Los clubes de fútbol europeos y sus finanzas. Una revisión sistemática de la literatura

European football clubs and their finances. A systematic literature review


DOI: https://doi.org/10.6018/rcsar.496271
Palabras clave: Fútbol, Finanzas, Contabilidad, Juego limpio financiero, Revisión bibliográfica


El objetivo de esta revisión bibliográfica sistemática es proporcionar el estado de la cuestión, las tendencias y las características temáticas en el campo de la contabilidad y las finanzas de los equipos de fútbol aplicando las directrices PRISMA. Se incluyeron 75 estudios publicados después de la Ley Bosman (1995) procedentes de las bases de datos más relevantes: WoS y Scopus. Las líneas de investigación incluidas en el análisis fueron el rendimiento financiero, el rendimiento deportivo y el rendimiento legislativo. La síntesis de los estudios reveló que la producción científica ha evolucionado con el tiempo y se han detectado cambios tanto a nivel deportivo como científico con la introducción del Fair Play Financiero (2012), que está cambiando el modelo de negocio de la industria del fútbol hacia una toma de decisiones financieras y contables más eficientes, lo que podría ayudar a la consecución de los objetivos deportivos. También se incluyen en el trabajo conclusiones útiles como la valoración de intangibles, la influencia de los resultados en el precio de las acciones de los clubes y orientaciones para futuras investigaciones sobre las finanzas del fútbol.


Los datos de descargas todavía no están disponibles.

Biografía del autor/a

Alberto Calahorro-López, University of Jaen, Jaen-SPAIN

PhD student in the Department of Financial Economics and Accounting at the University of Jaén (Spain). In the early years of her career she worked on a research project on family businesses. He works as a temporary substitute lecturer at the University of Jaén. Due to his past as a football player and student in business, he became interested in turning his research into the field of finance and accounting of sport clubs.

Melinda Ratkai, Hotelschool The Hague, AH Den Haag-THE NETHERLANDS

Dr. Melinda Ratkai obtained her multiple disciplinary Phd in Management and Economics of SMEs from the Department of Economics and Statistics (responsible), Financial Economics, Accounting and Operations Management, Business and Marketing Management at the University of Huelva in 2014 (Spain).

In early years of her carrier she worked with stakeholders of different types for industry (marketing, pharmaceutical and others). She is active as researcher, and assistant editor of International Journal of Digital Accounting Research. She has a genuine interest in turning research into viable business opportunities. Author of various internationally cited research papers


Acero, I., Serrano, R., & Dimitropoulos, P. (2017). Ownership structure and financial performance in European football. Corporate Governance (Bingley), 17(3), 511-523. https://doi.org/10.1108/CG-07-2016-0146

Adams, D., Larkham, P., & Pain, K. (2015). Viewpoint re-evaluating the place of urban planning history. Town Planning Review, 86(4), 373-379. https://doi.org/10.3828/tpr.2015.24

Alaminos, D., & Fernández, M. Á. (2019). Why do football clubs fail financially? A financial distress prediction model for European professional football industry. PloS one, 14(12), e0225989. https://doi.org/10.1371/journal.pone.0225989

Amara, M., Henry, I., Liang, J., & Uchiumi, K. (2005). The governance of professional soccer: Five case studies–Algeria, China, England, France and Japan. European Journal of Sport Science, 5(4), 189-206.

Amir, E., & Livne, G. (2005). Accounting, valuation and duration of football player contracts. Journal of Business Finance & Accounting, 32(3‐4), 549-586. https://doi.org/10.1111/j.0306-686X.2005.00604.x

Antonioni, P., & Cubbin, J. (2000). The Bosman Ruling and the Emergence of a Single Market in Soccer Talent. European Journal of Law and Economics 9(2), 157–173. https://doi.org/10.1023/A:1018778718514

Ascari, G., & Gagnepain, P. (2007). Evaluating rent dissipation in the Spanish football industry. Journal of Sports Economics, 8(5), 468-490. https://doi.org/10.1177/1527002506292582

Atkinson, S.E., Stanley, L.R., & Tschirhart, J., (1988). Revenue sharing as an incentive in an agency problem: an example from the National Football League. RAND Journal of Economics, 19(1), 27–43. https://doi.org/10.2307/2555395.

