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Does Money Guarantee Success in Football?
Milenovský, Martin ; Cahlík, Tomáš (advisor) ; Cingl, Lubomír (referee)
E ciency wages theory says that better-paid workers are more productive. However, in sports it is often neglected as success is still attributed to greater talent, or luck than simply to a higher wage bill. Dealing with the issue of wages in sports is one of the most essential topics of sports economics. In the thesis we confirm that wages are statistically significant in explaining variation in performance in English, German, Czech, and Slovak top football leagues as well as in specific Northern American Major League Soccer. We conclude that the more restrictions and player transfer barriers there are, the smaller the role of wages is in determining performance. Apart from wages we deal also with transfer fees and find out that their role is overestimated by media and in reality their e↵ect is more disruptive than helpful. JEL Classification Z20, Z21, Z22, J30, J31, J39, L83 Keywords football, wages, wage budgets, transfers, pay- performance, professor salaries Author's e-mail martin.milenovsky@gmail.com Supervisor's e-mail cahlik@fsv.cuni.cz
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Does Money Guarantee Success in Football?
Milenovský, Martin ; Cahlík, Tomáš (advisor) ; Cingl, Lubomír (referee)
E ciency wages theory says that better-paid workers are more productive. However, in sports it is often neglected as success is still attributed to greater talent, or luck than simply to a higher wage bill. Dealing with the issue of wages in sports is one of the most essential topics of sports economics. In the thesis we confirm that wages are statistically significant in explaining variation in performance in English, German, Czech, and Slovak top football leagues as well as in specific Northern American Major League Soccer. We conclude that the more restrictions and player transfer barriers there are, the smaller the role of wages is in determining performance. Apart from wages we deal also with transfer fees and find out that their role is overestimated by media and in reality their e↵ect is more disruptive than helpful. JEL Classification Z20, Z21, Z22, J30, J31, J39, L83 Keywords football, wages, wage budgets, transfers, pay- performance, professor salaries Author's e-mail martin.milenovsky@gmail.com Supervisor's e-mail cahlik@fsv.cuni.cz
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