i
The Impac o Pe o mance Measu es in Foo ball
Playe s’ T ans e Ma ke Value
Miguel da Sil a B i o Pacheco Fe ei a
Supe ised by B uno Miguel Pin o Damásio
Disse a ion p esen ed as equi emen o ob aining he
Mas e ’s deg ee in S a is ics and In o ma ion Managemen ,
wi h a specializa ion in Business In elligence
ii
NOVA In o ma ion Managemen School
Ins i u o Supe io de Es a ís ica e Ges ão de In o mação
Uni e sidade No a de Lisboa
THE IMPACT OF PERFORMANCE MEASURES IN FOOTBALL PLAYERS’
TRANSFER MARKET VALUE
by
Miguel da Sil a B i o Pacheco Fe ei a
Disse a ion p esen ed as equi emen o ob aining he Mas e ’s deg ee in In o ma ion Managemen ,
wi h a specializa ion in Business In elligence
Ad iso : B uno Miguel Pin o Damásio
Oc obe 2021
iii
ABSTRACT
This documen p o ides he disse a ion p esen ed as equi emen o ob aining he Mas e deg ee in
In o ma ion Managemen wi h he specializa ion in Knowledge Managemen and Business In elligence
in No a In o ma ion Managemen School o Uni e si y o Lisbon. Foo ball is he mos popula spo in
Eu ope whe e playe s assume a key ole. In ecen yea s, we ha e assis ed o an in la ion o he playe s
p ice which may ep esen a p o ligacy p oblem o he Eu opean oo ball eams. Consequen ly, is
impo an o unde s and which ac o s in luence he ans e ma ke alue o oo ball playe s. Recen
s udies sugges ha he ans e ma ke alue depends on many ac o s, including he pe o mance
measu es. These measu es quan i y he abili ies ha each playe execu es in he pi ch. Despi e he
de elopmen s made on his ield, ew s udies conside ed he speci ica ions o each posi ion in he
pe o mance measu es selec ion. The e o e, his s udy aims o unde s and he impac o he
pe o mance measu es in he playe s o op six Eu opean leagues in he las h ee seasons, conside ing
each posi ion g oup. Fo his, ixed e ec eg ession was un and he esul s e ealed ha goalkeepe s
ma ke alue has a posi i e co ela ion wi h he numbe o games wi hou concei ing goals. The
de ensi e duels and he ae ials duels won pe minu e ha e a nega i e co ela ion o he de ende s.
The numbe o assis s a ec s posi i ely he ans e ma ke alue o mid ielde s and goals ha e a g ea
impac in hese playe s and a acke s’ alue. This esea ch in en o p oduce ele an insigh s o
agen s ha ha e an ac i e ole in oo ball ans e ma ke .
KEYWORDS
Foo ball, Playe s, Ma ke Value, Panel da a, Pe o mance Indica o s
i
INDEX
1. In oduc ion .................................................................................................................. 1
2. Li e a u e Re iew ......................................................................................................... 3
2.1 Eu opean Foo ball T ans e Ma ke O e iew ...................................................... 3
2.2 Foo ball Playe Ma ke Value ................................................................................ 4
2.2.1 Playe s Cha ac e is ics .................................................................................... 4
2.2.2 Playe Popula i y ............................................................................................ 6
2.2.3 Team pe o mance indica o s ........................................................................ 6
2.2.4 Playe pe o mance indica o s ....................................................................... 6
3. Me hodology ................................................................................................................ 9
4. Da ase and desc ip i e s a is ic ................................................................................ 10
4.1 Da ase ................................................................................................................. 10
4.2 Desc ip i e S a is ics ............................................................................................ 10
4.2.1 Goalkeepe s .................................................................................................. 10
4.2.2 De ende s ..................................................................................................... 11
4.2.3 Mid ielde s ................................................................................................... 11
4.2.4 A acke s ....................................................................................................... 12
5. Resul s......................................................................................................................... 13
5.1 Goalkeepe s ......................................................................................................... 13
5.2 De ende s ............................................................................................................ 13
5.3 Mid ielde s ........................................................................................................... 14
5.4 A acke s .............................................................................................................. 15
6. Conclusion .................................................................................................................. 16
7. Bibliog aphy ................................................................................................................ 18
8. Appendixes ................................................................................................................. 22
8.1 Appendix 1 ........................................................................................................... 22
8.2 Appendix 2 ........................................................................................................... 25
8.3 Appendix 3 ........................................................................................................... 26
8.4 Appendix 4 ........................................................................................................... 29
8.5 Appendix 5 ........................................................................................................... 29
8.6 Appendix 6 ........................................................................................................... 30
8.7 Appendix 7 ........................................................................................................... 30
TABLES INDEX
Table 1 - Foo ball Playe s cha ac e is ics indica o s .................................................................. 5
Table 2 - Foo ball playe s popula i y indica o s ......................................................................... 6
Table 3 – Team pe o mance indica o s .................................................................................... 6
Table 4 - Foo ball playe s pe o mance indica o s .................................................................... 7
Table 5 – Goalkeepe s da a desc ip i e s a is ics .................................................................... 11
Table 6 – De ende s da a desc ip i e s a is ics ....................................................................... 11
Table 7 – Mid ielde s da a desc ip i e s a is ics ...................................................................... 12
Table 8 – A acke s da a desc ip i e s a is ics ......................................................................... 12
Table 9 – Hausman Tes esul s pe Posi ion G oup ................................................................ 13
Table 10 – Fixed E ec eg ession esul s ime and en i y e ec s o Goalkeepe s ............... 13
Table 11 – Fixed e ec s eg ession esul s ime and en i y o De ende s ............................. 14
Table 12 – Fixed e ec s eg ession esul s ime and en i y o Mid ielde s ........................... 15
Table 13 – Fixed e ec s eg ession esul s ime and en i y o A acke s .............................. 15

1
1. In oduc ion
Associa ion oo ball, o socce , is go e ned by Fédé a ion In e na ionale de Foo ball Associa ion (FIFA)
ha ep esen s he highes body in oo ball (FIFA, 2020). The Union o Eu opean Foo ball Associa ions
(UEFA) is he go e ning body in Eu ope, whe e he main clubs’ compe i ions a e he UEFA Champions
League and UEFA Eu ope League. Pa icipa e in hese compe i ions he bes anked eams om he 12
di e en na ional leagues. Acco ding o UEFA (2020), he op six anked Eu opean leagues a e: La Liga
in Spain, P emie League in England, Se ie A in I aly, Bundesliga in Ge many, Ligue 1 in F ance and Liga
NOS in Po ugal.
