Angel Barajas

University of Vigo | UVIGO · Department of Financial Economics and Accountancy

This paper shows the current financial situation of Spanish professional football. Different financial ratios are used in order to classify the financial position of the different teams. The study has been split between clubs in First or Second division. We also analyze the relationships between the size of market, team payrolls, and team performan...

This study aims at estimating the economic impact for the region of Galicia of the visit of the Pope on 6 November 2010. Several sources of information (own surveys, interviews, official statistical sources, press and audiometric studies developed by specialized companies) and the Cost-Benefit Analysis methodological approach are used. Overall, we...

This study explores the recovery in the Market Value Added (MVA) of European companies after the recent global economic crisis in 2008-2009. It introduces empirical evidence that intangible-intensive strategy in human and relational capital reinforces speed of the after-crisis correction for companies. Based on a panel dataset of more than 1600 lis...

Research question: Previous papers analysing broadcast demand for sports have provided general findings for the countries studied. However, each region in the same country could have different determinants. The present study aims to analyse the demand for broadcast football, emphasising the effect of the uncertainty of outcomes in Brazil’s two bigg...

Purpose - This paper explores the plausibility of six elements of IC and justify the measurement ability of a set of indicators based on publicly available data for each of the proposed element in order to provide tools to managers for their decision making process in knowledge management (KM). Design/methodology/approach - Core company’s intangibl...

Purpose This paper aims to initiate new avenues of research by examining optimal intellectual capital (IC) inputs, introducing three theories into the discussion: diminishing returns to scale, transaction costs economics and efficiency wage theory. In the second part, it advocates for demonstrating the existence of such non-optimality through empir...

Cultural factors play an important role that affects the organizational performance of, especially, the multinational corporations operating across countries and cultures. This study aims to investigate the scientific information related to this research area. The metadata from 856 scientific documents published from 1983 to 2020 in 195 journals in...

This chapter delves into the business and financial aspects of the esports industry, providing readers with a comprehensive understanding of its intricate workings. It explores the sources of revenue and associated costs, shedding light on who earns money in esports and showcases profitable teams. The chapter also highlights the evolution of prize...

Cultural factors play an important role that affects the organizational performance of, especially, the multinational corporations operating across countries and cultures. This study aims to investigate the scientific information related to this research area. The metadata from 856 scientific documents published from 1983 to 2020 in 195 journals in...

Corporate universities (CUs) have evolved significantly over the past century, yet empirical studies examining their impact on corporate performance are notably sparse. This study addresses this gap by applying two alternative quasi-experimental designs - Propensity Score Matching (PSM) and Synthetic Control Group (SCG), to assess CU's strategic va...

Las federaciones deportivas son actores clave dentro del sistema deportivo. Un aspectoesencial para su éxito radica en su capacidad para planificar sus objetivos yevaluar el grado de cumplimiento de estos. La identificación de indicadores es crucialpara la mayoría de las federaciones deportivas, que realizan un creciente número deactividades con re...

Purpose This paper aims to develop a framework for the semantic operationalisation of the business model, which enables the automated identification of business models using content analysis. Design/methodology/approach The authors approached the operationalisation of the business model by conducting a review of the organisational and management l...

Previous research inspecting the demand for tickets for professional sports has mostly used aggregate data in their estimations. In a nutshell, it implies that all fans would be driven by the same determinants. In this research, we test whether this hypothesis holds. We analyse all first-tier Brazilian League home matches of both Flamengo and Flumi...

There are limitations in determining the economic impact of sporting events that need to be considered. One of these is represented by first-round leakages. This work focuses on explaining first-round leakages in the economic impact of sporting events on small cities. Seeking to identify this type of leakage, we estimated the spatial distribution o...

Purpose In this paper, the authors study the failure of Russian banks between 2012 and 2019. Design/methodology/approach The authors analyze the entire population of Russian banks and combine a logit model with the survival analysis. Findings In addition to the usual determinants, the authors find that not-failed banks have higher levels of fulfi...

The problem of competitive balance in the sports economy remains relevant and widely discussed both in the scientific community and among representatives of the sports services market around the world. This issue is widely considered in the world scientific literature. At the same time, there are practically no studies devoted to assessing the comp...

Purpose Studies that measure the economic impact of events usually disclose deterministic results. This situation implies a methodological problem that compromises the veracity of the estimates. This aspect is particularly relevant in the field of sports tourism. For these reasons, this study aims to empirically analyse the estimate of the initial...

