Financial performance and corporate diversification strategies in professional football - evidence from the English Premier League
SPORT BUSINESS AND MANAGEMENT-AN INTERNATIONAL JOURNAL
Authors: Holzmayer, Florian; Schmidt, Sascha L.
Abstract
Purpose Professional football clubs have increasingly initiated two corporate diversification strategies to enfold growth opportunities besides traditional income sources: business diversification and international diversification. Empirical findings from management and sport management literature provide inconclusive evidence on these strategies' financial performance effects, necessitating further research. The purpose of this article is therefore to investigate how both corporate diversification strategies affect the financial performance of professional football clubs. Design/methodology/approach A 15-year panel data set of English Premier League (EPL) clubs is examined, many of which have employed corporate diversification strategies. Measures for related business diversification (RBD) and unrelated business diversification (UBD) as well as international diversification are established from management literature. Based on fixed effects regression models, their effects on clubs' revenues and profitability are then examined. Findings U-shaped effects from RBD on revenues and profitability are found, but no effects from UBD. These findings empirically support the theoretically appealing superiority of RBD over UBD and, with increasing levels of RBD, over a focused strategy in management literature. With international diversification, an inverted U-shaped effect on revenues is identified. Research limitations/implications Despite focusing only on the EPL, these findings provide new evidence of non-linear financial performance effects from corporate diversification strategies adding to (sport) management literature and setting the stage for future research on these strategies in professional football. Practical implications These findings have significant implications for club managers' strategic growth opportunities such as new business models or geographic markets. Originality/value This is the first study to empirically examine the financial effects of corporate diversification strategies in the football market context.
NEONATAL BLADDER INFLAMMATION INDUCES LONG-TERM VISCERAL PAIN AND ALTERED RESPONSES OF SPINAL NEURONS IN ADULT RATS
NEUROSCIENCE
Authors: Kannampalli, Pradeep; Babygirija, Reji; Zhang, Jiang; Poe, Michael M.; Li, Guanguan; Cook, James M.; Shaker, Reza; Banerjee, Banani; Sengupta, Jyoti N.
Abstract
Painful events early in life have been shown to increase the incidence of interstitial cystitis/painful bladder syndrome in adulthood. However, the intrinsic mechanism is not well studied. We previously reported that neonatal bladder inflammation causes chronic visceral hypersensitivity along with molecular disruption of spinal GABAergic system in rats. The present study investigates whether these molecular changes affect the integrative function and responses of bladder-sensitive primary afferent and spinal neurons. Neonatal bladder inflammation was induced by intravesicular injection of zymosan during postnatal (P) days 14-16. In adulthood (P60), the viscero-motor response (VMR) to visceral stimuli was significantly inhibited by intrathecal (i.t) HZ166 (GABA(A alpha-2) agonist) only in neonatally saline-treated, but not in neonatally zymosan-treated rats. HZ166 significantly inhibited the responses of bladder-responsive lumbosacral (LS) spinal neurons to urinary bladder distension (UBD) and slow infusion (SI) in neonatally saline-treated rats. Similar results were also observed in naive adult rats where HZ166 produced significant inhibition of bladder-responsive spinal neurons. However, HZ166 did not inhibit responses of UBD-responsive spinal neurons from neonatally zymosan-treated rats. The drug did not attenuate the responses of UBD-sensitive pelvic nerve afferent (PNA) fibers to UBD and SI in either group of rats tested. Immunohistochemical studies showed a significantly lower level of GABA(A alpha-2) receptor expression in the LS spinal cord of neonatally zymosan-treated rats compared to saline-treated rats. These findings indicate that neonatal bladder inflammation leads to functional and molecular alteration of spinal GABA(A alpha-2) receptor subtypes, which may result in chronic visceral hyperalgesia in adulthood. (C) 2017 IBRO. Published by Elsevier Ltd. All rights reserved.