Syfte: Syftet med denna uppsats är att undersöka hur fotbollsklubbars aktiekurs påverkas av klubbarnas prestationer på planen i hänsyn till matchresultat. Delsyftet är att se om andra faktorer som är länkade till matchresultat kan ge mer eller mindre tyngd till eventuella prisförändringar.  Metod: Uppsatsen har ett positivistiskt vetenskapligt förhållningssätt och ett deduktivt angreppssätt. Undersökningen tillämpar en eventstudie-metodologi där eventperioden är satt till dagen efter eventet och där estimeringsperioden omfattar 250 dagar. Efter bortfall täcker insamlad data information kring 1060 matcher från 12 olika lag under åren 2011-2013. Data används för att mäta om en genomsnittlig avvikande avkastning (AAR) har uppstått i samband med matchutfall. Utöver detta undersöks de mer psykologiska faktorerna vändningar, anormal målskillnad och förväntningars effekt på den avvikande avkastningen. Slutligen undersöks det även om det finns skillnader mellan hur fotbollsklubbars aktiekurs påverkas vid olika matchutfall beroende på vilken nation de tillhör. Resultat: Vid vinst uppvisade resultatet en positiv AAR på 0,67 %. Oavgjort och förlust uppvisade en negativ AAR på -1,45 % respektive -1,75 %. Förväntade matchutfall hade ingen signifikant påverkan på aktiekursen medan oförväntade matchutfall hade en signifikant påverkan. En match med positiv (negativ) anormal målskillnad gav 0,88 % (-0,72 %) högre (lägre) avkastningen än en match utan en positiv (negativ) anormal målskillnad. Dock förekom endast signifikans vid positiv anormal målskillnad. Resultatet visade även att vändningar inte hade någon signifikant påverkan på aktiekursen. Förövrigt fanns det endast ett fåtal signifikanta skillnader mellan länder i deras reaktioner till olika matchutfall. Slutsatser: Matchutfall påverkar fotbollsklubbars aktiekurs.  En vinst har en positiv effekt på aktiekursen medan oavgjort och förlust har en negativ effekt. Aktiekursens reaktion på matchutfall är asymmetrisk där förluster har en större effekt än vinster. Förväntningar inför matchen har en betydelse för aktiekursens reaktion. Anormal målskillnad påverkar investeraren emotionellt och leder till en avvikande avkastning. Detta gäller inte för vändningar. Slutligen drogs även slutsatsen att det inte finns någon skillnad kring hur fotbollsklubbars aktiekurs påverkas vid olika matchutfall beroende på vilken nation de tillhör. / Purpose: This paper aims to examine how performance on the pitch in terms of match outcome affects the price of football clubs shares. A subordinate aim is to see whether other factors that are linked to match outcome can give more or less weight to probable price changes. Methodology: This thesis has a positivistic and a deductive approach. Furthermore, this thesis applies an event study methodology, where the event period is the day after the event and the estimation period comprises of 250 days. After accounting for errors and loss in data, the overall data contains information about 1060 games from 12 different teams during 2011-2013. The data is used to measure whether average abnormal returns (AAR) have occurred in connection to match outcomes or not. Moreover, the more psychological factors such as turnarounds, abnormal goal difference and expectations have also been examined to see whether these factors can impact the abnormal return or not. Additionally, it has been examined if differences exist in how football clubs shares react to match outcomes when taking account for their nationality. Results: The result shows that a win gives a positive AAR of 0.67%. A draw and a loss both give a negative AAR, where a draw results in a -1.45% AAR and a loss in a -1.75% AAR. Expected match outcomes had no significant effect on football clubs shares while unexpected match outcomes had a significant effect. A match with positive (negative) abnormal goal difference gave a 0.88% (-0.72%) higher (lower) abnormal return than a match without a positive (negative) abnormal goal difference. However, only positive abnormal goal difference was statistically significant. The results also showed that turnarounds had no significant effect on football clubs shares. Furthermore, the result showed barely any statistical significant differences among the countries in their share reaction to match outcomes. Conclusions: Match outcome has an effect on football clubs shares. A win will have a positive effect on the price of a football club share while a draw and a loss will have a negative effect. There is an asymmetric reaction to match outcomes as a loss will have a larger impact than a win. Expectations influence how football stocks react to match outcomes. Abnormal goal difference affects the investor emotionally and consequently leads to an abnormal return. This is not the case for turnarounds. Moreover it was concluded that nationality do not have a deciding impact on how football clubs shares react to match outcomes.