Barajas, Á., & Rodríguez, P. (2010). Spanish football clubs' finances: Crisis and player salaries. International Journal of Sport Finance, 5(1), 52.

Barajas, A., & Rodríguez, P. (2014). Spanish football in need of financial therapy: Cut expenses and inject capital. International Journal of Sport Finance, 9(1), 73.

Baroncelli, A., & Lago, U. (2006). Italian football. Journal of sports economics, 7(1), 13-28.

Barros, C. P., & Leach, S. (2006a). Analyzing the performance of the English FA Premier League with an econometric frontier model. Journal of Sports Economics, 7(4), 391-407. https://doi.org/10.1177/1527002505276715

Barros, C. P., & Leach, S. (2006b). Performance evaluation of the English Premier Football League with data envelopment analysis. Applied Economics, 38(12), 1449-1458. https://doi.org/10.1080/00036840500396574

Barros, C. P., & Leach, S. (2007). Technical efficiency in the English Football Association Premier League with a stochastic cost frontier. Applied Economics Letters, 14(10), 731-741. https://doi.org/10.1080/13504850600592440

Barros, C. P., Scafarto, V., & Samagaio, A. (2014). Cost performance of Italian football clubs: analysing the role of marketing and sponsorship. International Journal of Sports Marketing and Sponsorship, 15(4), 59-77. https://doi.org/10.1108/IJSMS-15-04-2014-B006

Baur, D. G., & McKeating, C. (2011). Do football clubs benefit from Initial Public Offerings? International Journal of Sport Finance, 6(1), 40-59.

Berkowitz, J. P., & Depken, C. A. (2018). A rational asymmetric reaction to news: evidence from English football clubs. Review of Quantitative Finance and Accounting, 51(2), 347-374. https://doi.org/10.1007/s11156-017-0673-6

Bernile, G., & Lyandres, E. (2011). Understanding investor sentiment: The case of soccer. Financial Management, 40(2), 357-380. https://doi.org/10.1111/j.1755-053X.2011.01145.x

Bhamu, J., & Sangwan, K. S. (2014). Lean manufacturing: literature review and research issues. International Journal of Operations & Production Management. 34(7), 876-940. https://doi.org/0.1108/IJOPM-08-2012-0315.

Birkhäuser, S., Kaserer, C., & Urban, D. (2019). Did UEFA’s financial fair play harm competition in European football leagues? Review of Managerial Science, 13(1), 113-145. https://doi.org/10.1007/s11846-017-0246-z

Bisceglia, M., Caputi, A. G., Grilli, L., & Pacelli, V. (2018). Internal Balance and International Competitiveness: Sports Leagues Decision Models. Italian Economic Journal, 4(3), 567-578. https://doi.org/10.1007/s40797-018-0079-1

Botoc, C., Mihancea, E., & Molcut, A. (2019). Football and Stock Market Performance Correlation: Evidence from Italy. Scientific Annals of Economics and Business, 66(4), 525-539. https://doi.org/10.2478/saeb-2019-0044

Bridgewater, S. (2010). Football Management. Basingstoke, Hampshire, New York. https://doi.org/10.1007/978-0-230-28137-0.

Bucciol, A., Foss, N. J., & Piovesan, M. (2014). Pay dispersion and performance in teams. PloS one, 9(11), e112631. https://doi.org/10.1371/journal.pone.0112631.

Budzinski, O., & Szymanski, S. (2015). Are restrictions of competition by sports associations horizontal or vertical in nature? Journal of Competition Law and Economics, 11(2), 409-429. https://doi.org/10.1093/joclec/nhv010.

