Pengaruh Kinerja Keuangan dan Kinerja Olahraga Terhadap Harga Saham Klub Sepakbola

Abstract

This study measures whether the financial and sports performance of a football club has an effect on stock prices. Financial performance can be measured through several methods, one of which is the measurement of financial performance using ratio analysis. This study observes the financial performance of football clubs in Europe who also sell their shares in capital markets such as the London Stock Exchange, BorsaItaliana, and Xetra. Research methods with quantitative approaches are used in this study. Sports performance is measured by the number of wins, losses and match series. There were 18 soccer clubs observed in this study. A simple linear regression analysis model is used to see the effect of financial and sports performance on soccer club stock prices. We find it unique in this study that the financial performance of football has a more substantial effect than sports performance which does not have a substantial effect on the stock price of football clubs.
 Keywords: Capital Market, Financial Performance, Football Club,and Stock Prices

The effect of sports performance and financial performance on European soccer club stock prices

“…Research Maci et al (2020) provides results that show sports performance and economic performance have a positive and significant impact on the stock price of football clubs. Research by Nurcahyani & Bhilawa (2021) concludes that the liquidity ratio, solvency ratio, profitability ratio, and sports performance have an effect but not significantly on the stock price of football clubs. Other studies with various research results related to this topic include Ay & Enes (2020), Yudistira & Adiputra (2020), Oral (2016), Allouche & Soulez (2015), Rey & Santelli (2017)…”

“…Therefore, the quality of the information is intended to reduce information asymmetry (Supriadi & Ariffin, 2018). Field performance information and financial reports that show positive information will have an impact on market reactions and have an influence on changes in stock prices that occur (Nurcahyani & Bhilawa, 2021).…”

Pengaruh kinerja keuangan sebelum dan selama adanya pandemi Covid-19 terhadap harga saham pada laporan keuangan klub sepak bola

“…Artinya Current Ratio sebelum maupun selama Covid-19 tidak berpengaruh dan tidak signifikan terhadap harga saham klub sepakbola. Hal ini selaras dengan penelitian Nurcahyani (2021) dan penelitian Tumandung (2017) yaitu bahwa Current Ratio tidak ada pengaruh dan tidak adanya signifikansi terhadap harga saham (Nurcahyani & Bhilawa, 2021;Tumandung dkk., 2017).…”

“…Artinya bahwa DER sebelum maupun selama Covid-19 tidak berpengaruh dan tidak signifikan terhadap harga saham klub sepakbola. Hal ini selaras dengan penelitian Nurcahyani (2021) yaitu tidak adanya pengaruh dan tidak signifikan nilai DER (Nurcahyani & Bhilawa, 2021).…”

“…Serta variabel DAR dan DER pada rasio solvabilitas juga kurang berpengaruh pada perubahan harga saham klub sepakbola. Namun variable cash ratio pada rasio likuiditas berpengaruh terhadap harga saham klub sepakbola (Nurcahyani & Bhilawa, 2021).…”