Foo ball is he mos popula spo in Eu ope whe e clubs a e ollowed by millions o ans. Season a e
season, oo ball clubs gene a e eno mous e enues. Fo he i s ime, in 2019 a oo ball club, F. C.
Ba celona, eached he 800 million eu os ba ie (Deloi e, 2020). As a esul , some au ho s a gue ha
oo ball is no jus a spo , bu a well- un business, whe e oo ball clubs can be compa ed o companies
(Op ean & Op ison, 2014, p. 1850). In his mul i-million-indus y, oo ball clubs gene a e e enues
h ough di e en ac i i ies, including he acquisi ion and disposal o oo ball playe s (Ami & Li ne,
2005).
Foo ball playe s a e he mos impo an elemen s in a oo ball club ha ing an o e weigh ole in bo h
spo s and economic oo ball dimensions. They a e hi ed wi h he expec a ion o inc ease eam
pe o mance and b ing inancial bene i s o he club in he u u e (Ruijg & Ophem, 2015; Ami & Li ne,
2005). Clubs cons uc hei eams in wo di e en ways ha can be combined – hey ec ui oo ball
playe s in a e y young age and a e ha , hey ecei e a oo ball educa ion passing h ough he young
eams un il hey achie e he p o essional eam, o /and con ac o loan p o essional playe s using he
in e na ional ans e ma ke .
In Eu ope, he oo ball ans e ma ke is cha ac e ized o be a ee ma ke whe e he e a e wo ypes
o ans e s be ween clubs: ans e o playe s unde con ac and playe s wi hou any con ac (Ami
& Li ne, 2005). I a playe has a con ac wi h ano he oo ball club a ans e ee mus be paid in o de
o compensa e he loss o he eam pe o mance and he in es men s ha we e made in he pas wi h
him. Each yea , oo ball clubs spen a as amoun o money hi ing new playe s. In Eu ope, his alue
is ising in he pas yea s, e en wi h he limi a ions imposed by he UEFA Financial Fai Play Regula ion.
In ecen yea s, we ha e assis ed o he in la ion o oo ball playe s p ices which may ep esen a
p oblem o p o ligacy by he Eu opean oo ball clubs.
T ans e ees paid by he club a e in luenced by he ans e ma ke alue o oo ball playe s which
p o ides an es ima ion o he amoun o money ha a club can sell he oo ball playe con ac o
ano he oo ball club. T ans e ma ke alue is ex emely used in ans e nego ia ions be ween clubs
and oo ball playe s. I is also used o e i y i he oo ball playe has a ai p ice. Ne e heless, i is
di icul o de ine he ma ke alue o a oo ball playe as i depends on many ac o s (Op ean &
Op ison, 2014).
Recen esea ches s udied he ac o s ha in luence he playe s’ ans e ma ke alue in he op
Eu opean leagues. Among se e al ac o s, An e (2019) concluded ha i depends o he pe o mance
indica o s. These indica o s quan i y he di e en abili ies ha a playe de elop du ing a game and
seasons. Howe e , oo ball is a collec i e spo whe e each indi iduali y occupies di e en posi ions
and de ains se e al oles (Di Sal o e al., 2017; Hughes e al., 2012). This ac highligh s he impo ance
2
o he pe o mance indica o s selec ion when we p e end o analyse he ela ionship be ween hese
indica o s and he playe s’ ans e ma ke alue. Despi e he ad ancemen s made on his ield, ew
s udies conside ed he speci ica ion o each posi ion in he selec ion o he pe o mance indica o s
and he ela ion ha hey ha e wi h he ans e ma ke alue. Addi ionally, due o he speci ic
cha ac e is ics o he goalkeepe posi ion, hese playe s we e e en excluded om some esea ches.
The e o e, his s udy p e ends o s udy he ela ion be ween he pe o mance indica o s o playe s
and hei ma ke alue conside ing he ou posi ions g oups: goalkeepe s, de ende s, mid ielde s and
a acke s. Fo his we use da a om he bes six anked compe i ions in Eu ope in he las h ee
seasons – 2018/2019, 2019/2020 and 2020/2021. Once hese indica o s a y om season o season,
we use Panel Da a eg essions o es ima e and analyse he ela ionship be ween hese a iables and
he ans e ma ke alue. This s udy o e s ele an insigh s o he di e en oo ball agen s, no edly
he ones ha ha e an ac i e ole in he Eu opean oo ball ans e ma ke .
3
2. Li e a u e Re iew
2.1 EUROPEAN FOOTBALL TRANSFER MARKET OVERVIEW
In Eu ope, he oo ball ans e ma ke is cha ac e ized o be a ee ma ke whe e oo ball playe s
mo e o any club i hey do no ha e any con ac ual ela ionship. Howe e , be o e 1995 Eu opean
oo ball playe s we e unable o sign in o a new club wi hou he consen o he club ha de ain he
con ac , e en when he con ac was expi ed. This si ua ion was sol ed by a ule known as Bosman,
which educed he powe o he clubs in he ascendency o he oo ball playe s (Op ean & Op ison,
2014). A e 2001, Eu opean oo ball ans e s become limi ed by wo di e en pe iods: he summe
and he win e windows. The mon hs ha hese wo windows comp ise depend on he compe i ion.
In 2001, he Eu opean Commission, h ough he commissione Ma io Mon i, limi ed he maximum
du a ion o a oo ball playe con ac o i e yea s. Diel e al. (2008) a gue ha hese e en s inc eased
he eedom o mo emen s o playe s and esul ed in he inc ease o he oo ball clubs ma ke powe
in Eu ope.
In he oo ball ans e ma ke , he goal is o de ec he mos p omise playe s soone han he
opponen s. Usually, hey a e iden i ied by p o essionals called scou s ha a e esponsible o
disco e ing he bes and mos p omise playe s, some imes in ea lie s ages. Ano he impo an ole in
his ma ke is he oo ball agen . On one hand, he ep esen s a oo ball playe and is esponsible by
nego ia ing con ac s o achie e he bes ou come o hei clien s. On he o he hand, he agen can
also ep esen he clubs in o de o ill hei needs wi hin new playe s. Bo h scou s and agen s ha e a
key ole in he acquisi ion and disposal o playe s in ans e ma ke by he clubs.