Burdekin, R. C., & Franklin, M. (2015). Transfer spending in the English Premier League: The haves and the have nots. National Institute Economic Review, 232(1), 14-17. https://doi.org/10.1177/002795011523200102

Burgess, K., Singh, P. J., & Koroglu, R. (2006). Supply chain management: a structured literature review and implications for future research. International journal of operations y production Management, 26(7), 703-729. https://doi.org/10.1108/01443570610672202

Carin, Y. (2019). A Prediction Model for Bankruptcy of Football Clubs: The French Case. International Journal of Sport Finance, 14(4), 233-248. https://doi.org/10.32731/IJSF/144.112019.03

Carreras, M., & Garcia, J. (2018). TV rights, financial inequality, and competitive balance in European football: Evidence from the English Premier League and the Spanish LaLiga. International Journal of Sport Finance, 13(3), 201-224.

Coluccia, D., Fontana, S., & Solimene, S. (2018). An application of the option-pricing model to the valuation of a football player in the'Serie A League'. International Journal of Sport Management and Marketing, 18(1-2), 155-168. https://doi.org/10.1504/IJSMM.2018.091345.

Crisci, A., D’Ambra, L., & Esposito, V. (2019). A generalized estimating equation in longitudinal data to determine an efficiency indicator for football teams. Social Indicators Research, 146(1), 249-261. https://doi.org/ 10.1007/s11205-018-1891-6

Deloitte. (2020). Deloitte Football Money League 2020. Retrieved from: https://www2.deloitte.com/cr/es/pages/consumer-business/articles/dfml-2020.html

Dermit-Richard, N., Scelles, N., & Morrow, S. (2019). French DNCG management control versus UEFA Financial Fair Play: a divergent conception of financial regulation objectives. Soccer & Society, 20(3), 408-430. https://doi.org/10.1080/14660970.2017.1323740

Denyer, D., & Tranfield, D. (2009). Producing a systematic review. In D. A. Buchanan y A. Bryman (Eds.), The Sage handbook of organizational research methods (p. 671–689). Sage Publications Ltd.

Dimitropoulos, P. (2010). The Financial Performance of the Greek Football Clubs. Choregia, 6(1). https://doi.org/10.4127/ch.2010.0042.

Dimitropoulos, P. (2016). Audit selection in the European football industry under union of European football associations financial fair play. International Journal of Economics and Financial Issues, 6(3), 901-906.

Dimitropoulos, P. (2014). Capital structure and corporate governance of soccer clubs. Management Research Review, 37(7), 658-678. https://doi.org/10.1108/MRR-09-2012-0207

Dimitropoulos, P. (2011). Corporate governance and earnings management in the European football industry. European Sport Management Quarterly, 11(5), 495-523. https://doi.org/10.1080/16184742.2011.624108

Dimitropoulos, P. E., & Koronios, K. (2018). Earnings Persistence of European Football Clubs under UEFA’s FFP. International Journal of Financial Studies, 6(2), 43. https://doi.org//10.3390/ijfs6020043d.

Dimitropoulos, P. E., & Koumanakos, E. (2015). Intellectual capital and profitability in European football clubs. International Journal of Accounting, Auditing and Performance Evaluation, 11(2), 202-220. https://doi.org/10.1504/IJAAPE.2015.068862.

Dimitropoulos, P., & Scafarto, V. (2021). The impact of UEFA financial fair play on player expenditures, sporting success and financial performance: evidence from the Italian top league. European Sport Management Quarterly, 21(1), 20-38. https://doi.org/10.1080/16184742.2019.1674896.

Dimitropoulos, P., Leventis, S., & Dedoulis, E. (2016). Managing the European football industry: UEFA’s regulatory intervention and the impact on accounting quality. European Sport Management Quarterly, 16(4), 459-486. https://doi.org/10.1080/16184742.2016.1164213

Dobson, S., & Goddard, J. (2004). Revenue divergence and competitive balance in a divisional sports league. Scottish Journal of Political Economy, 51(3), 359-376. https://doi.org/ 10.1111/j.0036-9292.2004.00310.x

Drut, B., & Raballand, G. (2012). Why does financial regulation matter for European professional football clubs? International Journal of Sport Management and Marketing 2, 11(1-2), 73-88. https://doi.org/10.1504/IJSMM.2012.045488

Durach, C. F., Kembro, J., & Wieland, A. (2017). A new paradigm for systematic literature reviews in supply chain management. Journal of Supply Chain Management, 53(4), 67-85. https://doi.org/ https://doi.org/10.1111/jscm.12145

El-Hodiri, M., & Quirk, J. (1971). An economic model of a professional sports league. Journal of political economy, 79(6), 1302-1319.

