IDEAS home Printed from https://ideas.repec.org/a/ags/polgne/358688.html
   My bibliography  Save this article

Ekonomiczne aspekty wejścia klubów piłkarskich na giełdę

Author

Listed:
  • Wyszyński, Artur

Abstract

The article discusses issues related to initial price offerings (IPO) involving sports clubs. The author examines the case of Poland’s Ruch Chorzów top-division soccer club, which entered the Warsaw Stock Exchange’s NewConnect alternative market Dec. 4, 2008. Based on a review of available literature, Wyszyński looks at the potential advantages and disadvantages of an IPO for a sports club as well as the responsibilities involved. Additionally, the author analyzes the economic, financial and sports implications of Ruch Chorzów’s decision to be listed on the stock exchange in two periods: before the IPO (2005-2007) and after the IPO (2008-2010). The analysis shows that the main benefit of the IPO for the club was that it gained access to a new source of funds, the author says. The IPO was preceded by a private placement of some of the company’s shares (G, H, I, J and K series) from 2008 to 2011. The IPO resulted in an increase in the share capital and improved the club’s financial condition as well as its sports performance. The increased share capital helped reduce financial risk and improve financial liquidity in comparison to other Ekstraklasa top-division clubs, according to Wyszyński. After the IPO, the club achieved its best sports results in the 2009/2010 and 2011/2012 campaigns, finishing 3rd and 2nd in the Ekstraklasa league respectively, the author says.

Suggested Citation

  • Wyszyński, Artur, 2013. "Ekonomiczne aspekty wejścia klubów piłkarskich na giełdę," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2013(5-6), June.
    • Handle: RePEc:ags:polgne:358688
    DOI: 10.22004/ag.econ.358688
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/358688/files/Wyszy%C5%84ski.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.358688?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ljungqvist, Alexander P., 1997. "Pricing initial public offerings: Further evidence from Germany," European Economic Review, Elsevier, vol. 41(7), pages 1309-1320, July.
    2. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
    3. Helmut M. Dietl & Egon Franck & Markus Lang, 2008. "Overinvestment In Team Sports Leagues: A Contest Theory Model," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(3), pages 353-368, July.
    4. repec:bla:jfinan:v:53:y:1998:i:1:p:27-64 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Artur Wyszyński, 2013. "Ekonomiczne aspekty wejścia klubów piłkarskich na giełdę," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5-6, pages 123-151.
    2. Jung-Suk Yu & M. Kabir Hassan & Abdullah Mamun & Abul Hassan, 2014. "Financial Sectors Reform and Economic Growth in Morocco: An Empirical Analysis," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 13(1), pages 69-102, April.
    3. Maswana, Jean-Claude, 2006. "An empirical investigation around the finance-growth puzzle in China with a particular focus on causality and efficiency considerations," MPRA Paper 3946, University Library of Munich, Germany, revised Apr 2006.
    4. Sebastian Weber, 2009. "European Financial Market Integration: A Closer Look at Government Bonds in Eurozone Countries," Working Paper / FINESS 1.1b, DIW Berlin, German Institute for Economic Research.
    5. Nicola Cetorelli & Michele Gambera, 2001. "Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data," Journal of Finance, American Finance Association, vol. 56(2), pages 617-648, April.
    6. Andr�s Carvajal & Hernando Zuleta, 1997. "Desarrollo del Sistema Financiero y Crecimiento Econ�mico," Borradores de Economia 2279, Banco de la Republica.
    7. Raju Jan SINGH, 1997. "Banks, Growth And Geography," UNCTAD Discussion Papers 127, United Nations Conference on Trade and Development.
    8. (ed.), 2015. "Disequilibrium Sports Economics," Books, Edward Elgar Publishing, number 15993.
    9. Tykvová, Tereza & Walz, Uwe, 2004. "Are IPOs of Different VCs Different?," ZEW Discussion Papers 04-32, ZEW - Leibniz Centre for European Economic Research.
    10. Jacobson Tor & Lindh Thomas & Warne Anders, 2002. "Growth, Saving, Financial Markets, and Markov Switching Regimes," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 5(4), pages 1-20, January.
    11. Bangake, Chrysost & Eggoh, Jude C., 2011. "Further evidence on finance-growth causality: A panel data analysis," Economic Systems, Elsevier, vol. 35(2), pages 176-188, June.
    12. Franzke, Stefanie A. & Schlag, Christian, 2003. "Over-allotment options in IPOs on Germany's Neuer Markt: An empirical investigation," CFS Working Paper Series 2002/16, Center for Financial Studies (CFS).
    13. C Niranjan Rao, 2008. "The Role of Intellectual Property Rights in Information and Communication Technologies," Working Papers id:1742, eSocialSciences.
    14. Oliver Gürtler & Markus Lang & Tim Pawlowski, 2015. "On the Release of Players to National Teams," Journal of Sports Economics, , vol. 16(7), pages 695-713, October.
    15. Agathee, Ushad Subadar & Sannassee, Raja Vinesh & Brooks, Chris, 2012. "The underpricing of IPOs on the Stock Exchange of Mauritius," Research in International Business and Finance, Elsevier, vol. 26(2), pages 281-303.
    16. Apergis, Nicholas & Christou, Christina & Miller, Stephen M., 2014. "Country and industry convergence of equity markets: International evidence from club convergence and clustering," The North American Journal of Economics and Finance, Elsevier, vol. 29(C), pages 36-58.
    17. Thierry Mamadou Asngar, 2022. "Does financial development improve access to electricity in sub-Saharan Africa?," SN Business & Economics, Springer, vol. 2(9), pages 1-18, September.
    18. Kristina Spantig, 2015. "The role of the financial sector in enhancing economic growth in the Lao People’s Democratic Republic," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 22(1), pages 67-98, June.
    19. repec:swn:wpaper:2023-02 is not listed on IDEAS
    20. Marc Rohde & Christoph Breuer, 2016. "Europe’s Elite Football: Financial Growth, Sporting Success, Transfer Investment, and Private Majority Investors," IJFS, MDPI, vol. 4(2), pages 1-20, June.
    21. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.

    More about this item

    Keywords

    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:polgne:358688. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/irsghpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.