Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 43 , 10 November 2023
Open
Access | Article
The Analysis of the Impact of Sports Events on Socioeconomic Development
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Abstract
With the sudden rise of various sports events in recent years, the sports industry has gradually come into the limelight, and how to grasp the economic benefits as well as the external impacts brought by sports events will become a problem that must be faced. Based on the impact of large-scale sports events on the local economy and the stock market, this paper studies the various impacts of sports events on society through data collection and comparative analysis and focuses on the negative impacts that are easy to be ignored. Among them, in the stock market, through collecting the stock market fluctuations during the recent Olympic Games, it is estimated that the Olympic Games will disperse the stock market, and further lead to the stock market downturn, and weak rebound. In terms of the local economy, sports events can promote development, whether in terms of social infrastructure construction or nominal GDP. However, the effect of sports on urban economic development is not as great as that of paper data, because the money spent on sports in people's leisure time is nothing more than the replacement of other entertainment, which cannot bring about additional consumption. The conclusion shows that the development of the sports industry is accompanied by certain losses in other aspects, so it is necessary to balance the development plan reasonably in order to maximize the social benefits.
Keywords
side effect, financial market, local impact, World Cup
References
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4. Matt Crowe. The Economic Impact of the Sydney Olympic Games. A Collaborative Study by NSW Treasury and The Centre for Regional Economic Analysis University of Tasmania, 1997.
5. Dan Kopf Why economists don’t think sports matter for the economy. 2020.
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8. Jessica Y. Wang & Raphael N. Markellos (2018): Is there an Olympic gold medal rush in the stock market? The European Journal of Finance.
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 7th International Conference on Economic Management and Green Development
- ISBN (Print)
- 978-1-83558-107-0
- ISBN (Online)
- 978-1-83558-108-7
- Published Date
- 10 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/43/20232140
- Copyright
- 10 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited