scholarly journals Third party ownership arrangements: Is a ban in football really appropriate?

2019 ◽  
Vol 8 (3) ◽  
pp. 47-57
Author(s):  
Tim A. Herberger ◽  
Andreas Oehler ◽  
Florian Wedlich
Keyword(s):  
Cash Flows ◽  
Professional Sport ◽  
Third Party ◽  
Potential Conflict ◽  
Conflict Of Interests ◽  
Sport Teams ◽  
Athletic Success ◽  
Third Party Ownership ◽  
Wide Usage

Football companies (equivalent to professional sport teams) are increasingly challenged with raising capital. However, future athletic success is highly uncertain and associated cash flows are difficult to predict which makes it difficult to attract investors. An alternative financing instrument that has become more popular in recent years is Third Party Ownership arrangements (TPOs). TPO is a way for financiers to invest in the player squad of a football company and therefore reducing investment risks. Due to the wide usage in football and legal concerns about TPOs, FIFA has forbidden the implementation of TPOs since 2015. But, the question arises, whether a ban of TPOs is really appropriate avoiding a potential conflict of interests as well as problems in ethics and compliance. To address these aspects and finally to judge the appropriateness of TPOs for football companies and the ban itself, a financing-theory-oriented view on the design and functional possibilities of TPOs is needed, but still missing in the literature. Our paper tries to fill this gap and sets the economic basics for a profound legal and economic discussion on the use of TPOs in football as well as sports in general.

scholarly journals Relationship Between Free Cash Flows and Corporate Governance Levels in the Light of Agency Theory

2021 ◽  
Vol 20 ◽  
pp. e3206
Author(s):  
Glaysson Aguilar de Araújo ◽  
Lara Alves Corrêa ◽  
Valéria Gama Fully Bressan ◽  
João Estevão Barbosa Neto ◽  
Bruna Camargos Avelino
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Cash Flows ◽  
Least Square ◽  
Publicly Traded ◽  
Potential Conflict ◽  
Return On Equity ◽  
Publicly Traded Companies ◽  
Corporate Governance Mechanisms ◽  
Free Cash Flows

This research analyzes the relationship between free cash flows (FCFs) and the different levels of Corporate Governance present in the Brazilian stock market. To this end, the sample was composed of 212 Brazilian publicly traded companies listed on Brasil, Bolsa, Balcão [B]³, in the period from 2010 to 2018. The methodology consisted of estimating a regression for panel data, using the random effects model, estimating by generalized least square (GLS) and assuming adjustments for autocorrelation and robust standard errors for heteroscedasticity. The results found, for the sample studied, suggest that Corporate Governance levels are positively related to the FCFs. In synergy, when compared to the Traditional level of [B]³, companies listed on the Novo Mercado and Level 2 levels tend to present higher FCF values. In addition, the larger the size of the companies and the higher their return on equity, the higher their FCFs tend to be, just as companies in stages of maturity tend to present lower FCF values. The relevance of this research is based on analyzing, in a stock market subject to imperfections, factors that may affect decisions about the level of cash maintenance of companies, more specifically by evaluating how Corporate Governance mechanisms relate to the theory of FCFs, in a context of potential conflict of interest.

scholarly journals Third party funding and access to justice

2021 ◽  
Vol 3 (2) ◽  
pp. 135-148
Author(s):  
Milan Lazić ◽  
Milica Savić
Keyword(s):  
Third Party ◽  
Access To Justice ◽  
Conflict Of Interests ◽  
Party Funding

The purpose of this paper to analyze whether and to what extent are third-party funding and access to justice intertwined and compatible. The analysis started from recognizing most common challenges with third-party funding and whether these challenges may be overcome with existing regulation and guidelines. Global lack of regulation of this subject is noticeable. This increases the risks of having undisclosed conflict of interests between various participants and affects the confidentiality, efficiency and fairness of the proceedings and ultimately the access to justice considerations. Although third party funding undoubtedly contributes to larger access to justice, an unregulated market of this kind may also draw adverse inference to the access to justice. In conclusion, authors of this paper call for wider regulation of this matter, including both through local legislation and arbitration rules.