Fort, R. (2015). Managerial objectives: A retrospective on utility maximization in pro team sports. Scottish Journal of Political Economy, 62(1), 75-89. https://doi.org/10.1111/sjpe.12061

Franck, E. (2018). European club football after “five treatments” with financial fair play—time for an assessment. International Journal of Financial Studies, 6(4), 97. https://doi.org/10.3390/ijfs6040097

Freestone, C. J., & Manoli, A. E. (2017). Financial fair play and competitive balance in the Premier League. Sport, Business and Management: An International Journal, 7, (2), 175-196. https://doi.org/10.1108/SBM-10-2016-0058

Galariotis, E., Germain, C., & Zopounidis, C. (2018). A combined methodology for the concurrent evaluation of the business, financial and sports performance of football clubs: the case of France. Annals of Operations Research, 266(1), 589-612. https://doi.org/10.1007/s10479-017-2631-z

Gannon, J., Evans, K., & Goddard, J. (2006). The stock market effects of the sale of live broadcasting rights for english premiership football: An event study. Journal of Sports Economics, 7(2), 168-186. https://doi.org/10.1177/1527002504271351.

Garanina, T., Hussinki, H., & Dumay, J. (2021). Accounting for intangibles and intellectual capital: a literature review from 2000 to 2020. Accounting & Finance. https://doi.org/10.1111/acfi.12751

Garner, J., Humphrey, P. R., & Simkins, B. (2016). The business of sport and the sport of business: A review of the compensation literature in finance and sports. International Review of Financial Analysis, 47, 197-204. https://doi.org/https://doi.org/10.1016/j.irfa.2016.06.003

Gerhards, J., & Mutz, M. (2017). Who wins the championship? Market value and team composition as predictors of success in the top European football leagues. European Societies, 19(3), 223-242. https://doi.org/10.1080/14616696.2016.1268704

Gerrard, B. (2010). Analysing sporting efficiency using standardised win cost: Evidence from the FA Premier League, 1995–2007. International Journal of Sports Science & Coaching, 5(1), 13-35. https://doi.org/10.1260/1747-9541.5.1.13

Gerrard, B. (2005). A resource-utilization model of organizational efficiency in professional sports teams. Journal of Sport Management, 19(2), 143-169. https://doi.org/10.1123/jsm.19.2.143

Ghio, A., Ruberti, M., & Verona, R. (2019). Financial constraints on sport organizations’ cost efficiency: The impact of financial fair play on Italian soccer clubs. Applied Economics, 51(24), 2623-2638. https://doi.org/10.1080/00036846.2018.1558348

Gimet, C., & Montchaud, S. (2016). What drives european football clubs’ stock returns and volatility? International Journal of the Economics of Business, 23(3), 351-390. https://doi.org/10.1080/13571516.2016.1204686

Giulianotti, R. (2012). Football. The Wiley‐Blackwell Encyclopedia of Globalization. https://doi.org/ https://doi.org/10.1002/9780470670590.wbeog213.

Giulianotti, R., & Robertson, R. (2004). The globalization of football: A study in the glocalization of the serious life. British Journal of Sociology, 55(4), 545–568. https://doi.org/https://doi.org/10.1111/j.1468-4446.2004.00037.x

Giulianotti, R., & Robertson, R. (2007). Sport and globalization: Transnational dimensions. Global Networks, 7(2), 107–112. https://doi.org/10.1111/j.1471-0374.2007.00159.x

Goddard, J., & Sloane, P. (Eds.). (2014). Handbook on the economics of professional football. Edward Elgar Publishing.

