Impact of Sporting Performance on Financial Performance: An Analysis of 4 Big Soccer Clubs in Turkey

Kırkulak Uludağ B., Sigalı S.

EGE ACADEMIC REVIEW, vol.16, no.4, pp.575-585, 2016 (ESCI) identifier

  • Publication Type: Article / Article
  • Volume: 16 Issue: 4
  • Publication Date: 2016
  • Journal Indexes: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
  • Page Numbers: pp.575-585
  • Keywords: Soccer, 4 Bigs, stock returns, rationality, STOCK-MARKET, RETURNS, EVENT
  • Dokuz Eylül University Affiliated: Yes


The aim of this study is to examine the impact of sporting performance of soccer clubs on financial performance. The impact of match scores of Super Lig and National Cup on stock prices of Besiktas, Fenerbahce, Galatasaray ve Trabzonspor soccer clubs listed on Borsa Istanbul (BIST) are investigated from 2009-2010 soccer season through 2012-2013 soccer season. The event study methodology is applied. The findings reveal the fact that defeats and draws significantly affect the market value of 4 Bigs. The investors' reactions to defeats are negative and stronger than those to draws. In particular, in the case of defeats and draws, the investors of Besiktas and Fenerbahce lose more than those of Galatasaray and Trabzonspor. This implies that the investors are not rationale and their reactions to sporting results are emotional.