Svensk fotboll är den största folkrörelsen i Sverige och engagerar miljontals människor varje år. Elitklubbarna lägger stora resurser på hållbarhetsarbete i olika former för att ge tillbaka till samhället, och stärka den egna klubben. Hållbarhetsredovisning har blivit allt viktigare under de senaste åren, bland annat genom en ny lag från 2017 som lagstadgar en hållbarhetsredovisning för stora bolag. Svenska elitfotbollsklubbar omfattas inte av denna lag, men med alla de insatser klubbarna gör, menar teoretiker att klubbarna bör redovisa sina gärningar. Studiens syfte är således att förstå hur elitfotbollsklubbar i Sverige förklarar och förhåller sig till hållbarhetsredovisning i relation till värde och legitimitet. Studien drivs även av frågeställningen om hur klubbar kan utveckla sin hållbarhetsredovisning. Med hjälp av legitimitetsteori, intressentteori samt kontinuerlig intressentdialog förklarar studien vilka områden som behöver utvecklas, men också de värden som riskerar att gå förlorade till följd av en bristfällig hållbarhetsredovisning. Studiens empiri är hämtad från fem intervjuer som genomförts med fem olika klubbar. Resultatet visar att kommunikationen av hållbarhetsarbetet är bristfällig. Viss kommunikation sker genom klubbarnas hemsidor och sociala medier, men i årsredovisningarna är informationen närmast obefintlig. Tre av klubbarna pratar om resursbrist vilket gör hållbarhetsredovisning till en prioriteringsfråga. Slutsatsen blir att klubbarna bedriver ett väldigt stort hållbarhetsarbete, vilket de upplever stärker varumärket, helt i enlighet med tidigare forskning. Arbetet uppnår emellertid inte maximal effekt eftersom kommunikationen brister, vilket märks genom avsaknaden av hållbarhetsredovisning. Klubbarna skulle möjligen tjäna på att reducera antalet aktiviteter och istället fokusera på bättre rapportering. Då kan den egna klubben stärkas ytterligare. / Swedish football is the largest people movement in Sweden and engages millions of people. The elite clubs invests large resources in sustainability in different forms to give back to society, and strengthen their own club. Sustainability reporting has become increasingly important in recent years for all types of organizations. The purpose of the study is to understand how elite football clubs in Sweden explain and relate to sustainability reporting in relation to value and legitimacy. The study is also driven by the question of how clubs can develop their sustainability report. With the help of legitimacy theory, stakeholder theory and continuous stakeholder dialogue, the study explains which areas need to be developed, but also the values that are likely to be lost as a result of poor sustainability reporting. The empirical study is derived from interviews with five different clubs. The results show that communication of sustainability is inadequate. Some communication takes place through the clubs' websites, but in the annual reports the information is almost non-existent. Three of the clubs talk about resource shortages, which makes sustainability reporting a priority issue. The conclusion is that the clubs perform a very high level of sustainability, which they believe strengthens the brand, in line with previous research. However, the work does not achieve maximum effect because the communication fails, as evidenced by the lack of sustainability reporting. The clubs could possibly serve to reduce the number of activities and instead focus on better reporting. Then the clubs can be further strengthened.

Proper valuation of professional football clubs requires understanding and taking into account specific features of sports. Once we are familiar with the relevant issues and have reliable input information, we can determine appropriate valuation techniques, which shall respect purpose of the valuation alongside with any related specific features. Subsequent application of the valuation techniques determines the value of the club. Comparing results of various methods within one club, as well as between the clubs, may test reliability of the values. With regard to their status and importance, Manchester United FC and Arsenal FC are the clubs chosen for the analysis and valuation performed in this dissertation thesis. The workflow and logic above facilitates performing reliable valuations of selected teams, as well as drawing the guidelines and recommendations for the valuation of professional football clubs with regards to specifics in their financing and economic functioning.

Main focus of this thesis is social responsibility in professional football clubs of Europe. The theoretical part first of all describes the concept of corporate social responsibility with the most important characteristics and then explains some specifics of sport in economic terms. In the last part of the theoretical part offers an introduction of international and European football associations. In the practical part, the author describes and reviews the socially responsible activities of these organizations, followed by a comparison of European football leagues from the same perspective. Major part of practical part is focused on the most successful Czech football club AC Sparta Prague. Based on current activities and on a survey of club´s fans, a set of recommendations has been created for future socially responsible activities of the club.