Purpose: The aim of this paper is to determine whether football clubs are valued according to financial parameters, as in other profit-seeking investments, or depending on the subjective preference of the buyers, in situations where buyers seek emotional rewards or a status symbol. Design: This work analyses a unique data set of the prices of actu...

Previous research evidence some negative effects after league relegations. However, these works focused only on domestic league figures, overlooking that football clubs play in simultaneous tournaments. Therefore, the effects of relegation in a domestic league on those simultaneous championships remain unclear. Our dataset comprises twenty men’s Br...

Previous research on professional football offer conflicting results regarding the impact of wage dispersion on team performance. However, the existing intra-league heterogeneity among clubs is overlooked and could be the reason for the diverging outcomes. The aim of this paper is to reanalyze this relationship having the clubs’ size as moderator....

Purpose The organization of several small-scale events throughout the year is called event portfolio and may contribute to the development of the city strategy in the touristic, social and economic fields. The organization of a set of sporting events represents an important innovation in the development of city marketing. This paper analyzing the s...

This article contributes to the development of contestable market theory by investigating how competitiveness in the eSports industry influences the size of this industry, as measured by the volume of monetary prizes. We use data on each gamer's prize earnings for each tournament from 1999 to 2015 to estimate panel vector autoregression (V.A.R.) mo...

Focusing on managerial problems related to the measurement of intangibles, this paper develops and validates a hedonic-pricing methodology for the evaluation of the intangible resources of companies obtaining their shadow prices. The paper adapts a hedonic-pricing methodology developed primarily for markets in real estate and second-hand cars to de...

The objective of this paper is to analyse the ownership of the Big Five (Big 5) leagues in Europe, the effects of fans' participation in the ownership of their clubs and how governance in European football can improve. The different structures used by fans to participate in the ownership of the clubs in the Big 5 leagues are analysed by showing the...

Companies have increasingly used the promotion of their products through event marketing. However, empirical evidence on whether the events lead to higher sales is mixed. This study investigates the spillover effects of promotion in sales directly and through increasing popularity for global multiproduct firms. The research is carried out on data o...

This paper tests the behavioral firm theory by examining exogenous economic shocks to explore whether switching to an innovative strategy is always reasonable. A quasi-experimental design – difference-in-difference – has been run on 1000 companies for 11 years to explore the consequences of strategic shifts towards innovations. It is found that com...

The influence of market size, purchasing power or sport success in sport pricing policies has been studied. However, the influence of competitive balance and clubs’ ownership is still underinvestigated. The present paper covers this gap and study the effect of both of them in the in the price of the season tickets in the teams of the four main Euro...

Football is an industry driven by emotions. Fans experience many different emotions related to their teams. This paper aims to inspect how emotions impact attendance at football matches, examining whether football fans prefer to watch highly competitive matches or matches between good teams with star-players. The paper also considers behavioral and...

This paper analyses a particular managerial problem that sports clubs face from time to time. The aim is to identify the effects that alternative stadiums and stadiums' features have in ticket prices and demand. Simultaneous equations models by three‐stage least square estimator using instrumental variables is the method employed. The findings evid...

Most papers analyze the broadcast demand for a single league. However, professional football clubs participate in two or more tournaments simultaneously every season. Hence, the perception of fans may differ. This is a relevant topic, since television rights constitute the main source of revenue for professional football. The Brazilian football mar...

Most papers analyze the broadcast demand for a single league. However, professional football clubs participate in two or more tournaments simultaneously every season. Hence, the perception of fans may differ. This is a relevant topic, since television rights constitute the main source of revenue for professional football. The Brazilian football mar...

The purpose of this paper is to examine the relationship between profitability and sporting performance in European football. Profitability has been rarely studied because it has not been considered an aim of European clubs, in contrast with American clubs. However, the emergence of investors who invest on both sides of the Atlantic shows that the...

Some cities strategically plan multiple small and medium-size sport events on different dates in their annual calendar of activities and avoid focusing on a single event of great magnitude. This is how the concept of a sport-event portfolio arises. This article aims to present a method to quantify the injection of sports-tourism money into a city f...

Purpose The purpose of this paper is to analyse simultaneously the effect of attendance at the stadium on the size of the TV audience, taking into account the effect of price and uncertainty of outcome hypothesis on both the TV audience and stadium attendance. The paper assumes that a home-team effect exists and influences potential spectators’ dec...

