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National Research University Higher School of EconomicsStudent ThesesValuation of Intellectual Capital: Case of Football Clubs

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Daria Guseva
Valuation of Intellectual Capital: Case of Football Clubs
Finance
(Master’s programme)
2017
The main idea of this research is to study the influence of intellectual capital on the profitability of European football clubs, since the football industry is a sphere with a high involvement of human and client resources. The general population for the construction of regression includes data on 30 football clubs playing in the Premier League of their country, as well as reporting for the period from 2011 to 2016. The data includes information on clubs that placed their shares on the stock exchange and those who did not, but introduces their fans and investors the financial results by publishing them on the club's official website. The work includes a methodology for analyzing panel data in order to study the influence of intellectual capital, which is measured using the VAIC coefficient for financial indicators (ROA, ROE, market capitalization) of the named football clubs. The available data indicate a positive relationship between intellectual capital and profitability and the market capitalization of football clubs. In particular, the indicator of the effectiveness of human capital represents the most significant relationship with profitability, suggesting that managers who invested more in their employees (players, technical personnel, etc.) will bring more value to the organization, which will lead to higher financial indicators . Also the work contains a study of the influence of the characteristics of football club on the size of its intellectual capital. According to the results of the study, it can be argued that clubs that invest more in advertising, creating a youth academy, developing pages in social networks, can receive a greater level of intellectual capital. It was also revealed an inverse relationship between the level of intellectual capital of the club and the number of foreign players in the composition, as well as the salary of the coaching staff.

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