Football clubs’ social awareness as a leading strategy for performance: A fan token-based panel data analysis
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Published
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
Abstract
This paper analyses the extent to which football clubs’ emotional value —fan token-based— is related to economic value—share-based. Specifically, this research investigates the relationship between fan tokens and stock prices in European football clubs, aiming to discern fan engagement’s impact on financial market dynamics. We posit that fan token values are significantly linked to the valuation of clubs’ stocks. To assess this, a panel data analysis employing econometric models is conducted on six prominent football clubs that regularly participate in European competitions. The study period covers comprehensive data on fan token values and stock prices from 2022-2023. The findings reveal a positive and statistically significant correlation between fan token evolution and stock price movement. Individual ordinary least squares (OLS) regressions further confirm this trend. Moreover, a long/short strategy backtest emphasizes the substantial relationship between fan token evolution and stock performance. Hence, we demonstrate that clubs’ emotional perceptions —for which sustainability plays a key role— help predict clubs’ economic results. In other words, we demonstrate that being socially responsible is a strategy that could lead clubs to obtain a competitive advantage by improving fans’ perceptions, which in turn would have a positive impact on clubs’ performance. This study sheds light on the potential influence of fan engagement on football clubs’ financial market standing, offering insights crucial for stakeholders navigating the intersection of sports and finance.
How to Cite
Castillo-Apraiz, . J., Gómez-Martínez, R., & Palma-Ruiz, . J. M. (2025). Football clubs’ social awareness as a leading strategy for performance: A fan token-based panel data analysis. Cuadernos De Gestión, 25(1), 37–54. https://doi.org/10.5295/cdg.242230jp
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Keywords
Fan Tokens, Football Clubs, Stock Prices, Socially Responsible Investing, Corporate Social Responsibility, Panel Data Analysis
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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
Beloskar, V. D., Haldar, A., & Nageswara Rao, S. V. D. (2023). Socially responsible investments: A retrospective review and future research agenda. Business Strategy and the Environment, 32(7), 4841-4860. https://doi.org/10.1002/bse.3396
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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
Centorrino, G., Naciti, V., & Rupo, D. (2022). A new era of the music industry? Blockchain and value co-creation: the Bitsong case study. European Journal of Innovation Management, 26(7), 65-85. https://doi.org/10.1108/EJIM-07-2022-0362
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