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Aggregate Wages Of Players and Performance in Italian Serie A

Caruso, Raul and Di Domizio, Marco and Rossignoli, Domenico (2016): Aggregate Wages Of Players and Performance in Italian Serie A.

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Abstract

This paper investigated the relationship between players’ wages and sport performance in the Italian top professional football league - Serie A. The analysis focused on 14 seasons from 2001/2002 to 2014/2015. Findings show that aggregate wage expenditure is a robust predictor of success for Italian professional football teams. We first exploited a fixed-effects panel data and eventually we have addressed the problem of endogeneity by providing a dynamic IV specification of the model. Based on the System-GMM framework, we employed a model including lagged terms of dependent variables and covariates as instruments to control for endogeneity as well as alternative exogenous instruments to control for geographical/environmental factors and for socio-economic factors that could be the actual predictors of performance through an indirect effect on payroll.

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