Title: Corporate governance and financial stability of the English Premier League before and during COVID-19

Authors: Stephen Young; Tony Abdoush

Addresses: Bournemouth University Business School, Bournemouth University, Fern Barrow, Poole, Dorset, BH12 5BB, UK ' Bournemouth University Business School, Bournemouth University, Fern Barrow, Poole, Dorset, BH12 5BB, UK; Faculty of Economics, Damascus University, Damascus, Syria

Abstract: This study aims to explore the relationship between corporate governance and the financial stability of football clubs in the English Premier League (EPL) before and during COVID-19 pandemic. Using data collected manually from the annual reports over the period 2018-2020, the key findings have revealed that smaller boards, with fewer independent directors, more female directors, more directors with managerial ownership, and a Big Four audit firm, have helped football clubs to retain financial stability and improve firm performance during the pandemic. In particular, a diverse board with more female directors, and a Big4 audit firm, seems to yield the most significant results across all proxies of financial stability. Policymakers and regulators would benefit from these findings to promote governance arrangements with significant impact on the EPL financial stability, while investors and club owners should also consider adapting those specific practices to retain their club's financial stability over the long run.

Keywords: corporate governance; financial stability; football clubs; EPL; English Premier League; board of directors; board diversity; female directors; Big4 auditor; intangible assets; UK; COVID-19 pandemic.

DOI: 10.1504/IJAAPE.2025.144891

International Journal of Accounting, Auditing and Performance Evaluation, 2025 Vol.21 No.1/2, pp.82 - 106

Received: 05 Jan 2022
Received in revised form: 23 May 2022
Accepted: 29 May 2022
Published online: 07 Mar 2025 *