Agrawal, A. & Knoeber, C., 1996. Firm perfomance and mechanisms to control agency problems
between managers and shareholders. Journal of Financial and QuantitativeAnalysis,
31(3), pp. 377-397.
Alan, G. & Steve, M., 2005. Foregifn acquisitons by UK limited companies short and long-run
perfomance. Journal of Empirical Finance, 12(1), pp. 99-125.
Aydin, N., Sayim, M. & Yalama, A., 2007. Foreign ownership and firm performance: Evidence
from Turkey. International Research Journal of Finance and Economics, Volumen 11,
pp. 103-111.
Baltagi, B., 1995. Econometric Analysis of Panel Data. Chichester: John Wiley and Sons.
Barbosa, N. & Louri, H., 2005. Corporate performance: Does ownership matter? A comparison
of foreign-and domestic-owned firms in Greece and Portugal. Review of Industrial
Organization, 27(1), pp. 73-102.
Bathula, H. & Singh, D., 2015. Ownership concentration, board characteristics and firm
performance. Management Decision, 53(5), pp. 911-931.
Berle, A. & Means, G., 1932. The Modern Corporation and Private Proverty. New york:
Macmillan.
Borensztein, E., De Gregorio, J. & Lee, J. W., 1998. How does foreign direct investment affect
economic growth?. Journal of international Economics, 45(1), pp. 115-135.
Cameron, A. & Trivedi, P., 2010. Microeconometrics using Stata. College Station TX: Stata
Press.
Cubbin, J. & Leech, D., 1983. The effect of shareholding dispersion on the degree of control in
British companies: theory and measurement. The Economic Journal, Volumen 93, pp.
351-369.
Demsertz, H & Lehn, K., 1985. The structure of corporate ownership: causes and consequences.
Journal of Political Economy, Volumen 93, pp. 1155-1177.
Dimitropoulos, P. & Tsagkanos, A., 2012. Financial perfomance and corporate governance in the
European football industry. International Journal of Sport Finance, 7(4), pp. 280-308.
Djankov, S. & Murrell, P., 2002. Enterprise restructuring in transition: A quantitative survey.
Journal of economic literature, Volumen 45, pp. 739-792.
Erhemjamts, O. & Leverty, J., 2010. The demise of the mutual organization form: An
investigation of the life insurance industry. Journal of Money, Credit and Banking,
42(6), pp. 1011-1036.
Ferreira, M. & Matos, P., 2008. The color of investors' money: The role of institutional investors
around the world. Journal of Financial Economics, Volumen 88, pp. 499-533.
Ferris, S. & Park, K., 2005. Foreign ownership and firm value: Evidence from Japan. En:
Corporate governance. Advances in financial economics. London: Esmerald Group, pp.
1-29.
Sánchez Luis, C., Sánchez-Fernández, P. & Barajas A. (2016) Estructuras de propiedad y rentabilidad financiera en el
fútbol europeo. Journal of Sports Economics & Management, 6(1), 5-17.
2340-7425 © 2016 The Authors. This is an open access article under the CC BY license
(http://creativecommons.org/licenses/by/3.0) 15
Franck, E., 2010. Private firm, public corporation or member's association governance structures
in European football. International Journal of Sport Finance, Volumen 5, pp. 108-127.
Garcia-del-Barrio, P. & Szymanski, S., 2009. Goal! Profit maximization versus win maximization
in soccer. Review of Industrial Organization, 34(1), pp. 45-68.
Goethals, J. & Ooghe, H., 1997. The perfomance of foreign and national take-overs in Belgium.
European Business Review, 97(1), pp. 24-37.
Goig, R. L., 2014. Propiedad y gestión de los clubes de fútbol: la perspectiva de los aficionados.
RICYDE. Revista Internacional de Ciencias del Deporte, 10(35), pp. 16-33.
Greene, W., 2003. Econometric Analysis. New Jersey: Prentice Hall.
Gross, K., 2007. Equity ownership and performance: An empirical study of German.
Heidelberg: Physica Verlag.
Halkos, G. E. & Tzeremes, N. G., 2013. A Two-Stage double bootstrap DEA: The case of the top
25 European football clubs' efficiency levels. Managerial and Decision Economics, 34(2),
108-115.
Hoehn, T. & Szymanski, S., 1999. The americanization of European football. Economic Policy,
28, 205-240.
Holderness, C., 2003. A survey of blockholders and corporate control. Economic policy review,
9(1), 51-63.
Jensen, M. & Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs and
Ownership structure. Journal of Financial Economics, 3, 305-360.