Gómez, J. (November 2017). Control Económico. In J. Tebas (Presidency). Meeting on the economic control of the professional soccer league. Conference held at The Association of Economists of Madrid, Professional Soccer League, Madrid, Spain. Madrid, Spain.

Goossens, D. R., Beliën, J., Spieksma, F. C. (2012). Comparing league formats with respect to match importance in Belgian football. Annals of Operations Research, 194(1), 223-240. https://doi.org/10.1007/s10479-010-0764-4

Guzmán, I., & Morrow, S. (2007). Measuring efficiency and productivity in professional football teams: evidence from the English Premier League. Central European Journal of Operations Research, 15(4), 309-328. https://doi.org/10.1007/s10100-007-0034-y.

Hammerschmidt, J., Eggers, F., Kraus, S., Jones, P., & Filser, M. (2019). Entrepreneurial orientation in sports entrepreneurship-a mixed methods analysis of professional soccer clubs in the German-speaking countries. International entrepreneurship and management journal, 16(3), 839-857. https://doi.org/10.1007/s11365-019-00594-5.

Hoehn, Thomas (2006), Governance and governing bodies in sport. In Andreff, Wladimir and Szymanski, Stefan (eds). Handbook on the Economics of Sport. Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA, pp. 227–240.

Kanyinda, A., Bouteiller, C., & Karyotis, C. (2012). Human capital: assessing the financial value of football players on the basis of real options theory. Investment management and financial innovations, 9(4), 27-37.

Kennedy, P. (2013). Left wing’supporter movements and the political economy of football. Soccer & Society, 14(2), 277-290. https://doi.org/10.1080/14660970.2013.776462

Kulikova, L., & Goshunova, A. (2016). Evaluation of management system quality: case of professional football clubs. Academy of Strategic Management Journal, 15(1), 122-127.

Kuper, S. & Szymanski, S. (2009). Why England Lose: and Other Curious Phenomena Explained. Harpersport. London.

Lemus Delgado, D., & Valderrey Villar, F. J. (2020). It is not a game: Soccer and China’s search for world hegemony. Soccer & society, 21(2), 225-238. https://doi.org/10.1080/14660970.2018.1561441

Licerán-Gutiérrez., A & Cano-Rodríguez., M. (2019). A Review on the multidimensional analysis of earnings quality. Spanish Accounting Review, 22 (1), 41-60. https://doi.org/ 10.6018/rc-sar.22.1.354301

Litvishko, O., Veynberg, R., Ziyadin, S., Dinis Sousa, R. M., & Rakhimova, G. (2019). Professional sports: strategic approaches to investment attractiveness formation. Economic Annals-XXI, 178(7), 105-113. https://doi.org/10.21003/ea.V178-09.

Lozano, F. J. M., & Gallego, A. C. (2011). Deficits of accounting in the valuation of rights to exploit the performance of professional players in football clubs. A case study. Journal of Management Control, 22(3), 335-357. https://doi.org/10.1007/s00187-011-0135-6.

Madden, P. (2015). Welfare economics of “Financial Fair Play” in a sports league with benefactor owners. Journal of Sports Economics, 16(2), 159-184. https://doi.org/10.1177/1527002512465759.

Mareque, M., Barajas, A., & Lopez-Corrales, F. (2018). The impact of union of European Football Associations (UEFA) financial fair play regulation on audit fees: Evidence from Spanish football. International Journal of Financial Studies, 6(4), 92. https://doi.org/10.3390/ijfs6040092.

Matheson, V. A. (2003). European football: a survey of the literature. Williamstown, MA: Williams College, Department of Economics.

Miragaia, D., Ferreira, J., Carvalho, A., & Ratten, V. (2019). Interactions between financial efficiency and sports performance. Journal of Entrepreneurship and Public Policy, 8(1), 84-102. https://doi.org/10.1108/JEPP-D-18-00060.

Mnzava, B. (2013). Do intangible investments matter? Evidence from soccer corporations. Sport, Business and Management: An International Journal. 3(2), 158-168. https://doi.org/10.1108/20426781311325087.

