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.

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Since 2005, listed firms in Germany have been subject to the hybrid enforcement system that aims at ensuring consistent and faithful application of relevant accounting standards and in particular IFRS. Being first of its kind, the German enforcement system combines cooperative investigations conducted by a private financial reporting enforcement panel (FREP) and federal powers through downstream involvement of the German Financial Supervisory Authority (BaFin). The hybrid enforcement system’s main deterrent is adverse disclosure which involves public dissemination of financial misreporting. In this dissertation, which comprises five separate manuscripts, I analyze both foundations and consequences of adverse disclosure in Germany. The first two manuscripts address different questions related to institutional premises and deduce avenues for future research. The remaining three manuscripts elaborate on selected research questions related to consequences of financial misreporting and their determinants. In summary, this dissertation has material impact on the understanding of hybrid enforcement systems.:I. ENFORCEMENT IN GERMANY: FOUNDATIONS AND CONSEQUENCES OF ADVERSE DISCLOSURE 1 Introduction to the Research Context 2 Overview and Findings of the Manuscripts II. ENFORCEMENT OF FINANCIAL REPORTING: A CORPORATE GOVERNANCE PERSPECTIVE 1 Introduction 2 Theoretical Background 3 Identification and Description of Relevant Literature 4 Critical Discussion 5 Avenues for Further Research 6 Conclusion and Limitations III. DEUTSCHLAND UND ÖSTERREICH ALS BEISPIEL DER IMPLEMENTIERUNG HYBRIDER ENFORCEMENT-SYSTEME IN EUROPA 1 Einleitung und Problemstellung 2 Charakteristika hybrider Enforcement-Systeme 3 Unterschiede in der formalrechtlichen Gestaltung der Enforcement-Systeme in Deutschland und Österreich 4 Implikationen für die Klassifizierung hybrider Enforcement-Systeme und die Enforcement-Praxis 5 Zusammenfassung IV. DETERMINANTS OF INVESTOR REACTIONS TO ERROR ANNOUNCEMENTS: EXTENDED EVIDENCE FROM GERMANY 1 Introduction 2 The German Enforcement System 3 Previous Research and Hypotheses Development 4 Methodology 5 Results 6 Conclusion V. THE ASSOCIATION BETWEEN EXECUTIVE TURNOVER AND FINANCIAL MISREPORTING: EVIDENCE FROM GERMANY 1 Introduction 2 Corporate Governance, Financial Misreporting, and Management Turnover 3 Hypothesis Development and Empirical Predictions 4 Methodology 5 Results 6 Conclusion VI. ENFORCEMENT OF FINANCIAL REPORTING IN PROFESSIONAL FOOTBALL FIRMS: AN INTEGRATIVE CASE 1 Introduction 2 Student Material 3 Educators Material

The aim of this study is to discuss Swedish professional football clubs approach towards consumer attraction as a marketing term, by analysing the unique factors of sport consumer behaviour. The theoretical framework discusses the difference between traditional consumer and the sport costumer, as well as the marketing mix and relationship marketing for the sport organisations purpose. Based on the theoretical considerations, four semi-structural interviews were conducted with marketers and communicators from different Swedish professional football clubs. The thematic analysis of the empirical material was based on eight factors characterize the sport consumer attraction, two of which are considered as a study’s novelty into the theoretical contribution as they have not been previously addressed in research field. / Följande studie avser att undersöka svenska elitfotbollsklubbars tillvägagångsätt inom konsumentattraktion. Utifrån detta skapas en förståelse för idrottskonsumenten och dess unika faktorer. Syftet med studien är att skapa en diskussion samt öka kunskapen för hur svenska elitfotbollsklubbar arbetar med sin konsumentattraktion. Idrottskonsumenten är en vital del för organisationernas ekonomi därav uppkomsten av studien. Då studien fokuserar på konsumentattraktion inriktar arbetet sig på marknadsföring. I teoriavsnittet framgår skillnader mellan idrottkonsumenten och konsumenten inom detaljhandel. Vidare tas marknadsföringsmixen och relationsmarknadsföring kopplat till idrott upp. Genom teorin har en intervjuguide strukturerats som har används vid insamlingen av data. Totalt intervjuades fyra respondenter där alla besitter en roll inom marknadsföring för en svensk elitfotbollsklubb. Med hjälp av en analys av det empiriska materialet skapas en förståelse för hur svenska elitfotbollsklubbar förhåller sig till konsumentattraktion och idrottskonsumentens unika faktorer. Vid analysen uppstår det åtta faktorer som behandlar organisationernas konsumentattraktion, sex av dessa stämmer överens med den teori vi presenterar i studien och två kan ses som studiens teoretiska bidrag då det är faktorer som inte har behandlats tidigare. Det vi slutligen anser som huvudsakliga delar i svenska elitfotbollsklubbars konsumentattraktion är att de förhåller sig till idrottskonsumentens unika faktorer. Relationsmarknadsföring är även det som kan anses vara av högsta betydelse.

