FINANCIAL AND SPORTING PERFORMANCE OF BRAZILIAN FOOTBALL CLUBS: EFFECTS OF MULTIPLE COMPETITIONS AND SERIES

Objective of the study: To analyze relationships between financial and sports performance indicators, considering effects of multiple competitions and series of Brazilian football clubs. Methodology/approach: Descriptive, quantitative and documentary research, using data from clubs financial statements. The hypotheses argue that the clubs financial performance is influenced by sports performance, by the participation in multiple championships and by the series of the championship. To test these hypotheses, panel data regression was used. Originality/Relevance: The research advances mainly in two aspects: 1) individualized performance in different national and international championships; 2) the serial changes in the Brazilian Championship. Main results: Series A Clubs with higher points in the Brazilian Championship tend to increase ROA and to reduce debts. When they play B series, tend to have lower levels of profitability and liquidity, worse performance compared to the elite of football. The following hypotheses are confirmed: H1, return and debt are influenced by the sports performance; H2, debt and liquidity are impacted by participation in multiple championships; and H3, return and liquidity are negatively associated with the dispute B series of the Brazilian Championship. Theoretical/methodological and social contributions: It contributes to the discussions about Brazilian football finances, effects of playing series A or B and other competitions, proposes new sports performance variables and presents reflections to the clubs. It advances by demonstrating the effects, individual and joint, of sports performance in different championships on the financial performance, allowing managers to decide on the prioritization of competitions.