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This paper aims to analyze the direct and indirect effects of investor protection on forced CEO turnover.

The authors investigate 5,175 firm-year observations from 16 European countries over 2012–2018, collect data on four national investor protection indicators, identify 196 forced CEO turnovers and use multiple logistic regression models.

The results show that a reduction in the degree of investor protection significantly increases the probability of a forced change of the company’s CEO. Furthermore, when the degree of investor protection increases, directors are attributed a lower degree of responsibility in the event of a decline in earnings performance. Therefore, the relation between a decrease in profitability and a forced change of CEO is reduced.

The research is focused on countries belonging to the European Economic Area and most of the investor protection indicators are derived from surveys. Concerning policy implications, the findings suggest that regulators should focus on the effective enforcement of investor protection mechanisms.

The results confirm that characteristics at the country level have an impact on corporate decisions, highlighting the importance of increasing the degree of investor protection as a means of mitigating agency conflicts and improving stewardship.

To the best of the authors’ knowledge, this study explores a relatively underinvestigated topic as it uses investor protection indicators to jointly evaluate both direct and indirect effects on forced changes of CEO through cross-national research.

This conceptual paper proposes an intellectual capital (IC) framework dedicated to elite athletes (EA) to demonstrate the usefulness of IC on individual persons. Thus, it connects EA with the concept of IC.

The paper is inspired by the classical IC dimensions (human capital, structural capital and relational capital), which are used to develop the IC framework for EA. An exemplary case study is used to validate the framework.

It is argued that there is a need to adapt the traditional IC framework for EA. Therefore, this paper proposes a specific IC framework consisting of natural capital, sports capital and media capital.

This paper deals with EA and the sports industry, but should be extended to other sectors where aspects such as image and celebrity represent significant intangible resources.

The proposed IC framework can help EA and their managers to better understand how IC value is created.

This paper extends the IC concept to other fields of application, i.e. EA, and thus individual persons.

In 2009, the Union of European Football Associations approved the Financial Fair Play (FFP) regulations. These regulations refer to the requirements of transparency and financial conditions for football clubs participating in European competitions. The purpose of this paper is to combine the managerial and the economic points-of-view in order to understand if Italian football clubs are ready to comply with the new FFP rules.

In the analysis, the authors focus on the main Italian football league, Serie A. Using business model analysis, the authors determine what the main profit determinants of football associations are, through panel data for 15 clubs from 2011-2013. The authors then try to match the statistical and managerial approach.

The results show that the key contributing factors to profits are on the costs side. In particular, the most relevant expenses are player wages. The core revenue for clubs comes from the net profit from player trading, while other income, such as TV rights, commercial and match-day proceeds, have no statistical significance for profit formation.

The main limitation of the analysis is that the survey regarded only on Italian Championship. So it is deeply influenced by the competitive structure of the Italian league that is different from that of other European leagues. Therefore, the authors think that the future developments of this work could be the examination of another European Championship, for example, English Premier League, and the compared analysis of Italian league and other European one.

There is a close-link between costs and profitability, and especially between expenditure on players and the ability to close the financial year with a profit. Clubs must address the issue of player wages in order to follow a path of economic recovery towards profitability.

In the work the authors put together managerial point of view and economical one, in order to understand how FFP can impact on profitability of football clubs. The authors use an empirical econometrics model to test the hypothesis about business model of Italian Clubs.