Morrow, S. (2013). Football club financial reporting: time for a new model? Sport, Business and Management: An International Journal, 3(4), https://doi.org/10.1108/SBM-06-2013-0014

Morrow, S. (2014). Financial fair play-implications for football club financial reporting. ICAS (Institute of Chartered Accountants of Scotland).

Müller, J. C., Lammert, J., & Hovemann, G. (2012). The financial fair play regulations of UEFA: an adequate concept to ensure the long-term viability and sustainability of European club football?. International journal of sport finance, 7(2).

Neale, W. C. (1964). The peculiar economics of professional sports. The quarterly journal of economics, 78(1), 1-14. https://doi.org/10.2307/1880543.

Nicoliello, M., & Zampatti, D. (2016). Football clubs’ profitability after the Financial Fair Play regulation: evidence from Italy. Sport, Business and Management: An International Journal. 6(4), 460-475. https://doi.org/10.1108/SBM-07-2014-0037

Núñez-Merino, M., Maqueira-Marín, J. M., Moyano-Fuentes, J., & Martínez-Jurado, P. J. (2020). Information and digital technologies of industry 4.0 and lean supply chain management: A systematic literature review. International Journal of Production Research, 58(16), 5034-5061. https://doi.org/https://doi.org/10.1080/00207543.2020.1743896

Okoli, C., & Schabram, K. (2010). A Guide to Conducting a Systematic Literature Review of Information Systems Research. Sprouts: Working Papers on Information Systems 10(26), 1-49. https://doi.org/10.2139/ssrn.1954824

Pantuso, G. (2017). The Football Team composition problem: a stochastic programming approach. Journal of Quantitative Analysis in Sports, 13(3), 113-129. https://doi.org/10.1515/jqas-2017-0030.

Peeters, T., & Szymanski, S. (2014). Financial fair play in European football. Economic policy, 29(78), 343-390.

Pinnuck, M., & Potter, B. (2006). Impact of on-field football success on the off-field financial performance of AFL football clubs. Accounting and Finance, 46(3), 499-517. https://doi.org/10.1111/j.1467-629X.2006.00179.x

Plumley, D., & Flint, S. W. (2015). The UEFA Champions League: maintaining the status quo? Team Performance Management, 21(5-6), 247-258. https://doi.org/10.1108/TPM-01-2015-0003.

Plumley, D., Ramchandani, G., & Wilson, R. (2018). Mind the gap: an analysis of competitive balance in the English football league system. International Journal of Sport Management and Marketing, 18(5), 357-375. https://doi.org/10.1504/IJSMM.2018.094344.

Plumley, D., Ramchandani, G. M., & Wilson, R. (2019). The unintended consequence of Financial Fair Play. Sport, Business and Management: An International Journal, 9(2), 118-133. https://doi.org//10.1108/SBM-03-2018-0025

Plumley, D., Wilson, R., & Ramchandani, G. (2017). Towards a model for measuring holistic performance of professional Football clubs. Soccer y Society, 18(1), 16-29. https://doi.org/10.1080/14660970.2014.980737

Pratas, J. M., Volossovitch, A., & Carita, A. I. (2018). Goal scoring in elite male football: A systematic review. Journal of Human Sport and Exercise, 13(1), 218-230. https://doi.org/10.14198/jhse.2018.131.19.

Prigge, S., & Tegtmeier, L. (2019). Market valuation and risk profile of listed european football clubs. Sport, Business and Management: An International Journal, 9(2), 146-163. https://doi.org/10.1108/SBM-04-2018-0033

Pyatunin, A. V., Vishnyakova, A. B., Sherstneva, N. L., Mironova, S. P., Dneprov, S. A., & Grabozdin, Y. P. (2016). The Economic Efficiency of European Football Clubs-Data Envelopment Analysis (DEA) Approach. International Journal of Environmental and Science Education, 11(15), 7515-7534.

Ramchandani, G. (2012). Competitiveness of the English Premier League (1992-2010) and ten European football leagues (2010). International Journal of Performance Analysis in Sport, 12(2), 346-360. https://doi.org/10.1080/24748668.2012.11868603.

