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44 Nonprofit & Voluntary Sector Q. 5 (2015)

handle is hein.journals/npvolsq44 and id is 1 raw text is: Article Nonprofit and Voluntary Sector Quarterly 2015, Vol. 44(l) 5-24 Revenue Volatility in @ The Author(s) 2013 Reprints and permissions: sagepub.com/journalsPermissions.nav DOI: 10.1177/0899764013499072 Sports Clubs nvsq.sagepub.com OSAGE Pamela Wicker', Neil Longley2, and Christoph Breuer' Abstract Revenue volatility hinders the planning within nonprofit organizations, and as a consequence, it can influence the organization's contribution to public welfare. To analyze the extent of revenue volatility and its determinants, this paper uses a comprehensive, longitudinal, data set of German nonprofit sports clubs (n = 724). It distinguishes between systematic volatility and club-specific volatility, and argues that a complete understanding of the sources and impacts of volatility requires one to clearly distinguish between the two components. Empirical results indicate that revenue diversification can significantly reduce club-specific volatility, but has more minimal benefits for lowering systematic volatility. It also reveals that clubs that rely more heavily on membership fees, and less on subsidies, appear to have reduced levels of systematic and club-specific volatility, with the impact being much greater for the latter. Keywords nonprofit sports organization, revenue volatility, sports club, financial risk, financial resources Introduction For all nonprofit organizations, financial viability is critical for success, and is an important prerequisite if the organization is to fulfill its broader mission (Young, 2007). A key aspect of financial viability relates to revenue flows-in the most basic sense, an organization's revenues must meet or exceed its expenses in order for it to survive in the long run. In this context, several studies examined the nature of revenue 'German Sport University Cologne, Germany 2University of Massachusetts Amherst, USA Corresponding Author: Pamela Wicker, Department of Sport Economics and Sport Management, German Sport University Cologne, Am Sportpark Muengersdorf 6, Cologne 50933, Germany. Email: p.wicker@dshs-koeln.de

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