivista Di Diritto Ed Economia Dello Sport, 7(2), 67-85.
  • Barajas, A., Fernández-Jardón, C. M. & Crolley, L. (2005). Does Sports Performance Influence Revenues And Economic Results in Spanish Football? Munich Personel RePEc Archive, MPRA Paper No. 3234.
  • Berument, H., Ceylan, N. B. & Gozpinar, E. (2006). Performance of Soccer on the Stock Market: Evidence from Turkey. The Social Science Journal, 43(4), 695-699.
  • Deng, L. J. (1989). Introduction to Grey System. The Journal of Grey System, 1(1), 1-24.
  • Dimitropoulos, P.E. & Alexopoulos, P. (2014). Attendance, Revenues, Profits and On-Field Performance of the Greek Football Clubs. International Journal of Scientific Engineering and Research, 2(9), 33-39.
  • Ecer, F. & Boyukaslan A. (2014). Measuring Performances of Football Clubs Using Financial Ratios: The Grey Relational Analysis Approach. American Journal of Economics, 4(1), 62-71. DOI: 10.5923/j.economics.20140401.06
  • Edmans, A., Garcia, D. & Norli, Q. (2007). Sports Sentiment and Stock Returns. The Journal of Finance, 62(4), 1967-1998. https://doi.org/10.1111/j.1540-6261.2007.01262.x
  • Erdoğan, N.K., Altınırmak, S., Şahin, C. & Karamaşa, Ç. (2020). Analyzing the Financial Performance of Football Clubs Listed in BIST Using Entropy Based Copras Methodology. Dumlupınar University Journal of Social Sciences, 63, 39-53.
  • Ergül, N. (2017). Spor Kulüplerinin Futboldaki Başarıları ile Spor Şirketlerinin Finansal Başarıları Arasındaki İlişkinin Test Edilmesi. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 35(3), 43-71. https://doi.org/10.17065/huniibf.340696
  • Galariotis, E., Germain, C. & Zopounidis C. (2018). A Combined Methodology For The Concurrent Evaluation of the Business, Financial and Sports Performance of Football Clubs: The Case of France. Annals of Operations Research, 266(1-2), 589-612. https://doi.org/10.1007/s10479-017-2631-z
  • Göllü, E. (2012). Impact of the Financial Performances of Incorporations of Football Clubs in the Domestic League on their Sportive Performances: A Study Covering Four Major Football Clubs in Turkey. Pamukkale Journal of Sport Sciences, 3(1), 20-29.
  • Guzman, I. & Morrow, S. (2007). Measuring Efficiency and Productivity in Professional Football Teams: Evidence from the English Premier League. Central European Journal of Operations Research, 15(4), 309-328. https://doi.org/10.1007/s10100-007-0034-y
  • Karadeniz, E., Koşan, L. & Kahiloğulları, S. (2014). Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Analizi Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 23(2)
  • Kounetas, K. (2014). Greek Football Clubs’ Efficiency Before and After Euro 2004 Victory: A Bootstrap Approach. Central European Journal of Operations Research (CEJOR), 22, 623–645. https://doi.org/10.1007/s10100-013-0288-5
  • Miragaia, D., Ferreira, J., Carvalho, A. & Ratten, V. (2019). Interactions Between Financial Efficiency and Sports Performance. Journal of Entrepreneurship and Public Policy, 8(1), 84-102. https://doi.org/10.1108/JEPP-D-18-00060
  • Nurcan, E., Erdoğan, M. & Erdoğan, E.O. (2016). Evaluation of Financial Performance of Football Clubs: An Application in the BIST. International Journal of Business and Management Invention, 5(12), 1-5.
  • Özevin, O. (2016). The Effect of UEFA Financial Fair Play Regulatıon on the European Football Clubs: A Revıew on European 5 Big Leagues and Turkey Super League. The World of Accounting Science, 9(44), 1166-1183.