Ramchandani, G., Plumley, D., Boyes, S., & Wilson, R. (2018). A longitudinal and comparative analysis of competitive balance in five European football leagues. Team Performance Management: An International Journal, 24(5-6), 265-282. https://doi.org/10.1108/TPM-09-2017-0055

Rohde, M., & Breuer, C. (2016). Europe’s elite football: Financial growth, sporting success, transfer investment, and private majority investors. International Journal of Financial Studies, 4(2), 12. https://doi.org/10.3390/ijfs4020012.

Rohde, M., & Breuer, C. (2018). Competing by investments or efficiency? Exploring financial and sporting efficiency of club ownership structures in European football. Sport Management Review, 21(5), 563-581. https://doi.org/10.1016/j.smr.2018.01.001.

Rottenberg, S. (1956). The baseball players' labor market. Journal of political economy, 64(3), 242-258.

Ruta, D., Lorenzon, L., & Sironi, E. (2019). The relationship between governance structure and football club performance in Italy and England. Sport, Business and Management: An International Journal, 10(1), 17-37. https://doi.org/10.1108/SBM-10-2018-0081

Salgado-Barandela, J., Barajas, A., y Sánchez-Fernández, P. (2017). Impacto económico del deporte: tema de interés creciente en la literatura científica. Revista Internacional de Medicina y Ciencias de la Actividad Física y del Deporte, 17(68), 729-755.

Sánchez, J.M. & Castellanos, P., (2012), La economía del deporte en España: Análisis bibliométrico de una década (2002-2011). Estudios de Economía Aplicada 30(2), 419-439. https://doi.org/10.25115/eea.v30i2.3534.

Sánchez, L. C., Alonso, Á. B., & Fernández, P. S. (2017). Does the Agency Theory play football? Universia Business Review, (53), 18-59. https://doi.org/10.3232/UBR.2017.V14.N1.01.

Sarmento, H., Anguera, M. T., Pereira, A., & Araújo, D. (2018). Talent identification and development in male football: A systematic review. Sports Medicine, 48(4), 907-931. https://doi.org/10.1007/s40279-017-0851-7

Sass, M. (2016). Glory hunters, sugar daddies, and long-term competitive balance under UEFA Financial Fair Play. Journal of Sports Economics, 17(2), 148-158. https://doi.org/10.1177/1527002514526412.

Scafarto, V., & Dimitropoulos, P. (2018). Human capital and financial performance in professional football: the role of governance mechanisms. Corporate Governance: The international journal of business in society, 18(2), 289-316. https://doi.org/10.1108/CG-05-2017-0096.

Scelles, N., Szymanski, S., & Dermit-Richard, N. (2018). Insolvency in French soccer: The case of payment failure. Journal of Sports Economics, 19(5), 603-624. https://doi.org/10.1177/1527002516674510.

Schyns, B., Gilmore, S., & Dietz, G. (2016). What lessons can we learn from football about leadership and management? In Leadership lessons from compelling contexts. Emerald Group Publishing Limited. https://doi.org/10.1108/S1479-357120160000008004.

Sloane, P. (2015). The economics of professional football revisited. Scottish Journal of Political Economy, 62(1), 1-7. https://doi.org/https://doi.org/10.1111/sjpe.12063.

Solberg, H. A., & Haugen, K. K. (2010). European club football: Why enormous revenues are not enough? Sport in Society, 13(2), 329-343. https://doi.org/10.1080/17430430903523036.

Sroka, R. (2020). Tax increment financing and major league venues. Sport, Business and Management: An International Journal, 10(4), 495-517. https://doi.org/10.1108/SBM-09-2019-0076.

Storm, R. K., & Nielsen, K. (2012). Soft budget constraints in professional football. European Sport Management Quarterly, 12(2), 183-201. https://doi.org/10.1080/16184742.2012.670660

Szymanski, S. (2010). The financial crisis and english football: The dog that will not bark. International Journal of Sport Finance, 5(1), 28-40.

Szymanski, S. (2014). Fair is foul: A critical analysis of UEFA financial fair play. International Journal of Sport Finance, 9(3), 218-229.