The influence of socio-economic factors on the demand for football is under-investigated. This paper aims to offer evidence about the effects of socio-economic factors and historical success of clubs in the demand for tickets in all Brazilian League tiers. All football clubs that have participated at least once in one of the four Brazilian League D...

El objetivo del presente trabajo es estudiar cómo la evolución de las fuentes de ingresos y de las medidas de control económico ha afectado al fútbol europeo. La facturación del fútbol europeo ha tenido un fuerte crecimiento, especialmente en los derechos de televisión y los ingresos comerciales. Esto no evitó que los equipos atravesaran por dificu...

The purpose of this study is to examine how the evolution of revenue sources and economic control measures has affected European football. Turnovers in European football have experienced strong growth, especially as far as television rights and commercial revenue are concerned. Such growth did not prevent clubs from undergoing financial difficultie...

Sport events have become a key element in revitalizing tourism and a valuable instrument for city marketing managers. This is true not only for mega-events but also for medium and small-size events. This chapter focuses on two editions of the same sport event as an example of how it can be used for these purposes. The authors have chosen the Spanis...

This paper analyzes whether the Financial Fair Play (FFP) regulations set by Union of European Football Associations (UEFA) have influenced the auditing fees charged to football clubs. In addition, it explores the determinants of audit fees. We used a two-sample t-test with equal variances to determine whether differences are present. After this, w...

RESUMO O clássico entre Atlético-PR e Coritiba, realizado no dia 1º de março de 2017 pelo Campeonato Paranaense, atraiu a atenção da mídia nacional devido ao caráter inovador de ambas as equipes ao utilizar exclusivamente o streaming para transmitir a partida. Entretanto, nenhum estudo foi publicado até o momento buscando analisar os impactos que e...

This paper analyzes if the Financial Fair Play (FFP) regulations set by UEFA have influenced the auditing fees charged to the football clubs. In addition, it explores the determinants of audit fees. We use a two-sample t test with equal variances to determine whether differences are present. After this, we carry out a panel data regression with clu...

This article analyses the determinants of attendees’ tourism spending at professional basketball matches during the 2012/2013 season. For this purpose, it applies a linear quantile regression and considers the effect of specific sports event variables which have rarely been assessed in this type of study. Empirical results confirm that the determin...

Previous papers have deeply analysed the determinants of sporting success in both Olympic Games and international football. Nevertheless, few studies are found on football club-level, remaining it as a gap in the literature. Therefore, the aim of the present paper is to identify the determinants of sporting success on professional club-level using...

Purpose-The purpose of this paper is to analyse the demand for tickets in the Brazilian State Championships focussing in the impact generated by the brand teams as well as the play-off matches in the demand for tickets and, consequently, in the match day revenues. Design/methodology/approach-An equations system by three-stage least square estimat...

This paper aims to design a methodology to evaluate financial stability in the football industry. Considering Financial Fair Play Regulations (UEFA, 2012, 2015), it explores how they have worked. This paper adapts Multiple-Criteria Decision Analysis (MCDA) to the football industry. A number of ratios and their corresponding weights are defined. Fou...

Introduction to the BRICS, Global Business & Innovation Special Issue. There are some ideas about Innovation, emergent countries and global business.

The study of the economic impact on the sport as a scientific discipline was born for the identification of the economic benefits of major sports events. Its evolution has led to broader approaches. It has been applied to the study not only of the economic aspect but also the intangible effects in both large and small events, in facilities and fran...

Purpose This study aims to explore value creation through intangibles in corporations, taking into consideration the endogenous nature of managerial decisions. It is stated that intangibles bring extra information asymmetry into a company and make managers and investors’ goals less aligned. Design/methodology/approach A theoretical model is elabor...

This paper aims to analyze how ownership influences the performance of European football teams. The study of efficiency allows us to identify relative performance in the achievement of several objectives, as is the case of football teams pursuing both financial performance and sports success. The analysis shows that football teams organized as memb...

Purpose The paper aims to explore factors of the low competitiveness of Russian companies assuming that the gap in the endowment of intangible resources is responsible for the gap in competitiveness. Design/methodology/approach The framework of resources-based view is used to examine causality between the resources used and competitiveness measure...

Nowadays promotion through events become popular among companies. However, empirical evidence on whether such investments improves company financial performance is mixed. In our paper, we analyze the sales of video games publishers and for the period of 1997-2015. We consider eSports tournaments, organized by these video game producers, as promotio...