In 2019, he e we e comple ed mo e han 12 housand ans e s in Eu ope, which ep esen mo e han
68% o he o al ans e s in he wo ld (FIFA, 2019). CIES Foo ball Obse a o y analysed he ou goings
o oo ball clubs om he i e mos ele an Eu opean leagues in he las nine yea s. Du ing his pe iod,
hey e i ied ha he in es men s made on new playe s ha e g own mo e han ou imes (Poli e al.,
2019). Manches e Ci y, a club om he P emie League, has in es ed mo e han 1.6 billion eu o in
new playe s since 2010. F. C. Ba celona, Chelsea F. C., Pa is S -Ge main (PSG) and Ju en us spen mo e
han one billion eu os du ing he same pe iod.
In 2019, he majo pa o oo ball clubs om he bes anked leagues in Eu ope showed a nega i e
ne balance alue (FIFA, 2019). In o he wo ds, he alue ha he op Eu opean clubs spen in oo ball
ans e s was highe han hei season e enues. Since 2009, UEFA Financial Fai Play Regula ion (FFP)
has imposed a se o inancial ules o b ing a ionali y o Eu opean oo ball clubs inances. This ule
de ends ha oo ball clubs should keep hei playe s’ expendi u es wi hin he e enues ob ained om
he se e al oo ball club ac i i ies du ing a pe iod o h ee inancial yea s (UEFA, 2018). As we can see,
his ule is no being ollowed by some oo ball clubs and, ecen ly, UEFA accused Manches e Ci y o
b oken FFP and ied o penalize his oo ball club abolishing i om he UEFA Champions League
compe i ion (Conn, 2020).
Ano he ele an ac om he Eu opean ans e ma ke is he inc easing p ice o e he las yea s.
Acco ding o FIFA (2019), he a e age playe s’ p ice has inc eased mo e han 50% since 2011. Howe e ,
Poli e al. (2020) es ima es ha i has inc eased 15% pe yea since 2010, eaching he peak o 26% in
2017.
4
In 2016, Paul Pogba, a F ench oo ball playe was he i s oo ball playe o be ans e ed by 100
million eu os and in 2017, he B azilian playe Neyma u ned in he mos expensi e playe in he
oo ball his o y, wi h a ans e p ice highe han 200 million eu os (Lowe & Aa ons, 2017). These
e en s con ibu ed o he hype in la ion o oo ball ans e p ices (Magee, 2017). Foo ball clubs hi e
hese s a s wi h he expec a ion o inc easing he oo ball eam pe o mance in bo h spo s and
inancial dimensions. Ye , oo ball clubs mus ensu e ha he es ima ed gains compensa e he as
in es men made, pa icula ly in spo s dimension.
2.2 FOOTBALL PLAYER MARKET VALUE
The oo ball ma ke is cha ac e ized by a high le el o in o ma ion asymme y, because he oo ball
club does no know an exac assessmen o he o e all index o abili ies and laws o a ce ain playe
and canno be assu ed o he playe s pe o mance (Op ean & Op ison, 2014). Addi ionally, i is di icul
o e alua e i he oo ball playe s’ ma ke alue is adjus ed o he spo and inancial bene i s ha he
oo ball playe will b ing o he club ha hi ed him. Addi ionally, i is ha d o ind public in o ma ion
ega ding his heme. T ans e ma k
1
is one o he ew sou ces ha es ima es he oo ball playe s
ans e ma ke alue. Based on a c owdsou cing model, use s can p opose a alue o a oo ball playe
based on hei pe o mance and discuss he es ima e p oposed wi h he o he membe s o he
communi y. Al hough T ans e ma k uses a hie a chical app oach – no all he use s es ima ion ha e
an equal alue – he e a e some limi a ions associa ed o his model: membe s do hei es ima ing
ma ke alues based on a bi a y indica o s, i is no possible o ep oduce he model and canno be
upda ed ma ch by ma ch, use s end o bene i he mos known playe s and inally, once he alues
a e public, his model does no o e a compe i i e ad an age o oo ball clubs in ans e nego ia ions
(Mülle e al., 2017). Howe e , ecen esea ches on he oo ball ans e ma ke ield we e based on
he in o ma ion p o ided by his websi e (He e al., 2015; An e, 2019; Mülle e al., 2017; Ruijg &
Ophem, 2015; S anoje ic & Gya ma i, 2016; Rod iguez, 2020).
Acco ding o An e (2019), he ma ke alue o a oo ball playe can be explained by h ee indica o s:
playe s cha ac e is ics, indi idual and collec i e pe o mance indica o s and playe s popula i y. In he
las yea s, some s udies iden i ied he ac o s ha in luence he ans e ee, he sala ies and he
ans e ma ke alues. Acco ding o B yson e al. (2012) he playe s’ sala ies a e in luenced by he
same ac o s ha in luence he ans e ee o he ans e alue.
2.2.1 Playe s Cha ac e is ics
Foo ball playe s cha ac e is ics encompass he in insic a ibu es ha do no depend on he playe s
pe o mance. Some s udies sugges ha age ep esen s a p oxy o expe ience and po en ial o a
oo ball playe ma ke alue (Ca michael & Thomas, 1993). Some au ho s a gue ha he oo ball playe
ma ke alue inc ease in o hei mid- wen ies and declines he e o e (B yson e al., 2012; Lehmann &
Schulze, 2008). O he esea ches ela e he sala ies and he age o he oo ball playe s sugges ing ha
a e he 28 yea s, oo ball playe s sala ies end o dec ease, ega ding he dec easing o physical
pe o mance and he g ea e suscep ibili y o ha ing an inju y (Luci o a & Simmons, 2003). This pa e n
is no shown in leagues ha a e no so ma u e, whe e oo ball clubs o e a as sala y o playe s a
he end o hei ca ee – which is he case o U. S. Majo League Socce (Kue he & Mo amed, 2010).
Felipe e al. (2020) show ha he bi h mon h o oo ball playe s may a ec hei ma ke alue,
1
A ailable in h ps://www. ans e ma k .com/
11
Table 5 – Goalkeepe s da a desc ip i e s a is ics
4.2.2 De ende s
This da ase is composed by 2497 obse a ions and 1352 di e en playe s. The a e age ma ke alue
o de ende s is 9,1 million eu os wi h a s anda d de ia ion o 12,5 million eu os. We obse e ha on
a e age he de ende s won 0,051 de ensi e duels pe minu e, conque ed 0,023 ae ials duels pe
minu e, execu ed 0,009 ackles and in e cep ed 0,01 shoo s pe minu e. The playe s ep esen ed in
his da ase ca ied ou 0,013 ouls pe minu e. The subsequen able exposes all he measu es ela ed
wi h he de ende s’ da ase a iables.
Table 6 – De ende s da a desc ip i e s a is ics
4.2.3 Mid ielde s
Mid ielde s da ase has 2442 obse a ions wi h a ound 1396 di e en playe s. On a e age, hey ha e
a 12,5 million eu os ma ke alue wi h a s anda d de ia ion o 16,9 million eu os. The maximum alue
o he playe s o his posi ion is 180 million eu os. Mid ielde s achie ed on a e age 0,001 assis s, did
0,0139 ackles and played 0,079 c osses pe minu e and season. The playe s om his posi ion won an
a e age o 0,06 de ensi e duels and 0,05 o ensi e duels pe minu e and season. The ollowing able
Va iable
Measu emen
Mean
Median
S anda d
De ia ion
Min
Max
Ma ke alue
Million Eu os
6,419
4
6,965
0,050
35
Co ec passes pe minu e
To al p.m.s.
0,169
0,160
0,050
0,0656
0,375
De ensi e duels won pe
minu e
To al p.m.s.
0,014
0,001
0,025
0
0,098
Ae ials duels won pe minu e
To al p.m.s.
0,003
0,004
0,005
0
0,012
S ops pe minu e
To al p.m.s.
0,719
0,690
0,367
0,077
1,734
Concei ed goals pe minu e
To al p.m.s.
0,015
0,015
0,004
0,005
0,030
Games wi hou concei ing
goals
Games p.s.
5,634
5
3,767
0
18
Fouls pe minu e
To al p.m.s
0,014
0
0,024
0
0,096
P e en ed goals pe minu e
To al p.m.s.
0
0
0,003
-0,009
0,009
Exis s pe minu e
To al p.m.s.
0,015
0,015
0,005
0
0,037
To al p.m.s. – To al pe minu e and season; Games p.s. – Games pe season; N = 421
Va iable
Measu emen
Mean
Median
S anda d
De ia ion
Min
Max
Ma ke alue
Million Eu os
9,099
4
12,477
0
110
Co ec passes pe minu e
To al p.m.s.
0,446
0,411
0,167
0,133
1,472
De ensi e duels won pe
minu e
To al p.m.s.
0,051
0,048
0,018
0,015
0,164
Ae ials duels won pe minu e
To al p.m.s.
0,023
0,021
0,013
0
0,155
Tackles pe minu e
To al p.m.s.
0,009
0,005
0,017
0
0,142
In e cep ed shoo s pe minu e
To al p.m.s.
0,010
0,005
0,020
0
0,174
Fouls pe minu e
To al p.m.s.
0,013
0,012
0,007
0
0,084
Goals pe minu e
To al p.m.s
0
0
0
0
0,008
Assis s pe minu e
To al p.m.s.
0
0
0
0
0,007
Shoo s on a ge pe minu e
To al p.m.s.
0,002
0,001
0,001
0
0,010
Success c osses pe minu e
To al p.m.s.
0,009
0,005
0,014
0
0,130
Success d ibbles pe minu e
To al p.m.s.
0,012
0,007
0,015
0
0,200
O ensi e duels won pe
minu e
To al p.m.s.
0,019
0,014
0,018
0
0,322
Accele a ions pe minu e
To al p.m.s.
0,013
0,006
0,020
0
0,176
To al p.m.s. – To al pe minu e and season; N = 2497

12
shows in de ail he mean, median, s anda d de ia ion, minimum and maximum alue o he o he
pe o mance indica o s and he nume ical a iables.
Table 7 – Mid ielde s da a desc ip i e s a is ics
4.2.4 A acke s
This subse is composed by 1118 obse a ions and 663 di e en a acke s. These playe s ha e a
ans e ma ke alue a e age o 16 million. The maximum alue is 200 million eu os, he highes
conside ing all posi ion g oups. On a e age hey sco ed 0,0036 goals pe minu e and execu ed 0,0103
shoo s pe minu e. These playe s usually win 0,06 o ensi e duels pe minu e and de elop 0,02
accele a ions pe minu e. These and o he nume ical measu es a e shown in he succeeding able.
Table 8 – A acke s da a desc ip i e s a is ics
Va iable
Measu emen
Mean
Median
S anda d
De ia ion
Min
Max
Ma ke alue
Million Eu os
12,466
6
16,888
0
180
Co ec passes pe minu e
To al p.m.s.
0,491
0,440
0,221
0,094
2,152
De ensi e duels won pe
minu e
To al p.m.s.
0,057
0,052
0,024
0,011
0,199
Ae ials duels won pe minu e
To al p.m.s.
0,017
0,013
0,014
0
0,127
Tackles pe minu e
To al p.m.s.
0,014
0,006
0,0247
0
0,185
In e cep ed shoo s pe minu e
To al p.m.s.
0,018
0,002
0,038
0
0,267
Fouls pe minu e
To al p.m.s.
0,022
0,019
0,012
0
0,151
Goals pe minu e
To al p.m.s
0,001
0,001
0,001
0
0,010
Assis s pe minu e
To al p.m.s.
0,001
0,001
0,001
0
0,008
Shoo s on a ge pe minu e
To al p.m.s.
0,005
0,004
0,004
0
0,027
Success c osses pe minu e
To al p.m.s.
0,008
0,005
0,010
0
0,163
Success d ibbles pe minu e
To al p.m.s.
0,027
0,020
0,025
0
0,261
O ensi e duels won pe
minu e
To al p.m.s.
0,051
0,043
0,036
0,003
0,368
Accele a ions pe minu e
To al p.m.s.
0,018
0,013
0,018
0
0,166
To al p.m.s. – To al pe minu e and season; N = 2442
Va iable
Measu emen
Mean
Median
S anda d
De ia ion
Min
Max
Ma ke alue
Million Eu os
16,076
7
24,140
0
200
Co ec passes pe minu e
To al p.m.s.
0,288
0,246
0,152
0,075
1,272
De ensi e duels won pe
minu e
To al p.m.s.
0,035
0,029
0,023
0,002
0,203
Ae ials duels won pe minu e
To al p.m.s.
0,036
0,025
0,036
0
0,289
Tackles pe minu e
To al p.m.s.
0,030
0,027
0,016
0,004
0,125
In e cep ed shoo s pe minu e
To al p.m.s.
0,024
0,002
0,045
0
0,272
Fouls pe minu e
To al p.m.s.
0,025
0,021
0,017
0
0,130
Goals pe minu e
To al p.m.s
0,130
0,003
0,002
0
0,017
Assis s pe minu e
To al p.m.s.
0,001
0,001
0,001
0
0,009
Shoo s on a ge pe minu e
To al p.m.s.
0,010
0,010
0,004
0
0,031
Success c osses pe minu e
To al p.m.s.
0,007
0,004
0,014
0
0,255
Success d ibbles pe minu e
To al p.m.s.