Szymanski, S. (2017). Entry into exit: insolvency in English professional football. Scottish Journal of Political Economy, 64(4), 419-444. https://doi.org/10.1111/sjpe.12134

Szymanski, S., & Smith, R. (1997). The English football industry: profit, performance and industrial structure. International Review of Applied Economics, 11(1), 135-153. https://doi.org/10.1080/02692179700000008

Szymanski, S., & Weimar, D. (2019). Insolvencies in professional football: A German Sonderweg? International Journal of Sport Finance, 14(1), 54-68. https://doi.org/10.32731/IJSF.141.022019.05.

Terrien, M., Scelles, N., Morrow, S., Maltese, L., & Durand, C. (2017). The win/profit maximization debate: strategic adaptation as the answer? Sport, Business and Management: An International Journal, 7(2), 121-140. https://doi.org/10.1108/SBM-10-2016-0064.

Thomé, A. M. T., Scavarda, L.F., & Scavarda A.J. (2016). Conducting Systematic Literature Review in Operations Management. Production Planning & Control 27(5), 408–420. https://doi.org/10.1080/09537287.2015.1129464.

Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic y means of systematic review. British Journal of Management, 14(3), 207-222. https://doi.org/10.1111/1467-8551.00375.

Transfermarkt. (2022a). Trend in total market value of Major League soccer clubs. Retrieved from 07/03/2022: https://www.transfermarkt.es/major-league-soccer/marktwerteverein/wettbewerb/MLS1

Transfermarkt. (2022b). Trend in total market value of Chinese Super League clubs. Retrieved from 07/03/2022: https://www.transfermarkt.es/chinese-super-league/marktwerteverein/wettbewerb/CSL

Transfermarkt. (2022c). Trend in total market value of UAE PRO League Clubs. Retrieved from 07/03/2022: https://www.transfermarkt.es/uae-arabian-gulf-league/marktwerteverein/wettbewerb/UAE1

Transfermarkt. (2022d). Trend in total market value of Spanish League Clubs. Retrieved from 07/03/2022: https://www.transfermarkt.es/laliga/marktwerteverein/wettbewerb/ES1

Vöpel, H. (2011). Do we really need financial fair play in European club football? an economic analysis. CESifo DICE Report, 9(3), 54-59.

Vrooman, J. (2007). Theory of the beautiful game: The unification of European football. Scottish Journal of Political Economy, 54(3), 314-354. https://doi.org/10.1111/j.1467-9485.2007.00418.x.

Walvin, J. (2001). The only game: Football in our times. London: Pearson.

Wang, C. L., & Chugh, H. (2014). Entrepreneurial learning: past research and future challenges. International Journal of Management Reviews, 16(1), 24-61. https://doi.org/10.1111/ijmr.12007.

Ward, S., & Hines, A. (2017). The demise of the members’ association ownership model in German professional football. Managing Sport and Leisure, 22(5), 358-373. https://doi.org/10.1080/23750472.2018.1451359.

Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance in the English Premier League. Sport, Business and Management: An International Journal, 3(1), 19-36. https://doi.org/10.1108/20426781311316889.

Wilson, R., Ramchandani, G., & Plumley, D. (2018). Parachute payments in English football: Softening the landing or distorting the balance? Journal of Global Sport Management, 3(4), 351-368. https://doi.org/10.1080/24704067.2018.1441740.

Xu, Z. L., Ward, B. D., & Gan, C. (2007). A single currency for ASEAN-5: An empirical study of economic convergence and symmetry. In Asia-Pacific Financial Markets: Integration, Innovation and Challenges. Emerald Group Publishing Limited. https://doi.org/10.1016/S1569-3767(07)00006-4.

Cómo citar
Calahorro-López, A., & Ratkai, M. (2024). Los clubes de fútbol europeos y sus finanzas. Una revisión sistemática de la literatura: European football clubs and their finances. A systematic literature review. Revista de Contabilidad - Spanish Accounting Review, 27(1), 75–91. https://doi.org/10.6018/rcsar.496271