Building resilience in retail supply chains: Lessons learned from COVID-19 and future pathways

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Atif Saleem Butt
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
United Arab Emirates ◽  
Cash Flows ◽  
Lessons Learned ◽  
Third Party ◽  
Structured Interviews ◽  
Cross Sectional ◽  
Content Type ◽  
The Impact

PurposeThis study explores the countermeasures taken by retailers to mitigate the effects of COVID-19 on supply chain disruptions.Design/methodology/approachThis research uses a multiple case study approach and undertakes 36 semi-structured interviews with senior management of the four largest retailers of the United Arab Emirates. The respondents were designated at different positions such as Vice President, Director and Project Manager.FindingsResults reveal that retailers are employing six countermeasures to mitigate the effects of COVID-19 on supply chains. Particularly, retailers are securing required demand, preserving cash flows, redirecting inventory, adding capacity to their distribution centres, becoming more flexible with their direct or third-party logistics provider and finally widening delivery options for their suppliers to mitigate the impact of COVID-19.Research limitations/implicationsThis study has some limitations. First, the results of this study cannot be generalized to a broader population as it attempts to build an initial theory. Second, this study uses a cross-sectional approach to explore the countermeasures employed by retailing firms to mitigate the effects of COVID-19.Originality/valueA notable weakness in a supply chain disruption literature is an unfulfilled need for research examining the strategies employed by retailers to respond to/address the challenges posed by COVID-19. Our study fills this gap.

scholarly journals Korean Business Groups and Performance of Group-Affiliated Professional Sport Teams: Focusing on the Asian Financial Crisis

2020 ◽  
Vol 12 (17) ◽  
pp. 6888
Author(s):  
Youngshin Woo ◽  
Wooseok Choi ◽  
Insik Min ◽  
Mugoan Jeong
Keyword(s):  
Financial Crisis ◽  
Business Groups ◽  
Professional Sports ◽  
Asian Financial Crisis ◽  
Time Interval ◽  
Sports Teams ◽  
Sport Teams ◽  
Athletic Success ◽  
And Performance ◽  
The Impact

This study examines the impact of Korean business groups, chaebols, on the sporting performance of their affiliated professional sports teams using game data from 1983 to 2013. We investigated whether or not chaebol ownership of professional sports teams is more efficient than non-chaebol ownership in achieving athletic success on the field of play. Our empirical evidence found that the chaebol-affiliated teams are more likely to be the league winners or finalists than non-chaebol teams are. We also tested the relationship between the financial crisis in the wider economy that deflates firm resources and athletic outcomes in the affiliated teams. In the tests, which divide the sample period into three 10-year periods, the results of two sub-samples (1983–1993 and 2004–2013) were in line with previous results. We, however, identified an exception when chaebol teams did not play in more final matches of a league between 1994 and 2003, the time interval that includes the period of drastic restructuring of business groups during the 1997 Asian financial crisis.

scholarly journals Creating Shared Value and Fan Loyalty in the Korean Professional Volleyball Team

2020 ◽  
Vol 12 (18) ◽  
pp. 7625
Author(s):  
Sang-soo Kim ◽  
Woo-yeul Baek ◽  
Kevin K. Byon ◽  
Sung-bum Ju
Keyword(s):  
Professional Sport ◽  
Shared Value ◽  
Moderating Effects ◽  
Sport Fans ◽  
Creating Shared Value ◽  
Study Results ◽  
Sport Teams ◽  
The Relationship ◽  
Team Trust ◽  
Program Research

Creating shared value has been a new strategic management paradigm for professional sport teams around the world. However, despite the active participation of professional sport teams in creating a shared value program, research that addresses its effectiveness appears to be very limited. The present study investigates the influence of sport fans’ perceived creating shared value on team trust and fan loyalty and the moderating effects of sport fans’ altruism on the relationship between creating shared value and team trust in the Korean professional volleyball league. A total of 198 Korean volleyball fans participated in the present study. Results revealed that sport fans’ perceived economic and social values had significant impacts on team trust and, in turn, team trust significantly affected fan loyalty. However, the moderating effect of sport fans’ altruism was not found on the relationships between creating shared value and team trust. Consequently, the present study’s findings may provide professional sport teams’ marketers with the rationale as to the effectiveness of launching creating shared value programs.

I Despise Them! I Detest Them! Franchise Relocation and the Expanded Model of Organizational Identification

2007 ◽  
Vol 21 (2) ◽  
pp. 194-212 ◽  
Author(s):  
William M. Foster ◽  
Craig Hyatt
Keyword(s):  
Organizational Identification ◽  
Professional Sport ◽  
Team Identification ◽  
Traditional Conception ◽  
Left Behind ◽  
Sport Teams ◽  
New City

When it comes to fans of professional sport teams who are left behind when their favorite team relocates to a new city, the authors argue that there are a variety of ways in which these fans can identify with the relocated team. This runs against the traditional conception of how left-behind fans view the franchise in its new home. Fans are thought to follow two paths: They either cheer for the team in the new city, or they stop cheering for the team altogether. The authors have found that this conception of fans is inadequate. Using the expanded model of organizational identification (EMOI), the authors find that after a team relocates there are at least five different ways a fan can identify with the relocated team: identification, disidentification, schizoidentification, neutral identification, and nonidentification. These are illustrated by fitting the stories of 23 Hartford Whalers fans into the model.

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