La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R., 2002. Investor Protection and
Corporate Valuation. Journal of Finance, 57, 1147-1170.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., 1999. Corporate ownership around the world.
Journal of Financial Economics, 54 (2), 471-517.
Lam, S. S., 1997. Control versus firm value: The impact of restrictions on foreign share
ownership. Financial Mangement, 26(1), 48-61.
Leah, S. & Szymanski, S., 2015. Making money out of football. Scottish Journal of Politica
Economy, 62(1), pp. 25-50.
Mishra, A., 2014. Foreign ownership and firm value: Evidence from Australian firms. Asia-
Pacific Financial Markets, 21, 69-96.
Nauright, J. & Ramfjord, J., 2010. Who owns England's game? American professional sporting
influences and foreign ownership in the Premier League. Soccer & Society, 10(4), 428-
441.
Nilsson, J., 2001. Organisational Principles for Co-operative firms. Scandinavian Journal of
Management, 17, 329-356.
Piscitello, L. & Rabbiosi, L., 2005. The impact of inward FDI on local companies’ labour
productivity: evidence from the Italian case. International Journal of the Economics of
Business, 12(1), 35-51.
Rohde, M. & Breuer, C., 2016. The Financial Impact of (Foreign) Private Investors on Team
Investments and Profits in Professional Football: Empirical Evidence from the Premier
League. Applied Economics and Finance, 3(2), 243-256.
Sakinc, I., 2014. Using grey relational analysis to determine the financial perfomance of Turkish
football clubs. Journal of Economics Library, 1(1), 22-33.
Sánchez, J. & García, E., 2007. A meta-analytic vision of the effect of ownership structure on
firm perfomance. Corporate Governance: An International Review, 15(5), 879-893.
Sánchez Luis, C., Sánchez-Fernández, P. & Barajas A. (2016) Estructuras de propiedad y rentabilidad financiera en el
fútbol europeo. Journal of Sports Economics & Management, 6(1), 5-17.
2340-7425 © 2016 The Authors. This is an open access article under the CC BY license
(http://creativecommons.org/licenses/by/3.0) 16
Serlenga, L. & Shin, Y., 2007. Gravity models of intra-EU trade: application of the CCEP-HT
estimation in heterogeneous panels with unobserved common time-specific factors.
Journal of applied econometrics, 22(2), 361-381.
Shleifer, A. & Vishny, R. W., 1986. Large shareholders and corporate control. The Journal of
Political Economy, 94(3), 461-488.
Short, H., 1994. Owmership, control, financial structure and the perfomance of the firms.
Journal of Economic Surveys, 8(3), 203-249.
Smith, S., Cin, B. & Vodopivec, M., 1997. Privatizarion incidence, ownership forms and firm
performance: Evidence from Slovenia. Journal of Comparative Economics, 25, 158-179.
Thomsen, S. & Pedersen, T., 2000. Ownership structure and economic performance in the
largest European companies. Strategic Management Journal, 21(6), 689-705.
Viswanathan, K. & Cummins, J., 2003. Ownership structure changes in the insurance industry:
An analysis of desmutualization. Journal of Risk and Insurance, 70, 401-437.
Vitaliano, P., 1983. Cooperative enterprise: An alterntive copceptual basis for analyzing a
complex institution. American Journal of Agricultural Economics, 65, 1078-1083.
Walters, G. & Hamil, S., 2010. Ownership and Governance. En: Managing Football: An
international perspective. Oxford: Elsevier, pp. 17-36.
Wei, Z., Xie, F. & Zhang, S., 2005. Ownership structure and firm value in China's privatized
firms: 1991-2001. Journal of Financial and Quantitative Analysis, 40, 87-108.
Williams, J. & Hopkins, S., 2011. Over here’:‘Americanization’and the new politics of football
club ownership–the case of Liverpool FC. Sport in Society, 14(2), 160-174.
Wilson, R., Plumley, D. & Ramchandani, G., 2013. The relantionship between ownership and
club perfomance in the English Premier League. Sport, Business and Management: An
International Journal, 3(1), 19-36.
Yasar, M. & Paul, C. J. M., 2007. International linkages and productivity at the plant level:
Foreign direct investment, exports, imports and licensing. Journal of International
Economics, 71(2), 373-388.
Zhou, X., 2001. Understanding the determinants of managerial ownership and the link between
ownership and performance: comment. Journal of financial economics, 62(3), 559-571.
Zuber, R., Yiu, P., Lamb, R. P. & Gandar, J. M., 2005. Investor-fans? An examination of the
perfomance of publicly traded English Premier League teams. Applied Financial
Economics, 15(5), 305-313.
Thank you for copying data from http://www.arastirmax.com