Prevendo a crise financeira no futebol Espanhol (2018-2021):  o papel adaptativo da competição

Antonio Somoza López

doi:10.5585/podium.v13i3.26148

Autores

Antonio Somoza López Universitat de Barcelona https://orcid.org/0000-0002-0501-4028

DOI:

https://doi.org/10.5585/podium.v13i3.26148

Palavras-chave:

Soccer, COVID-19, Finances, Spain, League

Resumo

Objetivo do estudo: O objetivo deste artigo é analisar e comparar a situação de crise financeira no futebol, com foco tanto na primeira quanto na segunda divisão
Metodologia/abordagem: Inicialmente, calculamos as pontuações comparativas de modelos como Altman (1968, 1983, 2000, 2016), Conan e Holder (1979), Springate (1978), Taffler (1982) e Zmijewski (1984). Posteriormente, aplicamos a análise fatorial para investigar as diferenças entre as equipes. Finalmente, reestimamos os modelos para os dados e contrastamos os resultados.
Originalidade/Relevância: As descobertas revelam que a rentabilidade e o endividamento são as principais variáveis explicativas, destacando a falta de adaptação das equipes aos choques. Além disso, as equipes de segunda divisão mostraram melhor solvência e rentabilidade do que os clubes de primeira divisão no ano seguinte ao surto da pandemia.
Principais resultados: Os resultados revelam que a lucratividade e a endividamento são as principais variáveis explicativas, destacando a falta de adaptação das equipes a choques. Além disso, os times da segunda divisão apresentaram melhor solvência e lucratividade do que os clubes da primeira divisão no ano seguinte ao surto da pandemia.
Contribuições teóricas/metodológicas: A nível teórico, esta pesquisa avalia a adequação desses modelos para este setor e sublinha a necessidade de restringir despesas durante um período excepcional.

Downloads

Não há dados estatísticos.

Biografia do Autor

Antonio Somoza López, Universitat de Barcelona

licenciado e doutor em Ciências Económicas e Empresariais pela Universidade de Barcelona. Atualmente, é professor associado na Faculdade de Economia e Empresa da mesma universidade. Anteriormente, lecionou em outras universidades, incluindo a Universitat Autònoma de Barcelona, a Universitat de Vic e a Universidade Pompeu Fabra, além de ter colaborado durante vários anos na Universitat Oberta de Catalunya. Adicionalmente, foi professor visitante na Universidade de Vaasa (Finlândia) e em Estocolmo (Suécia). Também desempenhou atividades profissionais no setor privado, nas áreas de contabilidade e auditoria, e no setor público, em auditoria/intervenção pública (Generalitat de Catalunya).

Referências

Alaminos, D., Stephen, Y.O., & Fernandez-Gamez, M.A. (2020). Financial performance: Analysis in European Football Clubs. Entropy (Basel), 22(9), 1-16.

Altman, E.I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(September), 589-609.

Altman, E.I. (1983). Corporate Financial Distress: A Complete Guide to Predicting, Avoiding, and Dealing With Bankruptcy. New York: Wiley Interscience, John Wiley and Sons.

Altman, E. I. (2000). Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta®Models. http://pages.stern.nyu.edu/~ealtman/Zscores.pdf

Altman, E. I., Iwanicz-Srozdowska, M., Laitinen, E.K., & Suvos, A. (2016). Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman's Z-Score

Model. Journal of International Financial Management and Accounting, 1(41), 131-171, doi: https://doi.org/10.1111/jifm.12053

Ahtiainen,S. & Jarva, H. (2022) Has UEFA’s financial fair play regulation increased football clubs’ profitability? European Sport Management Quarterly, 22(4). 569-587,

https://doi.org/ 10.1080/16184742.2020.1820062

Ascari , G., & Gagnepain , P. (2006). Spanish football. Journal of Sports Economics,7(1), 76- 89.

Barajas, A., & Rodriguez, P. (2014). A Financial Health Therapy for Spanish Football: Stop the Bleeding and Capital Injection. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2392533 (accessed at 22 June 2022).

Bărbuță-Mișu, N., & Madaleno, M. (2020). Assessment of bankruptcy risk of large companies: European countries evolution analysis. Journal of Risk and Financial Management, 13(3), 58.

Boscá, J. E., Liern, V., Martínez, A., & Sala, R. (2008). The Spanish football crisis. European Sport Management Quarterly, 8(2), 165-177.

Conan, J., Holder, M. (1979). Variables explicatives de performances et controle de gestion dans les P.M.I. Université Paris Dauphine Paris, Paris Dauphine University.

Cordery, C.J., Sim, D., & Baskerville, R.F. (2013). Three models, one goal: Assessing financial vulnerability in New Zealand. Sport Management Review, 16(2), 186-199.

Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177

Dimitropoulos, P., & Koronios, K. (2018). Earnings persistence of European Football Clubs under UEFA's FFP. International Journal of Finance Studies, 6(2). https://doi.org/10.3390/ijfs6020043

Downward, P., & Dawson, A. (2000). The economics of professional team sports. Routledge.

Fernández-Vilarino, R., & Domínguez-Gómez, J.A. (2022). The financial impact of the financial fair play policy on Spanish football. Sport, Business and Management, 12(2), 171- 188.

Forner, O.(28 of Desember of 2020). Concursos de acreedores en la liga profesional de futbol. https://www.expansion.com/juridico/opinion/2020/12/28/5fe91968e5fdea956b8b45c0.html

Garcia-del-Barrio, P., & Szymansky, S. (2009).Goal! profit maximizing versus win maximizing in Football. Review of Industrial Organization, 34(1), 45-68.

