| Chinese football began its professional league in 1994.Due to the interests,there have been a large number of match-fixing,gambling,and black whistle events.From 2009 to 2010,the Chinese football opened a "sweeping black campaign",detected more than 40 games involving black whistle and match-fixing in the past,and sentenced nearly 30 people involved.Chinese football conducted a "cleaning".This paper by using the impact of institution changes caused by the"sweeping black campaign" of the typical human capital-intensive organization--Chinese Super League,and through panel fixed-effect analysis and difference-in-difference(DID)model to investigate the changes of the human capital investment returns and the human capital investment willingness of the CSL teams before and after the "sweeping black campaign".We are going to provide a micro-empirical evidence for the institutional environmental impact of organizational human capital investment.The study found that the black whistle through unfair penalties severely reduced the role of national players and foreign players as key players scoring goals in the game,reducing the rate of return on team human capital investment.After the "sweeping black campaign",the role of the national players and foreign players in the team's scoring was improved.The team's human capital investment yield increased,and the willingness of human capital investment increased.Through difference-in-difference(DID)analysis,we found that teams with more match-fixing have lower willingness to invest in human capital after campaign;changes in team ownership are not conducive to the accumulation of team human capital;compared to the player's transfer fee,the number of national players and star players can better reflect the team's human capital investment. |
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