0,029
0,023
0,024
0
0,231
O ensi e duels won pe
minu e
To al p.m.s.
0,061
0,053
0,035
0,006
0,317
Accele a ions pe minu e
To al p.m.s.
0,016
0,011
0,020
0
0,254
To al p.m.s. – To al pe minu e and season; N = 1118
13
5. Resul s
In o de o decide which model o use o each da ase , we pe o med he Hausman Tes . This es
esul s show he exis ence o endogenei y o all g oup posi ions (see he ollowing able), and o his
eason he null hypo hesis can be ejec ed. Consequen ly, we an he FE eg ession o he exis ing
da ase s.
Table 9 – Hausman Tes esul s pe Posi ion G oup
Posi ion G oup
p- alue
Chi-Squa ed
Deg ees o F eedom
Goalkeepe s
< 0,00001
64,986
11
De ende s
< 0,00001
196,714
14
Mid ielde s
1,00
-4452,986
14
A acke s
< 0,00001
771,249
14
5.1 GOALKEEPERS
A e pe o ming he FE eg ession wi h he ime (seasons) and en i y e ec s (playe s’ id), he esul s
exp essed ha he es ima ed a iables coe icien s a e no s a is ically signi ican . As we e i y in he
model esul s, he p- alue a iables a e highe han 0,05 o a 95% o con idence, which means ha
he goalkeepe s pe o mance indica o s selec ed do no ha e in luence on he ans e ma ke alue
o goalkeepe s. Al hough, he same si ua ion does no occu o he a iable games wi hou concei ing
goals. FE model esul s e eal ha an inc ease o one game wi hou concei ing a goal will lead o a
20% o inc easing in he playe ans e ma ke alue. This coe icien alue demons a es a posi i e
co ela ion be ween his pe o mance indica o and he ans e ma ke alue. The coe icien and
espec i e p- alue o each a iables a e illus a ed in he ollowing able.
Table 10 – Fixed E ec eg ession esul s ime and en i y e ec s o Goalkeepe s
Pe o mance Indica o
Coe icien
P- alue
Co ec Passes pe minu e
2,0131
0,7866
De ensi e Duels won pe minu e
7,3178
0,3881
Ae ial Duels won pe minu e
102,08
0,5683
S ops pe minu e
1,2767
0,2223
Concei ed Goals pe minu e
-41,544
0,6107
Fouls pe minu e
15,417
0,0943
Exi s pe minu e
-79,322
0,3363
Games wi hou concei ing goals
0,2099
0,0447
The o he s s a ic panel da a models’ esul s can be obse ed in Appendix 4.
5.2 DEFENDERS
The FE eg ession esul s wi h ime and en i y e ec s (de ende and season yea ) illus a e ha he
mos pa o he a iables do no ha e signi ican in luence on he ans e ma ke alue o he
de ende playe s. Al hough, he same does no occu o he a iables co ec passes, de ensi e duels
won, ae ials duels won and shoo s on a ge pe minu e. All hese a iables show a p- alue lowe han
0,05 and as consequence, an in luence on he dependen a iable unde obse a ion. The esul s
14
demons a e ha an inc emen o one co ec pass pe minu e will lead o a ise o ou million eu os
in he de ende ma ke alue. As An e (2019) e e ed, his s udy also demons a es a posi i e
co ela ion be ween his pe o mance indica o and he de ende s’ ma ke alue.
The coe icien s o he de ensi e and ae ial duels won pe minu e e eal a con adic o y esul .
Acco ding o he model esul s, an inc emen o one de ensi e duel won pe minu e will lead o a
dec ease o 38 million eu os in he playe ans e ma ke alue. The same happens o he ae ial duels
won pe minu es, e ealing a nega i e co ela ion wi h he playe ans e ma ke , con a ily o wha
was e e ed by An e (2019). Conside ing he posi ion unde analysis, hese esul s do no di ulge he
expec ed ou pu . This model also sugges s ha an inc emen o one shoo on a ge by minu e by a
de ensi e playe , will lead o a gain o 363 million eu os in he ans e ma ke alue o he de ensi e
playe s. The coe icien s and espec i e p- alue a e illus a ed in he ollowing able.
Table 11 – Fixed e ec s eg ession esul s ime and en i y o De ende s
Pe o mance Indica o
Coe icien
P- alue
Co ec Passes pe minu e
4,2284
0,0025
De ensi e Duels won pe minu e
-38,773
0,0029
Ae ial Duels won pe minu e
-45,073
0,0269
Tackles pe minu e
11,820
0,1320
In e cep ed Shoo s pe minu e
6,1222
0,3667
Fouls pe minu e
-51,684
0,1166
Goals pe minu e
-235,05
0,3723
Assis s pe minu e
129,70
0,5198
Shoo s on Ta ge pe minu e
363,5
0,0081
Success C osses pe minu e
-5,1332
0,5990
Success d ibbles pe minu e
-17,175
0,2457
O ensi e duels won pe minu e
20,946
0,3488
Accele a ions pe minu e
9,6713
0,1749
The esul s o he o he panel da a models a e a ailable in Appendix 5.
5.3 MIDFIELDERS
The FE eg ession esul s expose some pe o mance indica o s wi h a signi ican in luence on he
mid ielde s ans e ma ke alue. Acco ding o hem and as expec ed, he goals and assis s ha e a
posi i e co ela ion wi h he a ge a iable. An inc emen o a goal pe minu e lead o he inc easing
o 941 million eu os in he mid ielde ma ke alue. The same inc emen le el on assis s pe minu e
e lec s on a gain o mo e han 880 million eu os in ma ke alue o he playe . This model also con i ms
he impo ance ha hese wo pe o mance measu es, pa icula ly he assis s pe minu e, ha e in he
mid ielde ole. Al hough, hese esul s demons a e ha he impac o goals in he mid ielde s’
ans e ma ke is highe compa ing o assis s pe minu e. Thus, as Simmons (2003) e e ed o
a acke s, he same e i y o mid ielde s. Ano he a iable ha ha e a posi i e co ela ion wi h he
playe ans e alue is he o ensi e duels won pe minu e. Con a ily, he success d ibbles pe minu e
a ec nega i ely he ans e ma ke alue o a mid ielde om he op six Eu opean oo ball leagues.
The coe icien s a e exposed in he ollowing able.
