La conciencia social de los clubes de fútbol como una estrategia para el desempeño: Un análisis de datos de panel basado en fan tokens
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Publicado
21-03-2025
Julen Castillo-Apraiz
Raúl Gómez-Martínez
Jesús Manuel Palma-Ruiz
https://orcid.org/0000-0002-8362-4163
Raúl Gómez-Martínez
Jesús Manuel Palma-Ruiz
Resumen
Este artículo tiene como objetivo analizar la relación entre el valor emocional de los clubes de fútbol, medido a través de los fan tokens y su valor económico, medido a través de las acciones. La investigación se centra en cómo los fan tokens influyen en los precios de las acciones de los clubes de fútbol, con el fin de discernir el impacto del compromiso de los aficionados en el mercado financiero. Se propone que los valores de los fan tokens están significativamente vinculados a la valoración de las acciones de los clubes. Para evaluar esto, se realiza un análisis de datos de panel en seis destacados clubes de fútbol que participan en competiciones europeas. El período de estudio abarca los años 2022 y 2023, incluyendo datos sobre el valor de los fan tokens y los precios de las acciones. Los resultados muestran una correlación positiva y estadísticamente significativa entre la evolución de los fan tokens y el movimiento de los precios de las acciones. Esta tendencia se confirma mediante análisis de regresión lineal de mínimos cuadrados ordinarios (OLS). Además, una prueba retrospectiva de estrategia long-short subraya una relación sustancial entre la evolución de los fan tokens y el rendimiento de las acciones. Se demuestra que las percepciones emocionales de los clubes, donde la sostenibilidad juega un papel clave, ayudan a predecir los resultados económicos. La responsabilidad social es una estrategia que podría proporcionar a los clubes una ventaja competitiva al mejorar las percepciones de los aficionados, impactando positivamente en su rendimiento económico.
Cómo citar
Castillo-Apraiz, . J., Gómez-Martínez, R., & Palma-Ruiz, . J. M. (2025). La conciencia social de los clubes de fútbol como una estrategia para el desempeño: Un análisis de datos de panel basado en fan tokens. Cuadernos De Gestión, 25(1), 37–54. https://doi.org/10.5295/cdg.242230jp
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Keywords
Fan Tokens, Clubes de Futbol, Acciones, Inversión socialmente responsable, Responsabilidad social corporativa, Panel de datos
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Babiak, K., & Kihl, L. A. (2018). A Case Study of Stakeholder Dialogue in Professional Sport: An Example of CSR En-gagement. Business and Society Review, 123(1), 119–149. https://doi.org/10.1111/basr.12137
Baker, B., Pizzo, A., & Su, Y. (2022). Non-Fungible Tokens. A Research Primer and Implications for Sports Manage-ment. Sports Innovation Journal, 3, 1-15. https://doi.org/10.18060/25636
Bauers, S. B., Adam, S., Fuchs, M., Piotrowski, L., & Hovemann, G. (2024). Conceptualizing sustainable participation in the context of German football supporters. German Journal of Exercise and Sport Research, 54, 86–96. https://doi.org/10.1007/s12662-023-00919-1
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Behl, A., Pereira, V., Nigam, A., Wamba, S., & Sindhwani, R. (2023). Knowledge development in non-fungible tokens (NFT): a scoping review. Journal of Knowledge Management, 28(1), 232-267. https://doi.org/10.1108/JKM-12-2022-0937
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Breitbarth, T., Walzel, S., Anagnostopoulos, C., & van Eekeren, F. (2015). Corporate social responsibility and govern-ance in sport: “Oh, the things you can find, if you don’t stay behind!”. Corporate Governance, 15(2), 254-273. https://doi.org/10.1108/CG-02-2015-0025
Capelle-Blancard, G., & Petit, A. (2019). Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics, 157(2), 543-565. https://doi.org/10.1007/s10551-017-3667-3
Carlsson-Wall, M., Kraus, K., & Messner, M. (2016). Performance measurement systems and the enactment of different institutional logics: Insights from a football organization. Management Accounting Research, 32, 45-61. https://doi.org/10.1016/j.mar.2016.01.006
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