  • Peker, İ. & Birdoğan, B. (2011). Performance Evaluation in Turkish Insurance Sector With Grey Relationshıp Analysis. International Journal of Economic and Administrative Studies, 4(7), 1-17.
  • Pereira, T.M.V. (2018). The relation of financial performance and the sports performance in football clubs [Master’s thesis, Faculdade de Economia Universidade do Porto]. https://sigarra.up.pt/fep/pt/pub_geral.show_file?pi_doc_id=178598
  • Pinnuck, M. & Potter, B. (2006). Impact of on-field Football Success on the off-field Financial Performance of AFL Football Clubs. Accounting and Finance, 46, 499–517.
  • Pradhan, S., Boyukaslan, A. & Ecer, F. (2016). Applying Grey Relational Analysis to Italian Football Clubs: A Measurement of the Financial Performance of Seri A Teams. International Review of Economics and Management, 4(4), 1-19. https://doi.org/10.18825/iremjournal.290668
  • Putra, M.R.W. & Wasistha, G.H. (2018). Player’s Value, Field Performance, Financial Performance and Stock Performance of European Football Clubs. Competition and Cooperation in Economics and Business, Taylor and Francis Group, London.
  • Renneboog, L. & Vanbrabant, P. (2000). Share Price Reactions to Sporty Performances of Soccer Clubs Listed on the London Stock Exchange and the AIM. CentER Discussion Paper, 2000-19, Tilburg: Finance.
  • Sakınç, İ. (2014). Using Grey Relational Analysis To Determine the Financial Performance of Turkish Football Clubs. Journal of Economics Library, 1(1), 22-33. http://dx.doi.org/10.1453/jel.v1i1.160), 129-144.
  • Sakınç, İ., Açıkalın, S. & Soygüden, A. (2017). Evaluation of the Relationship Between Financial Performance and Sport Success in European Football. Journal of Physical Education and Sport, 17(1), 16-22. DOI:10.7752/jpes.2017.s1003
  • Sanchez, G.I.M. (2007). Efficiency and Effectiveness of Spanish Football Teams: A Threestage-DEA Approach. Central European Journal of Operations Research, 15, 21-45. https://doi.org/10.1007/s10100-006-0017-4
  • Samagaio, A. & Couto, C. J. (2009). Sporting, Financial and Stock Market Performance in English Football: An Empirical Analysis of Structural Relationships. Accessed: 16.03.2020, Available at https://www.academia.edu/29045592/Sporting_financial_and_stock_market_performance_in_English_football_an_empirical_analysis_of_structural_relationships.
  • Szymanski, S. & Smith, R. (1997). The English Football Industry: Profit, Performance and Industrial Structure. International Review of Applied Economics, 11(1), 135-153.
  • Szymanski, S. (1998). Why is Manchester United so Successful? Business Strategy Review, 9, 47-54.
  • Szymanski, S. & Kuypers, T. (1999). Winners and Losers: The Business Strategy of Football, London: Viking Book.
  • Soygüden, A. (2016). Investigation of Income Sources of Professional Football Clubs. Ömer Halisdemir University Academic Review of Economics and Administrative Sciences, 9(4), 21-35.
  • Uluyol, O. (2014). Financial Performance of Super League Football Clubs. Journal of Yaşar University, 9(34), 5716-5731.
  • Üstünışık, N. Z. (2007). The research of socio-economic development ranking of provinces and regions in Turkey: Grey relational analysis method and its application (Thesis Number: 201000) [Master’s Thesis, Gazi University Institute of Science and Technology], YÖK Ulusal Tez Merkezi.
  • Yıldız, S. (2008). Comparison of financial structure of sports clubs that have professional footbol branches (a study on fenerbahçe spor kulübü vs manchester united football club) (Thesis Number:224605) [Master’s thesis, Marmara University], YÖK Ulusal tez Merkezi.