15
Table 12 – Fixed e ec s eg ession esul s ime and en i y o Mid ielde s
Pe o mance Indica o
Coe icien
P- alue
Co ec Passes pe minu e
-2,2917
0,1370
De ensi e Duels won pe minu e
-19,004
0,1761
Ae ial Duels won pe minu e
-28,059
0,2594
Tackles pe minu e
7,2534
0,3075
In e cep ed Shoo s pe minu e
4,4108
0,3767
Fouls pe minu e
-47,086
0,0945
Goals pe minu e
941,29
0
Assis s pe minu e
883,26
0
Shoo s on Ta ge pe minu e
120,24
0,1940
Success C osses pe minu e
24,504
0,2966
Success d ibbles pe minu e
-82,695
0,0174
O ensi e duels won pe minu e
54,014
0,0310
Accele a ions pe minu e
-15,269
0,1827
The o he esul s can be consul ed in he Appendix 6.
5.4 ATTACKERS
Acco ding o he esul s o he FE eg ession, only one a iable has impac on he ans e ma ke alue
om he a acke s’ playe s ha ing a signi icance le el highe han 0,05 o a 95% o con idence. The
a iable is he a acke s’ pe o mance measu e mo e aluable: goals pe minu e. Acco ding o he
eg ession, his measu e has a posi i e co ela ion wi h he a ge a iable. An inc emen o one goal
pe minu e conduc s o aise o mo e han 640 million eu os in he playe ma ke alue. This esul
highligh s he impo ance o his measu e in he ma ke alue o he playe s o his posi ion g oup
con i ming he esul s p oduced by p e ious esea ches (Ca michael e al., 1999; B yson e al., 2012;
Ca michael & Thomas, 1993; Ge a d & Dobson, 2000; Luci o a & Simmons, 2003; Dobson e al., 2000).
The coe icien s o hese and o he pe o mance indica o s a e desc ibed in he ollowing able.
Table 13 – Fixed e ec s eg ession esul s ime and en i y o A acke s
Pe o mance Indica o
Coe icien
P- alue
Co ec Passes pe minu e
-6,7001
0,2704
De ensi e Duels won pe minu e
-54,444
0,1129
Ae ial Duels won pe minu e
-22,282
0,3813
Tackles pe minu e
-36,863
0,3698
In e cep ed Shoo s pe minu e
-3,6251
0,6147
Fouls pe minu e
-36,486
0,3673
Goals pe minu e
646,00
0,0049
Assis s pe minu e
362,94
0,2587
Shoo s on Ta ge pe minu e
-17,711
0,8984
Success C osses pe minu e
14,107
0,6552
Success d ibbles pe minu e
75,688
0,1974
O ensi e duels won pe minu e
21,744
0,5760
Accele a ions pe minu e
14,960
0,4422
The o he model esul s’ can be e i ied in he Appendix 7.
16
6. Conclusion
This s udy exposes he ela ionship be ween speci ic pe o mance indica o s and he ans e ma ke
alue conside ing he posi ion g oup ha oo ball playe s occupy in he pi ch. I also con i ms he
ela ionship be ween hese measu es and he playe s’ ma ke alue e e ed by p e ious esea ches
and in oduces new indica o s, ne e s udied be o e.
A e ga he ing da a om he op six Eu opean leagues in he las h ee seasons, we applied he Fixed
E ec s eg ession in o de o iden i y he coe icien s and he co ela ion be ween hese measu es and
he a ge a iable, he ans e ma ke alue. As we a e only conside ing speci ic oo ball leagues and
he oo ball ans e ma ke is dynamic, he da ase s used a e unbalanced.
Despi e he ac ha mos o he a iables e ealed a e s a is ically insigni ican , we e i ied ha some
in luence he ans e ma ke alue o he playe s. Fo goalkeepe s, we con i med ha he games
wi hou concei ing a goal ha e a posi i e co ela ion wi h hei ans e ma ke alue, inc easing i in
20%. Fo he i s ime, his esea ch conside ed he speci ici ies o his posi ion and p oduced he
eg ession model wi h pe o mance measu es adap ed o goalkeepe s’ cha ac e is ics.
Acco ding o he s udy esul s, he e is a posi i e co ela ion be ween he co ec passes and he
de ende s ma ke alue. This ou pu highligh s he impo ance o his indica o in he de ende playe
e alua ion and he impac ha hey ha e in he game cons uc ion. I is also con i med ha shoo s on
a ge pe minu e ha e a posi i e e ec in he ans e ma ke alue o de ende s. Con a y o wha
was expec ed, he esul s demons a e a nega i e co ela ion be ween he de ensi e and ae ials duels
won pe minu e and he playe ma ke alue.
Mid ielde s demons a e a posi i e co ela ion be ween hei ans e ma ke alue and he goals and
assis s pe minu e. Howe e , esul s co obo a e ha he goals pe minu e ha e a highe impac on
mid ielde s’ alue. O he measu e ha in luences posi i ely his alue is he o ensi e duels won pe
minu e. Ye , he success d ibbles pe minu e a ec nega i ely hei alue.
Finally, his s udy suppo s he impo ance o goals in he a acke s ans e alue. As s a ed in his
esea ch, an inc emen o a goal pe minu e inc eases in mo e han 600 million eu os he a acke
ans e ma ke alue.
The main limi a ions o his in es iga ion a e ela ed wi h he numbe o seasons analysed and oo ball
leagues conside ed. I was in e es ing o englobe in his esea ch o he Eu opean na ional leagues and
playe s’ da a om mo e han h ee seasons.
Foo ball is a collec i e spo whe e each playe has a speci ic ole. Fo his eason, u u e esea ch
should analyse he ela ionship be ween he pe o mance measu es and he speci ic posi ion om a
ce ain posi ion g oup. A s udy o his ype allows o in es iga e he exis ing di e ences be ween he
oles o , o ins ance, de ende s. The insigh s p oduced could help o dis inguish he ela ionship
be ween he pe o mance indica o s and he ans e ma ke o winge s o Cen e de ende s.
Ano he impo an componen migh be s udying he ela ionship be ween he ans e ma ke alue
and he popula i y measu es, like social ne wo k da a. In an age whe e oo ball clubs ac like
companies, wi h a s ong ma ke ing componen , he acquisi ion o a oo ball playe can ha e an impac
in comme cial ac i i ies.

17
E e y oo ball game is unp edic able, like some ans e s a e no comp ehensible o he de ou
suppo e s. Howe e , da a analy ics is becoming mo e ele an when i comes o p oduce insigh s ha
will hold he decisions o all s akeholde s in ol ed. This s udy is jus one mo e example ha in ends o
ein o ce he decisions o he agen s in ol ed in he oo ball ans e ma ke alue. The esul s
p oduced e eal o he oo ball clubs and oo ball agen s he impac o some pe o mance measu es
in he playe s’ ans e ma ke alue pe posi ion g oup suppo ing he decisions o signing a con ac
wi h a new oo ball playe .
