IMPACT OF THE FOOTBALL MANAGEMENT MODERNIZATION AND FISCAL RESPONSIBILITY PROGRAM ON THE FINANCIAL AND SPORTING PERFORMANCE OF BRAZILIAN CLUBS

• Autor(a) principal: Granzotto, Alberto
• Data de Publicação: 2024
• Outros Autores: Machdo, Vagner Naysinger, Sonza, Igor Bernardi, Nakamura, Wilson Toshiro
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10959
• topic: Corporate governance; Financial and sport performance; Football Clubs; Gobierno corporativo; Rendimiento financiero y deportivo; Clubes de fútbol; Governança Corporativa; Desempenho financeiro e esportivo; Clubes de futebol

The professionalization of football in Brazil has heightened interest in the financial management of clubs, prompting the Brazilian government to establish the Financial Responsibility and Modern Management Program for Football (PROFUT). Hence, our research investigates the impact of adherence to PROFUT on the financial and sporting performance of football clubs in Brazil. We gathered accounting and sports performance data from 58 football clubs participating in the first, second, and third divisions of the Brazilian football championship. This data was sourced from the clubs’ official websites and the Brazilian Football Confederation website. The collected data underwent unbalanced panel data regression analysis using the differences in differences estimator. As regards financial performance, the findings suggest that PROFUT participation increased clubs’ total revenue and the specialization of their revenue structures. However, no impact was observed on indebtedness, undermining the program’s intent to reduce clubs’ liabilities. Furthermore, the results indicate that adherence to the program could potentially diminish a club’s sporting performance, implying that managers seem unable to balance financial health with on-field results effectively. This study ventures beyond investigating clubs’ revenue to examine underlying structural factors. Furthermore, it employs an innovative estimator in the context of financial and sports performance in Brazilian football clubs, particularly in relation to PROFUT regulations. Thus, this empirical research carries significant practical implications for directors and managers associated with football clubs and entities. It can guide regulatory bodies’ strategic decisions, policy formulation, and inspection procedures.