Abstract Background: The increasing professionalization of sports clubs has led to a shift in their objectives to include social responsibility in addition to sporting success. The change is due to the demand from society for organizations to contribute back to society and the need for clubs to maintain authentic relationships within their communities. Swedish elite football clubs are no exception, as they engage in socially responsible activities contributing to Swedish society. The clubs' shared practices can be explained by institutional isomorphism, a core concept within institutional theory. Purpose: The purpose of the thesis is to explore how stakeholders' expectations concerning CSR are managed within Swedish elite football clubs and what incentivizes the clubs to conduct CSR. The thesis will provide an understanding of how CSR is conducted and illuminate current management practices between organizations and stakeholders. Method: A qualitative interview study has been conducted with the support of secondary sources such as websites and documents. Purposive and snowball sampling has been applied to acquire relevant interview participants. The thesis utilized thematic analysis to arrive at meaningful and rich conclusions. Conclusion: The conclusion states that managing stakeholder expectations in CSR requires involving them in the process and considering their feedback and demands. The incentives for CSR include stakeholder pressures and a desire to contribute to society. Communication, information sharing, and collaboration are crucial in managing relationships between organizations and stakeholders.

Bakgrund: Fotbollsklubbar är idag underutvecklade vad gäller användandet av entreprenörskap för att motverka kriser. Detta är märkligt då idrott befinner sig i en föränderlig miljö som kräver anpassning. Samtidigt är idrottsföreningar, som kännetecknas av entreprenörskap, bättre på att prestera när lågkonjunktur råder. Syfte: Syftet med studien är att beskriva och skapa förståelse för hur fotbollsverksamheten inom idrottsföreningar arbetar entreprenöriellt för att ersätta eventuella intäktsbortfall som orsakats till följd av COVID-19 pandemin. Vidare är syftet att analysera om huruvida det finns skillnader mellan idrottsföreningar och dess entreprenöriella arbete vad gäller intäkter och hur de har motverkat sådana eventuella bortfall. Problemformulering: Hur arbetar fotbollsverksamheten inom idrottsföreningar entreprenöriellt för att ersätta eventuella intäktsbortfall som blivit till följd av COVID-19 pandemin? Metod: Studien baseras på kvalitativ fallstudiemetod, där intervjuer genomförts med åtta idrottsföreningar. Olika analysmetoder är kombinerade. Forskningsansatsen är abduktiv, då inslag av induktion används bland annat i analysen, medan den deduktiva ansatsen är genomgående. Slutsatser: Studiens slutsatser visar att svenska fotbollsklubbar har arbetat entreprenöriellt genom att skapa nya och utveckla befintliga intäktsströmmar. Fotbollsklubbarna har bland annat skapat nya evenemang och utökat sin försäljning av både befintliga och nya produkter. Det visar sig också att en förenings serietillhörighet inte får direkta konsekvenser för dess entreprenöriella arbetssätt. / Background: Today, football clubs are underdeveloped in the use of entrepreneurship to counter crises. This is surprising since sports are in a changing environment that constantly requires adaption. At the same time, sports clubs, which are characterized by entrepreneurship, tends to perform better when a recession prevails. Purpose: The purpose of the study is to describe and create an understanding of how football clubs work entrepreneurially to compensate for any loss of revenue caused as a result of the COVID-19 pandemic. Furthermore, the purpose is to analyze whether there are differences between football clubs and their entrepreneurial work in terms of income and how they have counteracted such possible losses. Research question: How does the football business within sports clubs work entrepreneurially to compensate for any loss of revenue that has resulted from the COVID-19 pandemic? Methodology: The study is based on a qualitative case study method, where interviews were conducted with eight sports associations. Different analysis methods are combined. The research approach is abductive, as elements of induction are used in for instance the analysis, while the deductive approach is consistent. Conclusions: The conclusions of the study, shows that Swedish football clubs have worked entrepreneurially by creating new and developing existing revenue streams. The football clubs have, among other things, created new events and increased their sales of both existing and new products. It also turns out that an association’s serial affiliation does not have direct consequences for its ability to work entrepreneurially.

Background: Football is one of the biggest sports in the world. Just as the rest of the world has been affected by the pandemic, the Allsvenskan has also been affected. What is analyzed in this study are various financial key figures through the Altman z score which shows whether the clubs can cope with financial insolvency. Purpose: The aim of the study is to analyze how the Allsvenskan football clubs have handled the situation from covid-19. The study will also touch on the club's economic state before and after the pandemic to see if the state has changed since the crisis. Method: This study is based on a quantitative method through a deductive approach where the collected data comes mainly from annual reports from nine (9) Allsvenskan football clubs. The data was collected during several occasions as the study targets from 2017-2022. Conclusion:What the study concluded is that the clubs have not recovered financially from the covid 19 pandemic if they are based on the altman Z’ score. The years 2016-2018 had a higher Z’ score than the years 2019-2022 had in total.-- The spectators or fans increased after the pandemic. There is no statistical connection if a team gets more points that there is more audience.