18
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h ps://www.independen .co.uk/spo / oo ball/ ans e s/p emie -league-summe - ans e -
window- eco d-spending-ne -spend- omelu-lukaku-paul-pogba-a7853226.h ml
Medcal e, S. (2008). English league ans e p ices: is he e a acial dimension? A e-examina ion wi h
new da a. Applied Economics Le e s, 15(11), 865-867.
Mülle , O., Simons, A., Weinmann, M. (2017). Beyond C owd Judgmen s: Da a-d i en Es ima ion o
Ma ke Value in Associa ion Foo bal Eu opean Jou nal o Ope a ional Resea ch.
h ps://doi.o g/10.1016/j.ejo .2017.05.005
Op ean, V. B., Op ison T. (2014). Accoun ing o Socce Playe s: Capi aliza ion Pa adigm s.
Expendi u e. P ocedia Economics and Finance, 15, pp. 1647-1654.
Poli, R. M, Ra enelm L., Besson R. (2019). CIES Foo ball Obse a o y Mon hly Repo nº47 – Sep embe
2019 – Financial analysis o he ans e ma ke in he big 5 Eu opean leagues (2010-2019).
Re ie ed Decembe , 15, 2020, om h ps:// oo ball-obse a o y.com/IMG/si es/m /m 47/en/
Poli, R. M, Ra enelm L., Besson R. (2020). The eal impac o COVID on he oo ball playe s’ ans e
ma ke . Re ie ed Decembe , 15, 2020, om h ps:// oo ball-
obse a o y.com/IMG/si es/m /m 58/en/
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o ac ual pe o mance o he ma ke alue o oo ball playe s, in: Sciamus - Spo und
Managemen 10(4), 41-67.
Rod iguez, Ma ibel. (2020). Fac o analysis o he ma ke alue o high-pe o mance playe s o h ee
majo Eu opean associa ion oo ball leagues. Managing Spo and Leisu e. 1-24.
10.1080/23750472.2020.1771197.
Ruijg, J., Ophem, H. (2015). De e minan s o oo ball ans e s. Applied Economic Le e s, 22:1, 12-19.
27
# S o e alues o checking homoskedas ici y g aphically
i ed als_pooled_OLS = pooledOLS_ es.p edic (). i ed_ alues
esiduals_pooled_OLS = pooledOLS_ es. esids
# 3A. Homoskedas ici y
impo ma plo lib.pyplo as pl
# 3A.1 Residuals-Plo o g owing Va iance De ec ion
ig, ax = pl .subplo s()
ax.sca e ( i ed als_pooled_OLS, esiduals_pooled_OLS, colo = 'blue')
ax.axhline(0, colo = ' ', ls = '--')
ax.se _xlabel('P edic ed Values', on size = 15)
ax.se _ylabel('Residuals', on size = 15)
ax.se _ i le('Homoskedas ici y Tes ', on size = 30)
pl .show() ## PLOT - HOMOSKEDASTICITY TEST
om s a smodels.s a s.diagnos ic impo he _whi e, he _b euschpagan
pooled_OLS_da ase = pd.conca ([da ase , esiduals_pooled_OLS], axis=1)
pooled_OLS_da ase = pooled_OLS_da ase .d op(['START_SEASON_YEAR'], axis = 1). illna(0)
exog = sm. ools. ools.add_cons an (da ase [[
'PLAYER_CORRECT_PASSES_PER_MINUTE',
'PLAYER_DEFENSIVE_DUELS_WON_PER_MINUTE',
'PLAYER_AERIEALS_WON_PER_MINUTE',
'PLAYER_TACKLES_PER_MINUTE',
'PLAYER_INTERCEPTED_SHOOTS_PER_MINUTE',
'PLAYER_FOULS_PER_MINUTE',
'PLAYER_GOALS_PER_MINUTE',
'PLAYER_ASSISTS_PER_MINUTE',
'PLAYER_SHOOTS_ON_THE_TARGET_PER_MINUTE',
'PLAYER_SUCCESS_CROSSES_PER_MINUTE',
'PLAYER_SUCCESS_DRIBLES_PER_MINUTE',
'PLAYER_OFFENSIVE_DUELS_WON_PER_MINUTE',
'PLAYER_ACCELARATIONS_PER_MINUTE'
]]). illna(0)
# B eusch-Pagan-Tes
b eusch_pagan_ es _ esul s = he _b euschpagan(pooled_OLS_da ase [' esidual'], exog)
labels = ['BPT LM-S a ', 'BPT LM p- al', 'BPT F-S a ', 'BPT F p- al']
#p in (dic (zip(labels, b eusch_pagan_ es _ esul s))) ## BREUSH-PAGAN TEST RESULT
# Non-Au oco ela ion # Du bin-Wa son-Tes
om s a smodels.s a s.s a ools impo du bin_wa son
du bin_wa son_ es _ esul s = du bin_wa son(pooled_OLS_da ase [' esidual'])
p in (du bin_wa son_ es _ esul s) ## DURBIN-WATSON TEST RESULT
# FE und RE model - h ps:// owa dsda ascience.com/a-guide- o-panel-da a- eg ession- heo e ics-and-
implemen a ion-wi h-py hon-4c84c5055c 8
om linea models impo PanelOLS
om linea models impo RandomE ec s
exog = sm. ools. ools.add_cons an (da ase [['PLAYER_CORRECT_PASSES_PER_MINUTE',
'PLAYER_DEFENSIVE_DUELS_WON_PER_MINUTE',
'PLAYER_AERIEALS_WON_PER_MINUTE',
'PLAYER_TACKLES_PER_MINUTE',
'PLAYER_INTERCEPTED_SHOOTS_PER_MINUTE',
'PLAYER_FOULS_PER_MINUTE',
'PLAYER_GOALS_PER_MINUTE',
'PLAYER_ASSISTS_PER_MINUTE',
'PLAYER_SHOOTS_ON_THE_TARGET_PER_MINUTE',
'PLAYER_SUCCESS_CROSSES_PER_MINUTE',
'PLAYER_SUCCESS_DRIBLES_PER_MINUTE',
'PLAYER_OFFENSIVE_DUELS_WON_PER_MINUTE',
'PLAYER_ACCELARATIONS_PER_MINUTE']])
endog = da ase ['PLAYER_MARKET_VALUE_EUROS']
# FIXED EFFECT
# ENTITY AND TIME EFFECTS
model_ e = PanelOLS(endog, exog, en i y_e ec s = T ue, ime_e ec s = T ue)
e_ es = model_ e. i ()
