Financial Versus Sports Performance: The Missing Link

  •  Luca Ferri    
  •  Riccardo Macchioni    
  •  Marco Maffei    
  •  Annamaria Zampella    


This paper aims to investigate the relationship between the financial and the sports performance of Italian football teams. To achieve this aim, a panel data analysis was performed, using financial statements and data from sports results. The panel dataset covers seven seasons (from 2007–2008 to 2013–2014) and 29 clubs that belong to the Italian “Serie A.” The results indicate positive effects between the expenses for football players’ salaries and the clubs’ sports performance but no significant effects between player transfer fees and sports performance.

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