000129783 001__ 129783 000129783 005__ 20240111114816.0 000129783 0247_ $$2doi$$a10.1108/CG-07-2016-0146 000129783 0248_ $$2sideral$$a99826 000129783 037__ $$aART-2017-99826 000129783 041__ $$aeng 000129783 100__ $$0(orcid)0000-0001-5068-8438$$aAcero, I.$$uUniversidad de Zaragoza 000129783 245__ $$aOwnership structure and financial performance in European football 000129783 260__ $$c2017 000129783 5060_ $$aAccess copy available to the general public$$fUnrestricted 000129783 5203_ $$aPurpose: This paper aims to analyse the relationship between ownership structure and financial performance in the five major European football leagues from 2007-2008 to 2012-2013 and examine the impact of the financial fair play (FFP) regulation. Design/methodology/approach: The sample used comprises 94 teams that participated in the major European competitions: German Bundesliga, Ligue 1 of France, Spanish Liga, English Premier League and the Italian Serie A. The estimation technique used is panel-corrected standard errors. Findings: The results confirm an inverted U-shaped curve relationship between ownership structure and financial performance as a consequence of both monitoring and expropriation effects. Moreover, the results show that after FFP regulation, the monitoring effect disappears and only the expropriation effect remains. Research limitations/implications: The lack of transparency of the information provided by some teams has limited the sample size. Practical implications: One of the main issues that the various regulating bodies of the industry should address is the introduction of a code of good practice, not only for aspects related to the transparency of financial information but also to require greater transparency in the information concerning corporate governance. Social implications: Regulating bodies could also consider other additional control instruments based on corporate governance, such as for example, corporate governance practices, corporate governance codes, greater transparency, control of the boards of directors, etc. Originality/value: This study tries to provide direct evidence of the impact of large majority investors in the clubs and FFP regulation on the financial performance of football clubs. 000129783 536__ $$9info:eu-repo/grantAgreement/ES/DGA-FSE/S125$$9info:eu-repo/grantAgreement/ES/MINECO/ECO2016-77843-P$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2016-SOC-01 000129783 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc$$uhttp://creativecommons.org/licenses/by-nc/3.0/es/ 000129783 592__ $$a0.336$$b2017 000129783 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2017$$dQ2 000129783 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000129783 700__ $$0(orcid)0000-0003-2911-8937$$aSerrano, R.$$uUniversidad de Zaragoza 000129783 700__ $$aDimitropoulos, P. 000129783 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas 000129783 773__ $$g17, 3 (2017), 511-523$$pCor. gov.$$tCorporate Governance$$x1472-0701 000129783 8564_ $$s441615$$uhttps://zaguan.unizar.es/record/129783/files/texto_completo.pdf$$yPostprint 000129783 8564_ $$s537729$$uhttps://zaguan.unizar.es/record/129783/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint 000129783 909CO $$ooai:zaguan.unizar.es:129783$$particulos$$pdriver 000129783 951__ $$a2024-01-11-09:26:35 000129783 980__ $$aARTICLE