#p in ( e_ es)
# RANDOM EFFECT
model_ e = RandomE ec s(endog, exog)
e_ es = model_ e. i ()
p in ( e_ es)
# Hauman-Tes
impo numpy.linalg as la
om scipy impo s a s

28
# HAUSMAN TEST
de hausman( e, e):
b = e.pa ams
B = e.pa ams
_b = e.co
_B = e.co
d = b[np.abs(b) < 1e8].size
chi2 = np.do ((b - B).T, la.in ( _b - _B).do (b - B))
p al = s a s.chi2.s (chi2, d )
e u n chi2, d , p al
hausman_ esul s = hausman( e_ es, e_ es)
p in ('chi-Squa ed: ' + s (hausman_ esul s[0]))
p in ('deg ees o eedom: ' + s (hausman_ esul s[1]))
p in ('p-Value: ' + s (hausman_ esul s[2]))
29
8.4 APPENDIX 4
Panel Da a Model Resul s o Goalkeepe s
Pooled OLS
Fixed E ec s
Random E ec s
Pe o mance Indica o
Coe icien
P- alue
Coe icien
P- alue
Coe icien
P- alue
Co ec Passes pe minu e
11,804
0,0617
20,131
0,7866
10,129
0,0647
De ensi e Duels won pe minu e
31,118
0,0424
73,178
0,3881
20,117
0,0132
Ae ial Duels won pe minu e
-123,26
0,5162
102,08
0,5683
-2,8656
0,9855
S ops pe minu e
2,5363
0,0314
12,767
0,2223
1,1651
0,1632
Concei ed Goals pe minu e
-294,47
0,0022
-41,544
0,6107
-127,78
0,0634
Fouls pe minu e
6,6595
0,5698
15,417
0,0943
16,265
0,0589
Exi s pe minu e
-213,36
0,0034
-79,322
0,3363
-153,62
0,0196
Games wi hou concei ing goals
0,2555
0,0844
0,2099
0,0447
0,2235
0,0164
8.5 APPENDIX 5
Panel Da a Model Resul s o De ende s
Pooled OLS
Fixed E ec s
Random E ec s
Pe o mance Indica o
Coe icien
P- alue
Coe icien
P- alue
Coe icien
P- alue
Co ec Passes pe minu e
28,513
0
42,284
0,0025
12,674
0
De ensi e Duels won pe minu e
-115,59
0
-38,773
0,0029
-58,023
0
Ae ial Duels won pe minu e
-6,0677
0,806
-45,073
0,0269
-23,23
0,1441
Tackles pe minu e
8,1152
0,5909
11,820
0,1320
14,742
0,069
In e cep ed Shoo s pe minu e
13,25
0,1884
61,222
0,3667
6,8716
0,3008
Fouls pe minu e
-269,92
0
-51,684
0,1166
-158,82
0
Goals pe minu e
1151,6
0,0044
-235,05
0,3723
255,31
0,3211
Assis s pe minu e
1751,8
0,0022
129,70
0,5198
690,84
0,0004
Shoo s on Ta ge pe minu e
759,86
0,0004
363,5
0,0081
529,61
0
Success C osses pe minu e
-9,0257
0,5416
-51,332
0,5990
-5,3771
0,5789
Success d ibbles pe minu e
-47,641
0,0005
-17,175
0,2457
-26,931
0,557
O ensi e duels won pe minu e
45,853
0,0337
20,946
0,3488
23,702
0,1418
Accele a ions pe minu e
9,2964
0,4146
96,713
0,1749
8,732
0,2106
30
8.6 APPENDIX 6
Panel Da a Model Resul s o Mid ielde s
Pooled OLS
Fixed E ec s
Random E ec s
Pe o mance Indica o
Coe icien
P- alue
Coe icien
P- alue
Coe icien
P- alue
Co ec Passes pe minu e
25,201
0
-2,917
0,1370
9,6799
0
De ensi e Duels won pe minu e
-85,02
0
-19,004
0,1761
-40,89
0,001
Ae ial Duels won pe minu e
-1,5784
0,9502
-28,059
0,2594
-45,692
0,0167
Tackles pe minu e
7,5092
0,6074
72,534
0,3075
5,4408
0,4398
In e cep ed Shoo s pe minu e
0,9552
0,929
44,108
0,3767
5,867
0,2263
Fouls pe minu e
-221,29
0
-47,086
0,0945
-148,73
0
Goals pe minu e
2439,2
0
941,29
0
1515,3
0
Assis s pe minu e
2266
0
883,26
0
1269,1
0
Shoo s on Ta ge pe minu e
486
0,0057
120,24
0,1940
245,57
0,0042
Success C osses pe minu e
-180,23
0,0001
24,504
0,2966
-26,985
0,2224
Success d ibbles pe minu e
90,949
0,0772
-82,695
0,0174
-17,481
0,5672
O ensi e duels won pe minu e
-68,955
0,0493
54,014
0,0310
10,178
0,6352
Accele a ions pe minu e
-24,327
0,1432
-15,269
0,1827
-19,865
0,0796
8.7 APPENDIX 7
Panel Da a Model Resul s o A acke s
Pooled OLS
Fixed E ec s
Random E ec s
Pe o mance Indica o
Coe icien
P- alue
Coe icien
P- alue
Coe icien
P- alue
Co ec Passes pe minu e
28,694
0,0001
-6,7001
0,2704
19,22
0
De ensi e Duels won pe minu e
-133,1
0,0009
-54,444
0,1129
-113,05
0,0001
Ae ial Duels won pe minu e
-23,077
0,1381
-22,282
0,3813
-39,119
0,0311
Tackles pe minu e
-80,057
0,0905
-36,863
0,3698
-60,854
0,0966
In e cep ed Shoo s pe minu e
-0,4787
0,9648
-36,251
0,6147
-0,6376
0,9314
Fouls pe minu e
-214,45
0
-36,486
0,3673
-97,245
0,0072
Goals pe minu e
1169,3
0,0097
646,00
0,0049
697,58
0,0024
Assis s pe minu e
3407,7
0
362,94
0,2587
1262,6
0,0001
Shoo s on Ta ge pe minu e
1356,5
0
-17,711
0,8984
526,16
0,0001
Success C osses pe minu e
-63,512
0,0256
14,107
0,6552
5,1267
0,8622
Success d ibbles pe minu e
214,53
0,0036
75,688
0,1974
180,22
0,0003
O ensi e duels won pe minu e
-105,84
0,0357
21,744
0,5760
-76,851
0,025
Accele a ions pe minu e
21,796
0,3418
14,960
0,4422
12,501
0,5208
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