As the impact sport, its consumers and performers have on the environment increases, the Earth continues to suffer. Amongst others, the plastic consumption is exploiting natural resources and the lack of recycling causes even further damage. Previous research shows that there is a rising demand for increased plastic recycling both on a small-scale and large-scale level. This study therefore investigated the possibilities football clubs in Malmö have when recycling the plastic they generate. With the help of semi-structured interviews, in-depth answers which were analysed thematically and an understanding of what actions need to be taken in order to increase plastic recycling was provided. By using theory of planned behaviour as well as institutional theory the study showed how the actions of individuals and norms of an organisation affects the efforts put into recycling. It became evident that the clubs are aware of the environmental obstacles we are facing but to a large extent feel as if it is not their responsibility. On the other hand, those administering the football clubs expect the clubs to take more responsibility. Instead, this study shows the need for increased efforts put in by everyone in order to increase plastic recycling and help the environment.

Tidigare studier (Scholtens & Peenstra, 2009) inom detta forskningsområde har påvisat att sportsliga resultat har en inverkan på en börsnoterad fotbollsklubbs aktiepris. Motivet bakom de tidigare studierna var den enorma ekonomiska tillväxt som skett inom fotbollsbranschen. Med anledning av den ekonomiska tillväxt som skett mellan åren 2009 och 2018, anser författarna att det är av intresse i denna studie att återigen undersöka huruvida ett sportsligt resultat påverkar en börsnoterad fotbollsklubbs aktiekurs. Tio fotbollsklubbar från tio olika ligor och länder analyseras mellan åren 2014 och 2018. Denna studie behandlar således både fler fotbollsklubbar och fler länder än tidigare studier. Totalt analyseras 1669 matcher, där de tio fotbollsklubbarna har gemensamt att de deltagit i både ligaspel och Europaspel under den givna tidsperioden. Vidare tar studien även hänsyn till spelodds inför varje match i syfte att analysera resultaten utifrån förväntningar. Studien utgår från klassisk finansteori i form av den effektiva marknadshypotesen, samt teorier inom behavioral finance. Den effektiva marknadshypotesen utgår från att marknaden är effektiv och att investerare fattar rationella beslut, medan behavioral finance utgår från att individer tenderar att fatta känslostyrda och irrationella beslut. Prospect theory, som är en del av behavioral finance, redogör för hur individer tenderar att värdera förluster mer negativt än vad de värderar en förlust positivt. I denna uppsats ställs den klassiska finansteorin i kontrast mot den beteendeorienterade finansteorin. Tillsammans kompletterar de varandra, och bidrar med en djupare förståelse för hur investerare agerar på finansiella marknader. Studiens resultat visar, i linje med tidigare forskning, att ett sportsligt resultat har en statistiskt signifikant inverkan på en börsnoterad fotbollsklubbs aktiekurs. Resultatet visar även att samtliga förluster i Europaspel har en statistiskt signifikant större negativ inverkan på aktiekursen än vad samtliga förluster i ligaspel har. Vidare visar även resultatet att oväntade vinster har en statistiskt signifikant större positiv inverkan på aktiekursen än vad förväntade vinster har. I enlighet med prospect theory visar även resultatet att de som investerar i börsnoterade fotbollsklubbar tenderar att värdera en förlust mer negativt än vad de värderar en vinst positivt. Regressionsanalysen visar på ett relativt lågt förklaringsvärde mellan den beroende variabeln, abnormal return, och de oberoende variablerna, förväntningar, turneringar och börsvärde. Däremot finns ett statistiskt signifikant samband mellan den beroende variabeln, abnormal return, och de oberoende variablerna förväntningar och typ av turnering. Det finns inget statistiskt signifikant samband mellan den beroende variabeln och den oberoende variabeln, börsvärde. Efter att ha delat in fotbollsklubbarna baserat på högsta och lägsta börsvärde, visade sig börsvärdet hos de fem lägst värderade fotbollsklubbarna ha en statistiskt signifikant inverkan på den beroende variabeln, abnormal return. Vidare framkommer det att de fem lägst värderade fotbollsklubbarna har en högre idiosynkratisk volatilitet än de fem högst värderade fotbollsklubbarna i studien. / The purpose of this thesis is to examine the effect of football matches on stock-listed football clubs. With a sample containing over 1600 football matches stretching over a four-year period between 2014 and 2018, the authors examine the impact of national and European competitions on stock prices of ten publicly traded football clubs. The stock price reactions were examined the first trading day after the football matches were played. This gives an insight into the direct impact of match outcomes on the stock price, and how abnormal the return is in juxtaposition to the expected return. The results suggest that football matches have a statistically significant effect on a football clubs stock-price. Victory results in positive abnormal returns, whereas defeats, as well as draws, results in negative abnormal returns. The response is significantly stronger after defeats, as well as expected and unexpected defeats, in European competitions than defeats in national competitions. Unexpected victories result in stronger market reactions than expected victories. Furthermore, the stock price reaction is more volatile for the lower-valued football clubs.