Multi-club ownership [MCO] is a concept within the football industry which entails that an owner holds significant stakes in multiple teams. This ownership strategy is not new, however, what are the driving forces of this type of ownership structure and what are the outcomes? The purpose of this study was to explore potential drivers of MCO, to irradiate the concept and determine whether traditional business administration theories can be applied to explain its existence. The main theoretical framework is based upon the shareholder theory and resource-based view of the firm with supplementary reasoning collected from other relevant theories. The study encompasses five seasons and consisted of the teams competing in the top two divisions in the English Football League system. The quantitative study covered six hypotheses and deployed both Two sample t-tests and regression models which sought to measure international player trading activity, sporting performance and financial performance. The results of the study show that multi-club portfolio members [MCPMs] tend to trade a larger share of players internationally compared to Non-MCPMs. However, the other models yielded no significant results in regard to MCPMs, although, value creation through the strategy cannot be disregarded as it may be present through other channels. The wider footballing industry has been studied extensively in previous literature. However, this study is focused on MCO, a topic that lacks a previous body of research. By filling this research gap the authors hope to illuminate the concept and increase transparency for both decision makers (owners of clubs) and supporters of clubs. In addition, a survey which is not empirically tested was conducted in order to help guide the proceedings of the research.

L’étude prend sa source dans une préoccupation qui anime la plupart des dirigeants de fédérations et de clubs sportifs au Sénégal : leur difficulté à mobiliser un public nombreux lors des évènements sportifs qu’ils organisent. Cette situation renvoie à un questionnement sur leur capacité actuelle à répondre aux besoins et attentes des spectateurs, les fidéliser et en conquérir de nouveaux. Dans ce contexte, notre question de recherche principale est de savoir quels sont les facteurs qui influencent la décision des spectateurs d’assister à des évènements sportifs au Sénégal ; en d’autres termes, comprendre les motivations des spectateurs à fréquenter (ou à ne pas fréquenter) les lieux de ces évènements. Pour cela, nous avons analysé les cas de trois types de spectacles sportifs : (1) celui d’un sport moderne d’importation (le championnat de football professionnel) ; (2) celui d’un sport traditionnel (la lutte avec frappe) et (3) celui d’une pratique se situant entre tradition communautaire et modernité - sport moderne « tropicalisé » - (le championnat populaire navétane), afin de mettre en lumière des spécificités explicatives.Les résultats révèlent six facteurs majeurs pouvant influencer la fréquentation d’un évènement sportif au Sénégal : la proximité des lieux de compétition, l’affirmation d’une appartenance identitaire, la passion du sport, la recherche d’interactions sociales, la quête du plaisir et du divertissement, la stimulation émotionnelle. Parallèlement, ils nous ont amené à mettre en évidence quelques critères pouvant conduire à mieux segmenter l’offre de spectacle sportif : la motivation de fréquentation, la régularité, le degré de participation aux actions de supportérisme, le rapport à la violence ; soit autant de critère permettant de construire une offre adaptée aux différentes catégories de publics.D’un point de vue managérial, ce travail de recherche livre des informations utiles aux organisateurs. En effet, elles peuvent leur permettre d’avoir une meilleure visibilité de la demande : d’une part, une identification plus fine des publics sous la forme d’une typologie, d’autre part, une caractérisation actualisée de leurs besoins et attentes et de leurs comportements de consommation ; cette meilleure connaissance du marché devant logiquement les conduire à des stratégies marketing plus efficaces en matière de segmentation de leur offre et de ciblage des différentes catégories de publics. / The study has its source in a concern that drives most leaders of federations and sports clubs in Senegal: their difficulty to mobilize a big audience during the sports events which they organize. This situation raises questions about their current capacity to meet the needs and expectations of spectators, to make them loyal and to try conquer new ones. In this context, the main aim of our research question is to know what are the factors which influence the decision of the spectators to attend sports events in Senegal; in other words, understand the motivations of the spectators to go (or not to go) to these events places. For that purpose, we analyzed the cases of three types of sports shows : (1) that of a modern import sport (the professional football championship); (2) that of a traditional sport (wrestling) and (3) that of a practice between communitarian tradition and modernity - "tropicalized" modern sport - (the popular Navetane championship), in order to highlight explanatory specificities.The results reveal six major factors which can influence the attendance of a sport event in Senegal: the proximity of the competition venues, the affirmation of identity, the passion for sport, the search for social interaction, the pursuit of pleasure and entertainment, emotional stimulation. At the same time, they allow us to highlight some criteria which can lead to better segment the offer of sports show: Their motivation to attend, their regularity, their degree of participation in the actions of “supporterism”, the link with violence , these are enough criteria that can help build an offer adapted to different categories of public.From a managerial point of view, this research work delivers information useful for the organizers. Indeed, they can allow them to have a better visibility of the demand (request): on the one hand a finer identification of public in the form of a typology, on the other hand, a characterization updated by their needs and expectations of their consumer behavior; this good knowledge of the market must lead them logically to more effective marketing strategies regarding segmentation of their offer and targeting of the various categories of public.