Purpose This study explores company strategies for intangibles. The authors investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. The purpose of this paper is to elaborate a theoretical model to describe the strategic decision making in companies. Design/methodology/appro...

Los derechos de televisión constituyen unos de los principales exponentes del binomio economía-deporte. Además su carácter transversal trasciende su componente económica, alcanzando a otros ámbitos tales como el legal o la propia organización deportiva de competiciones y ligas. Su evolución en los últimos años permite anticipar que, desde un punto...

Los derechos de televisión constituyen unos de los principales exponentes del binomio economía-deporte. Además su carácter transversal trasciende su componente económica, alcanzando a otros ámbitos tales como el legal o la propia organización deportiva de competiciones y ligas. Su evolución en los últimos años permite anticipar que, desde un punto...

The aim of this study was to determine the relevant management variables that explain the performance of Spanish football clubs in the First Division. To do so, a comprehensive analysis of the literature was carried out on the contents relating to the variables associated with the management of football clubs. Thereafter, the contents were grouped...

Purpose This study explores the strategies adopted by companies during the economic crisis of 2008-2009. It investigates whether it is reasonable for companies to intensify their investment in intangibles during recession periods. The purpose of this paper is to find empirical evidence that companies with clear intangible-intensive profiles are lik...

This paper explores the moderator effect of firm size on the relation between different intangible resources and companies' performance. By analysing small and medium enterprises (SMEs) and large companies, the authors examine the differences in the employment of six types of intangible resources: human resources, management resource capabilities,...

RESUMEN: El presente trabajo estudia la influencia de las estructuras de propiedad de los principales equipos de fútbol europeos en su rentabilidad. Los resultados obtenidos muestran que la propiedad dispersa y nacional de un equipo tiene una relación positiva con su rentabilidad financiera. Por otra parte, el hecho de que los equipos se organicen...

1. INTRODUCCIÓN Según Szymanski (2015) existen dos relaciones estadísticas fundamentales en el fútbol: cuánto más se invierte en jugadores, mayor será el éxito deportivo a largo plazo; y cuánto mayor el éxito deportivo, mayores serán los nuevos ingresos. Sass (2016) corrobora y añade que el éxito continuo aumenta el tamaño de mercado y proporciona...

El objetivo del estudio ha sido investigar de qué manera cada campeonato afecta la generación de ingresos de los clubes de fútbol. Se ha analizado el desempeño deportivo de 28 equipos brasileños durante cinco temporadas (2010-14) en los siguientes torneos: Campeonato Brasileiro, Copa do Brasil, Campeonatos Estaduais, Copa Libertadores y Copa Sudame...

En el presente documento se lleva a cabo un análisis comparativo del impacto económico del Rallye de Ourense en sus 42ª, 43ª y 44ª ediciones. El informe muestra la evolución de la repercusión económica que ha tenido el evento sobre la ciudad de Ourense en el periodo analizado. Además se observa la consistencia de los resultados tanto en el impacto...

García & Rodríguez (2012), Serrano & Espitia (2013), Pawlowski (2013) and Montes & Usai (2014) have found a sharp deterioration of competitive balance in Spanish League in the last years. One of most cited causes has been the decentralized selling of TV rights (Pawlowski, Breuer, & Hovemann, 2010), with one of the most unequal sharing in Europe (Mo...

Dietl, Franck & Roy (2003), Tainsky (2010), Feddersen & Rott (2011) and Dang et al. (2015) have investigated the determinants of demand in live sports matches. However, the present work is the first one which researches this issue on Brazilian football. We have worked with an unbalanced panel with clubs fixed effects including 228 live football mat...

Introduction Recent years we have seen the expanding gap in competitiveness of Russian companies comparing to their international rivals. The underdevelopment of Russian domestic production led to the significant share of import in Russian economy. The import share in different sectors ranges from 25 to 70% and has been growing every year starting...

AIM OF THE PAPER This paper aims to design a methodology to evaluate financial stability in the football industry. It takes Financial Fair Play Regulations (UEFA, 2012) into account and explores how they work in a sample of the top 10 European football clubs according to revenues. This method is used to establish a ranking according to the levels o...

En la presente investigación se plantea un nuevo modelo de análisis del equilibrio en las ligas de fútbol a través del Accumulated Points Difference (APD). Se examinan ocho temporadas de nueve campeonatos entre 2006/2007 y 2013/2014: Bundesliga (Alemania), Campeonato Brasileiro (Brasil), Liga BBVA (España), Ligue 1 (Francia), Eredivise (Holanda), P...