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-05-09T13:40:05Z No. of bitstreams: 1 Alex Fernandes de Oliveira.pdf: 2714873 bytes, checksum: 367f2975d6287f6470f5da65aa904e31 (MD5) / Made available in DSpace on 2018-05-09T13:40:05Z (GMT). No. of bitstreams: 1 Alex Fernandes de Oliveira.pdf: 2714873 bytes, checksum: 367f2975d6287f6470f5da65aa904e31 (MD5) Previous issue date: 2018-04-23 / Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq / The thesis study the figuration in the major policy Brazilian Football Clubs, having as a case study of the Santos Futebol Clube, Brazilian football team that, in many aspects, reproduces the general pattern characterized by the tendency to the formation of oligarchies in the leaders; where organized groups take the control of the electoral process and the administrative routine, staying for long periods in power. However, the Santos F. C. demonstrates in your history a series of points of the interest that relate to several factors: a) the fact of not being a leisure club and sociability where do other sports, which makes more complex membership, with consequences in the political process; (b) the fact that, among the great Major League clubs of Brazilian football, the one that stood out for long periods without being based in the State capital or large metropolis, which brought as a consequence a tendency to deterritorialization of your “fans” and their elites. These distinguishing factors are examined throughout the Club's history, particularly in recent decades, with focus on the latest power struggles within the Club. The research mobilized a theoretical framework of social sciences, in which classic and contemporary authors, like Weber, Michels, Elias, Bourdieu, served as support for the construction of the object and the main research issues, which revolve around forms of legitimacy of political representation and power; of the discipline; the process of bureaucratization that combine with processes oligarchyzation; the habitus of leaders; and the power in football clubs, seeing broadley, merges with traditional brazilian policy, as defined in the last half century. Research used both bibliographic sources on the history of Brazilian football, as documentary sources in the archives of the Club, the debate that echoes in the sports press, semi-structured interviews with representatives of leaders, as well as the participant observation in everyday life of Club / A tese tem como objetivo o estudo da figuração política nos grandes clubes de futebol brasileiro, tendo como parâmetro um estudo de caso do Santos Futebol Clube, agremiação que, em muitos aspectos, reproduz o padrão geral caracterizado pela tendência à formação de oligarquias nas camadas dirigentes, nas quais grupos bem organizados tomam para si o controle dos processos eleitorais e da rotina administrativa dos clubes, permanecendo por longos períodos no poder. No entanto, o Santos F. C. demonstra em sua história uma série de particularidades que dizem respeito a vários fatores: a) o fato de não ser um clube de lazer e sociabilidade onde se praticam outros esportes, o que torna o quadro associativo mais complexo, com consequências no processo político; b) o fato de ser, entre os grandes clubes da liga principal do futebol brasileiro, o único que se destacou por longos períodos sem estar sediado em capital de estado ou grande metrópole, o que trouxe como consequência uma tendência à desterritorialização tanto de sua torcida como de suas elites dirigentes. Esses fatores distintivos são examinados ao longo da história do clube, sobretudo nas últimas décadas, com foco nas últimas disputas de poder no interior do clube. A pesquisa mobilizou um referencial teórico das ciências sociais, no qual autores clássicos e contemporâneos, como Weber, Michels, Elias, Bourdieu serviram de apoio para a construção do objeto e dos principais problemas de pesquisa, que giram em torno das formas de legitimidade da representação política e do poder; da disciplina; dos processos de burocratização que se combinam com processos de oligarquização; do habitus das camadas dirigentes; e do campo de poder nos clubes de futebol que, visto de forma alargada, mescla-se com a política tradicional brasileira tal como se definiu no último meio século. Esta pesquisa se serviu tanto de fontes bibliográficas sobre a história do futebol brasileiro como de fontes documentais nos arquivos do clube, do debate que repercute na imprensa esportiva, de entrevistas semiestruturadas com representantes das camadas dirigentes, assim como da observação participante na vida cotidiana do clube