Fotbollsagenter har verkat inom fotboll under en längre tid. Deras avsikt är att representera spelare och klubbar i spelarövergångar och kontraktsförhandlingar. När fotbollen gick över från amatörism till professionellt utövande växte branschen och utvecklingen har över tid blivit allt större. Genom fotbollens expansion, står agenter kvar som en nyckelfaktor inom fotbollens marknad. I takt med att antalet agenter har ökat har fotbollsmarknaden sett en växande tillströmning av olicensierade agenter. Oetiska metoder har påverkat den allmänna uppfattningen om agenter negativt och därmed har trovärdigheten kring agenter ifrågasatts. Syftet med uppsatsen är att undersöka hur agenter inom svensk fotboll skapar legitimitet samt hur de arbetar etiskt och moraliskt i relation till sina representanter. För att genomföra detta kommer studien även att undersöka agenternas grundfunktion inom svensk fotboll. Genom ett fenomenografiskt angreppssätt har perspektiv från fotbollsagenter, fotbollsspelare och Svenska Fotbollsförbundet undersökts. Detta har genomförts genom semistrukturerade intervjuer för att skapa en helhetsbild av branschen. Studiens resultat indikerar att ett starkt förtroende och en god kommunikation mellan spelaren och agenten är grundförutsättningar för ett legitimt arbete. Dessutom är transparens och ett noggrant utfört arbete viktiga aspekter som skapar legitimitet hos agenter. Genomgående i studien var även att formella regelverk har en väsentlig del i hur legitimt agentbranschen uppfattas. Slutligen har etiska perspektiv bidragit till värdefulla synvinklar om agenternas arbete. / Football agents have been present in football for a long time. Their goal is representing players and clubs with player transfers and contract negotiations. As football has shifted from amateurism to a professional practice, the industry has grown and the development has rapidly expanded over time. Through the expansion, agents remain a key factor in the football market. As the number of agents has increased, the football market has seen a growing influx of unlicensed agents. Unethical practices have negatively affected the general perception of agents and thus the credibility of agents has been called into question. The purpose of this study is to investigate how agents in Swedish football create legitimacy and how they work ethically and morally in relation to their clients. In order to do this, the study will also examine the agents' function in Swedish football. Through a phenomenographic approach, perspectives from football agents, football players and the Swedish Football Association have been studied. This collection of data has been gathered through semi-structured interviews to create an overall picture of the industry. The results of the study indicate that strong trust, good communication, transparent and diligent work between the player and the agent are vital aspects which create legitimacy for agents. It was also consistently found in the study that formal regulations play a significant role in how legitimate the agent industry is perceived. Lastly, the ethical perspectives used in the study to evaluate agents has brought valuable viewpoints about the agents' moral decision-making at work.

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The dissertation comprises four manuscripts that aim to enhance the knowledge on strategic man-agement of professional football clubs within Germany, especially with regard to the prediction of success. Apart from manuscript A which is a review of extant literature of football manage-ment variables leading to success, and manuscript B, which is a qualitative investigation on sus-tainable success factors affecting professional football clubs, the remaining manuscripts C and D comprise two empirical studies; they can be further partitioned in manuscript C, investigating the prediction of failure with the worst-case scenario of bankruptcy and manuscript D, covering the prediction of failure and success in a proof of concept based on machine learning.