The Effect of Cristiano Ronaldo’s Recruitment on Football Club’s Stock Prices In Italian League

Abstract

Stock prices are not always influenced by financial factors, sometimes non-financial factors can also influence the fluctuation of stock prices. This study aimed to examine the effect of Cristiano Ronaldo’s move from Real Madrid to Juventus on the stock prices of Italian league football clubs that go public. The sample used were the stock price of Juventus clubs, AS Roma, and Lazio. The stock price were tested by the stock price in 1-10 days before Ronaldo's move and stock prices 1-10 days after Ronaldo's move. This study used the paired sample T-Tes method. The results of this study indicated that Cristiano Ronaldo’s had a significant effect on the rise of stock price for Italian League football clubs that listing in capital market.

Keywords: Critiano Ronaldo, Stock Price, Football Clubs, Juventus

DOI: 10.7176/JESD/10-4-18