Gerdin, C., & Rump, C. (2017). Predicting Financial Distress: A model for the European Football Industry. Stockholm School of Economics.

Gerritsen, P. L. (2015). Accuracy rate of bankruptcy prediction models for the Dutch professional football industry. University of Twente.

Ghio, A. Ruberti, M. & Verona, R. (2019) Financial constraints on sport organizations’ cost efficiency: the impact of financial fair play on Italian football clubs, Applied Economics, 51:24, 2623-2638. https//doi.org/10.1080/00036846.2018.1558348

Gutiérrez-Fernández, M., Talavero-Alvarez, J., & Coca-Pérez, J.L. (2017). Economic and Financial Analysis of Bankruptcy of Football teams. In M. Peris-Ortiz & J. Álvarez-García, J. (Eds.), Sports Management as an Emerging Economic Activity. New York: Springer.

Ika, S. R., Udin, K., Nugroho, J. P., & Koenti, I. J. (2021). Assessing the Financial Performance of English Football Clubs: Arsenal and Manchester City. The 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 57-62.

Leach, S., & Szymanski, S. (2015). Making money out of football. Scottish Journal of Political Economy, 62(1), 25–50.

Liga de Futbol Profesional (LFP) (2018). Normas de elaboración de presupuestos de clubes y SADs. https://www.laliga.com/transparencia/gestion- economica/normativa

Miragaia, D., Ferreira, J., Carvalho, A., & Ratten, V. (2019). Interactions between financial efficiency and sports performance: Data for a sustainable entrepreneurial approach of European professional football clubs. Journal of Entrepreneurship and Public Policy, 8(1), 84-102.

Nicoliello, M., and D. Zampatti (2016). “Football Clubs’ Profitability after the Financial Fair Play Regulation: Evidence from Italy.” Sport, Business and Management: an International Journal 6 (4), 460–475.

Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 109-131.

Perechuda, I. (2020). Utility of financial information in managing football business model: Case from Central Eastern Europe. Journal of Physical Education and Sport, 20(2). (Suplement Issue).

Plumley, D., Wilson, R., & Ramchandani, G. (2017). Towards a model for measuring holistic performance of professional Football clubs. Football & Society, 18(1), 16-29. https://doi.org/10.1080/14660970.2014.980737

Rodríguez-Ponga, J., & Gutiérrez-Bolívar, R. (2019). Impacto del fair play financiero en el fútbol europeo. Universidad Ponfiticia de Comillas.

Sánchez, L.C., Barajas, A., & Sánchez-Fernández, P. (2020). Profits may lead teams to lose matches, but scoring goals does not lead to profit. European Research on Management and Business Economics, 26(1), 26-32. https://doi.org/10.1016/ j.iedeen.2019.12.007

Scelles, N., Szymanski, S., & Dermit-Richard, N. (2018). Insolvency in French Football: The Case of Payment Failure. Journal of Sports Economics, 19(5), 603–624. https://doi.org/10.1177/1527002516674510

Serrano, E., Acero, I., Farquhar, S., & Espitia, M.A. (2023). Financial fair play and competitive balance in European football: a long term perspective. Sport, Business and Management, 13(1),74-92, https://doi.org/10.1108/SBM-05-2021-0060.

Shi, Y., & Li, X. (2019). An overview of bankruptcy prediction models for corporate firms: A systematic literature review. Intangible Capital, 15(2), 114- 127. https://doi.org/10.3926/ic.1354.

Sloane, P. (1971). The economics of professional football: The football club as a utility maximizer. Scottish Journal of Political Economy, 18(2), 121–146.

Springate, G. (1978). Predicting the possibility of failure in a Canadian firm, Master’s Thesis, Simon Fraser University. Burnaby (Canada).

Storm, R. K., & Thomsen, F. (2016). For better or worse? A study of institutional responses to sports competitive pressure in Danish pro football 2001–2013. European Journal for Sport and Society, 13(4), 274-295.

Storm, R. K., & Nielsen, K. (2012). Soft budget constraints in professional football. European Sport Management Quarterly, 12(2), 183–201.

Szymanski, S. (2012). Insolvency in English professional football: Irrational exuberance or negative shocks. International Association of Sports Economists, Working Paper Series 10- 02.

Szymanski, S. (2017). Entry into exit: insolvency in English professional football. Scottish Journal of Political Economy, 64(4), 419-444. https://doi.org/10.1111/sjpe.12134.

Szymanski, S., & Weimar, D. (2019). Insolvencies in professional football: a German Sonderweg. International Journal of Sport Finance, 14, 54-68.

Taffler, R. J. (1982). Forecasting company failure in the UK using discriminant analysis and financial ratio data. Journal of Royal Statistical Society, A(145), 342–358.

Terrien, M., & Andreff, W. (2020). Organisational efficiency of national football leagues in Europe. European Sport Management Quarterly, 20(2), 205–224.

UEFA (2022). UEFA Club Licensing and Financial Sustainability Regulations (edition 2022).http://editorial.uefa.com

Urdaneta,R., Guevara, J.C., Martín, E., & Le Clech, N. (2023).The Other Side of the “League of Stars”: Analysis of the Financial Situation of Spanish Football. International Journal of Financial Studies 11(1), 3-25. https://doi.org/10.3390/ijfs11010003

Zmijewski, M. E. (1984). Methodological issues relating to the estimation of financial distress prediction models. Journal of Accounting Research, 22, 59–82.