After several consecutive seasons in the league, the Campeonato Brasileiro may return to the playoffs format. The Brazilian Football Confederation (CBF) and some Brazilian clubs commented that this format will provide higher competitive balance and increase the interest of Brazilian football fans. Therefore, the objective of this paper is to assess...

RESUMO O prémio de risco (PR) é um elemento primordial tanto na determinação da rentabilidade esperada dos ativos, como na determinação do custo de capitais, aspetos tão importantes em finanças empresariais como em avaliação de empresas. O PR histórico é o mais utilizado, no entanto, existem mais três abordagens comummente descritas pela literatura...

p>El presente artículo surge con el objetivo de analizar los efectos de la celebración de un evento deportivo en una localidad. En concreto, se presta atención al impacto económico de la celebración en el municipio de Pontevedra del XXI Campeonato de España “Open” de Invierno de Natación Master de Natación en febrero de 2015. Paralelamente se anali...

The goal of this study is to measure the efficiency of the major European football teams under financial and win objectives using profits and UEFA coefficient as outputs. An alternative model is presented maximizing wins and minimizing financial losses. Results show much room for improvement, especially in financial management. El estudio de la efi...

Desde o trabalho de Demmert (1973) a demanda de ingressos é um dos temas mais pesquisados na literatura econômica do esporte. Entretanto, poucas investigações semelhantes foram realizadas no futebol brasileiro, sendo o artigo de Madalozzo e Villar (2009) o único publicado sobre este assunto. Estes autores, assim como os das demais investigações não...

Purpose This study aims to reveal and empirically validate a new typology of company strategic profiles regarding intangible resources. Design/methodology/approach The study is carried out in three steps. The first stage comes to identify the coordinates of intangibles in which strategic profiles are found. The second stage enables a clusterizatio...

Sport event promoters aim to organize them to get the best return on their investment. The purpose of this study is to learn better how to manage the event to maximize the benefit to the host area. Most studies on economic impact of sporting events focus on mega events or look for an impact in medium to large size cities. This study estimates the e...

The need to identify the economic benefits of major sporting events gave rise to the study of the economic impact of sports as a scientific discipline which currently encompasses broad approaches that not only study the economic aspect of sports but also analyze the facilities, franchises, intangible effects, and large and small sporting events. Us...

El balance competitivo ha sido uno de los temas más investigados en la economía del deporte y el objeto de estudio del presente trabajo. Se ha planteado un nuevo modelo de análisis del equilibrio en las ligas de fútbol a través de la Diferencia de Puntos Acumulada (DPA). Se ha examinado el Campeonato Brasileiro, la Liga BBVA, la Premier League ingl...

El deporte ha adquirido gran importancia en la sociedad, aportando múltiples beneficios que van desde el ámbito de la salud física y psíquica hasta la integración o la educación. Paralelamente, el ámbito económico y empresarial ha experimentado un notable crecimiento, definiéndose de este modo la industria del deporte. En este sentido las regiones...

The paper explores the effect of firm size on the relation between intangible resources and companies’ performance (ROA). The authors identify six types of intangibles: human resources and management capabilities, innovation and internal process capabilities and customer loyalty and networking capabilities. The study provides econometric justificat...

Sport events are characterized by their economic potential. Therefore, they have become a key element in revitalizing tourism and a valuable instrument for city marketing managers. This is true not only for mega events but also for medium and small-size events. This chapter focuses on a sport event as an example of how it can be used for these purp...

This study explores the successful strategies of companies during the 2008-2009 economic crisis. We investigate whether it is reasonable for companies to intensify intangibles when markets fall. This paper aims to find empirical evidence that companies with a clear intangible-intensive profile are likely to outperform those without a strategy. The...

The paper explores the effect of firm size on the relation between intangible resources and companies’ performance (ROA). The authors identify six types of intangibles: human resources and management capabilities, innovation and internal process capabilities and customer loyalty and networking capabilities. The study provides econometric justificat...

The paper contributes to explain an unexplored competition that is the Brazilian State Championships. How it is organized and the financial features of three championships are described. The aim of the paper is to discover if the presence of "Brand-teams" in a competition increases the income of all participating teams and if the type of championsh...

The introduction of sports activities in the tourist sector has expanded and diversified touristic offers and has given these offers a distinct character. Among all the activities that make up sports tourism, sports events have been increasingly used to promote the venues where they take place. Sports events offer the opportunity to promote the des...