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98 Carmine Zoccali Only one of the ratios used by the Italian watchdog committee has the same significance as one identified by Business administration. This is the ratio E/ TA, which gives the same information as the ratio Total debts/Total assets. It is possible that a wise combination of the degree of indebtedness with other indexes could increase the ability of these organisms to predict firms’ bankruptcies and to promote the regularity of sports competitions. For example, by connecting its interpretation with other indicators, identified by Business administration literature and commonly used to evaluate firms’ solvency, like Current ratio, Quick ratio, No credit interval and Working capital to Total assets, which function as sensors of financial stress. Considering that the Italian licensing system measures the likelihood of failure of Serie A clubs using only the VP/DF indicator, of Serie B clubs by looking at the VP/DF and E/TA ratios and of Lega-Pro clubs by testing the R/I and E/TA ratios, a practical implication of this job is that the univariate model currently used by the Italian watchdog committee has no ability or a very low capacity to predict the failure of football clubs. One limitation of this research is common to all investigations based on univariate models, and in particular based on financial ratios coming from conventional accrual accounting. Another limitation may be related to the different values of total assets reported in the financial statements of firms involved in the sample. Football teams are of different size even if they play in the same league. This is because each football company has its specific profile in terms of number of fans, of kind of shareholders and of way of playing, and this reduces the comparability between the football clubs. Future research may test whether the ratios recently identified by Business administration literature are more able to split healthy companies from vulnerable ones or whether the football industry requires the definition of specific ratios, different from the ones used in others sectors. Other research could also combine signals coming from different cycles of management, attempting to use a multivariate analysis in order to define a single function able to summarize the state of an enterprise, to overcome the potentially conflicting indications that result from using single indicators, such as the best known and most-widely used multiple discriminant analysis method proposed by Edward I. Altman. By using this technique the different perspectives used for analyzing the company’s financial situation are simultaneously considered instead of being evaluated sequentially. In addition, other research based on financial statements could analyze the relationship between financial performances and corporate model, such as financial results and business model. And finally, another area of research that could benefit from further studies is the way of fixing the fair value of players through the transfer system. This is because, each model needs to be free from the negative effects of creative accounting in order to correctly predict the failure of firms.
The role of financial indicators in the life of Italian Football clubs 99 References G. AIROLDI, G. BRUNETTI, V. CODA, Economia Aziendale, il Mulino, Bologna, 1994. E. I. ALTMAN, Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, in Journal of Finance, n. 23, 1968, 589-609. E. I. ALTMAN, Corporate financial distress and bankruptcy, 2nd. Ed., Wiley, New York, 1993. O. AMAT, J. BLAKE, J. DOWDS, The ethics of creative accounting, 1999 available at: http:// econpapers.repec.org/paper/upfupfgen/349.htm (November 2010). W. ANDREFF, Globalization of the Sports Economy, in Rivista di Diritto ed Economia dello Sport, vol. 4, n. 3, 2008, 13-32. A. BANDETTINI, Crisi d’azienda. Una lettura per tipologia e sintomatologia, Centro Stampa Il Prato, Firenze, 2007. A. BARONCELLI, R. CARUSO, The Organization and Economics of Italian Serie A: a Brief Overall View, in Rivista di Diritto ed Economia dello Sport, vol. 7, n. 2, 2011, 67- 85. W.H. BEAVER, Financial Ratios as Predictors of Failure, in Journal of Accounting Research, vol. 4, Supplement, 1966, 71-111. U. BERTINI, Introduzione allo studio dei rischi nell’economia aziendale, Giuffrè, Milano, 1987. G. BERTOLI, Crisi d’impresa, ristrutturazione e ritorno al valore, Egea, Milano, 2000. L.A. BIANCHI, D. CORRADO, I bilanci delle società di calcio: Le ragioni di una crisi, Egea, Milano, 2004. M. BLUM, Failing company discriminant analysis, in Journal of Accounting Research, n. 12, 1974, 1-25. F. BOF, S. VENTURINI, La valutazione delle performance sportive: il progetto FCI (Fabio Capello Index), in Rivisita di Diritto ed Economia dello Sport, vol. 5, n. 3, 2009, 69-91. R. CARUSO, Il Calcio tra Mercato, Relazioni e Coercizione, in Rivista di Diritto ed Economia dello Sport, vol. 4, n. 1, 2008, 71-88. M. CAVALIERI, Qualche riflessione sul carattere dell’autonomia nei gruppi aziendali, in Rivista Italiana di Ragioneria ed Economia Aziendale, vol. 104, n. 5-6, 2004, 369- 384. M. CELLI, I metodi basati sui costi per la valutazione quantitativa del capitale umano aziendale, in Rivista Italiana di Ragioneria ed Economia Aziendale, vol. 107, n. 7-8, 2007, 442-456. M. DALLOCCHIO, A. SALVI, Finanza aziendale, Egea, Milano, 2004. E.B. DEAKIN, A Discriminant Analysis of Predictors of Business Failure, in Journal of Accounting Research, 1972, 167-179. E. DEMERS, IPO Failure Risk, in Journal of Accounting Research, vol. 45, n. 2, 2007, 333- 371. A. DEL POZZO, Controllo finanziario e rischio di default, FrancoAngeli, Milano, 2009. P. DOWNWARD, A. DAWSON, T. DEJONGHE, Sports Economics: Theory, Evidence and Policy, Butterworth-Heinemann, London, 2009. M. FAZZINI, Analisi di bilancio. Metodi e strumenti per l’interpretazione delle dinamiche aziendali, Ipsoa, Milano, 2009. G. FERRERO, Istituzioni di economia d’azienda, Giuffrè, Milano, 1968.
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