Do football clubs with good governance have higher performances? Evidence from Brazil

Abstract

There are many studies on corporate governance and performance of companies. However, the research on governance and performance of football clubs is scarce. This paper creates a football club governance index that allows us to analyze a larger number of clubs during a longer period of time when compared to previous studies. The authors study 20 Brazilian football clubs from 2005 to 2010 and find that clubs with good governance are more profitable, generate higher revenues, and win more championships domestically and abroad.