COMPARATIVE ANALYSIS OF THE FINANCIAL PERFORMANCE OF 5 MAJOR FOOTBALL CLUBS IN UEFA RANKING

Year 2022, Volume: 24 Issue: 2, 436 - 460, 30.06.2022
https://doi.org/10.31460/mbdd.984685

Abstract

With the industrialization of football, not only the sporting success of the clubs, but also their financial performance has become subjects of discussion. The aim of this study is to compare the performance of five major football clubs in the UEFA by comparing their liquidity, leverage and profitability ratios for the 2015-2019 period. The data is obtained from the clubs' websites and annual reports. It is concluded that Manchester City FC has the highest financial performance while Juventus FC has the lowest. It is also determined that liquidity and short-term debt/equity ratios are the most important performance indicators for football clubs.

References

  • Akyüz, M.E. (2005). Futbol Kulüplerinin Şirketleşmesi ve Halka Açılması: Avrupa Futbol Piyasalarında Gelişmeler Çerçevesinde Beşiktaş, Fenerbahçe, Galatasaray ve Trabzonspor Örneğinin Değerlendirilmesi. T.C. Başbakanlık Sermaye Piyasası Kurulu Aracılık Faaliyetleri Dairesi Yeterlilik Etüdü, 1-40.
  • Atmaca, M. (2012). Financial Performance Evaluation of Sports Companies Quoted in İstanbul Stock Exchange With TOPSIS Method. İktisat, İşletme ve Finans, 27 (320), 91-108. DOI: 10.3848/iif.2012.320.3478.
  • Aygören, H., Uyar, S. & Sarıtaş, H. (2008). Are Investors Influenced by the Results of Football Matches? An Empirical Investigation in Istanbul Stock Exchange. Hacettepe University Journal of Economics and Administrative Sciences, 26(1), 121-137.
  • Baroncelli, A. & Caruso, R. (2011). The Organization and Economics of Italian Serie A: A Brief Overall View. Rivista Di Diritto Ed Economia Dello Sport, 7(2), 67-85.
  • Barajas, A., Fernández-Jardón, C. M. & Crolley, L. (2005). Does Sports Performance Influence Revenues And Economic Results in Spanish Football? Munich Personel RePEc Archive, MPRA Paper No. 3234.
  • Berument, H., Ceylan, N. B. & Gozpinar, E. (2006). Performance of Soccer on the Stock Market: Evidence from Turkey. The Social Science Journal, 43(4), 695-699.
  • Deng, L. J. (1989). Introduction to Grey System. The Journal of Grey System, 1(1), 1-24.
  • Dimitropoulos, P.E. & Alexopoulos, P. (2014). Attendance, Revenues, Profits and On-Field Performance of the Greek Football Clubs. International Journal of Scientific Engineering and Research, 2(9), 33-39.
  • Ecer, F. & Boyukaslan A. (2014). Measuring Performances of Football Clubs Using Financial Ratios: The Grey Relational Analysis Approach. American Journal of Economics, 4(1), 62-71. DOI: 10.5923/j.economics.20140401.06
  • Edmans, A., Garcia, D. & Norli, Q. (2007). Sports Sentiment and Stock Returns. The Journal of Finance, 62(4), 1967-1998. https://doi.org/10.1111/j.1540-6261.2007.01262.x
  • Erdoğan, N.K., Altınırmak, S., Şahin, C. & Karamaşa, Ç. (2020). Analyzing the Financial Performance of Football Clubs Listed in BIST Using Entropy Based Copras Methodology. Dumlupınar University Journal of Social Sciences, 63, 39-53.
  • Ergül, N. (2017). Spor Kulüplerinin Futboldaki Başarıları ile Spor Şirketlerinin Finansal Başarıları Arasındaki İlişkinin Test Edilmesi. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 35(3), 43-71. https://doi.org/10.17065/huniibf.340696
  • Galariotis, E., Germain, C. & Zopounidis C. (2018). A Combined Methodology For The Concurrent Evaluation of the Business, Financial and Sports Performance of Football Clubs: The Case of France. Annals of Operations Research, 266(1-2), 589-612. https://doi.org/10.1007/s10479-017-2631-z
  • Göllü, E. (2012). Impact of the Financial Performances of Incorporations of Football Clubs in the Domestic League on their Sportive Performances: A Study Covering Four Major Football Clubs in Turkey. Pamukkale Journal of Sport Sciences, 3(1), 20-29.
  • Guzman, I. & Morrow, S. (2007). Measuring Efficiency and Productivity in Professional Football Teams: Evidence from the English Premier League. Central European Journal of Operations Research, 15(4), 309-328. https://doi.org/10.1007/s10100-007-0034-y
  • Karadeniz, E., Koşan, L. & Kahiloğulları, S. (2014). Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Analizi Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 23(2)
  • Kounetas, K. (2014). Greek Football Clubs’ Efficiency Before and After Euro 2004 Victory: A Bootstrap Approach. Central European Journal of Operations Research (CEJOR), 22, 623–645. https://doi.org/10.1007/s10100-013-0288-5
  • Miragaia, D., Ferreira, J., Carvalho, A. & Ratten, V. (2019). Interactions Between Financial Efficiency and Sports Performance. Journal of Entrepreneurship and Public Policy, 8(1), 84-102. https://doi.org/10.1108/JEPP-D-18-00060
  • Nurcan, E., Erdoğan, M. & Erdoğan, E.O. (2016). Evaluation of Financial Performance of Football Clubs: An Application in the BIST. International Journal of Business and Management Invention, 5(12), 1-5.
  • Özevin, O. (2016). The Effect of UEFA Financial Fair Play Regulatıon on the European Football Clubs: A Revıew on European 5 Big Leagues and Turkey Super League. The World of Accounting Science, 9(44), 1166-1183.
  • Peker, İ. & Birdoğan, B. (2011). Performance Evaluation in Turkish Insurance Sector With Grey Relationshıp Analysis. International Journal of Economic and Administrative Studies, 4(7), 1-17.
  • Pereira, T.M.V. (2018). The relation of financial performance and the sports performance in football clubs [Master’s thesis, Faculdade de Economia Universidade do Porto]. https://sigarra.up.pt/fep/pt/pub_geral.show_file?pi_doc_id=178598
  • Pinnuck, M. & Potter, B. (2006). Impact of on-field Football Success on the off-field Financial Performance of AFL Football Clubs. Accounting and Finance, 46, 499–517.
  • Pradhan, S., Boyukaslan, A. & Ecer, F. (2016). Applying Grey Relational Analysis to Italian Football Clubs: A Measurement of the Financial Performance of Seri A Teams. International Review of Economics and Management, 4(4), 1-19. https://doi.org/10.18825/iremjournal.290668
  • Putra, M.R.W. & Wasistha, G.H. (2018). Player’s Value, Field Performance, Financial Performance and Stock Performance of European Football Clubs. Competition and Cooperation in Economics and Business, Taylor and Francis Group, London.
  • Renneboog, L. & Vanbrabant, P. (2000). Share Price Reactions to Sporty Performances of Soccer Clubs Listed on the London Stock Exchange and the AIM. CentER Discussion Paper, 2000-19, Tilburg: Finance.
  • Sakınç, İ. (2014). Using Grey Relational Analysis To Determine the Financial Performance of Turkish Football Clubs. Journal of Economics Library, 1(1), 22-33. http://dx.doi.org/10.1453/jel.v1i1.160), 129-144.
  • Sakınç, İ., Açıkalın, S. & Soygüden, A. (2017). Evaluation of the Relationship Between Financial Performance and Sport Success in European Football. Journal of Physical Education and Sport, 17(1), 16-22. DOI:10.7752/jpes.2017.s1003
  • Sanchez, G.I.M. (2007). Efficiency and Effectiveness of Spanish Football Teams: A Threestage-DEA Approach. Central European Journal of Operations Research, 15, 21-45. https://doi.org/10.1007/s10100-006-0017-4
  • Samagaio, A. & Couto, C. J. (2009). Sporting, Financial and Stock Market Performance in English Football: An Empirical Analysis of Structural Relationships. Accessed: 16.03.2020, Available at https://www.academia.edu/29045592/Sporting_financial_and_stock_market_performance_in_English_football_an_empirical_analysis_of_structural_relationships.
  • Szymanski, S. & Smith, R. (1997). The English Football Industry: Profit, Performance and Industrial Structure. International Review of Applied Economics, 11(1), 135-153.
  • Szymanski, S. (1998). Why is Manchester United so Successful? Business Strategy Review, 9, 47-54.
  • Szymanski, S. & Kuypers, T. (1999). Winners and Losers: The Business Strategy of Football, London: Viking Book.
  • Soygüden, A. (2016). Investigation of Income Sources of Professional Football Clubs. Ömer Halisdemir University Academic Review of Economics and Administrative Sciences, 9(4), 21-35.
  • Uluyol, O. (2014). Financial Performance of Super League Football Clubs. Journal of Yaşar University, 9(34), 5716-5731.
  • Üstünışık, N. Z. (2007). The research of socio-economic development ranking of provinces and regions in Turkey: Grey relational analysis method and its application (Thesis Number: 201000) [Master’s Thesis, Gazi University Institute of Science and Technology], YÖK Ulusal Tez Merkezi.
  • Yıldız, S. (2008). Comparison of financial structure of sports clubs that have professional footbol branches (a study on fenerbahçe spor kulübü vs manchester united football club) (Thesis Number:224605) [Master’s thesis, Marmara University], YÖK Ulusal tez Merkezi.
There are 37 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Mustafa Kevser 0000-0003-0586-1662

Mesut Doğan 0000-0001-6879-1361

Publication Date June 30, 2022
Submission Date August 19, 2021
Published in Issue Year 2022 Volume: 24 Issue: 2

Cite

APA Kevser, M., & Doğan, M. (2022). COMPARATIVE ANALYSIS OF THE FINANCIAL PERFORMANCE OF 5 MAJOR FOOTBALL CLUBS IN UEFA RANKING. Muhasebe Bilim Dünyası Dergisi, 24(2), 436-460. https://doi.org/10.31460/mbdd.984685