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Family Connections in Motorsports: The Case of Formula One

Author

Listed:
  • Craig A. Depken II
  • Peter A. Groothuis
  • Kurt W. Rotthoff

Abstract

Many careers find within-family career following common including law, politics, business, agriculture, medicine, entertainment, and professional sports. As children enter the same career as their parents, there are potential benefits: physical-capital transfer, human-capital transfer, brandname- loyalty transfer, and/or nepotism. In Formula One (auto racing) career following is also common where many sons follow their father into racing and many brothers race at the same time. Using a panel describing the annual statistics for drivers from 1953-2011, we find that the brothers of Formula One drivers appear to benefit from human capital transfer and nepotism but that sons gain little from human capital transfer and do not enjoy nepotism. We do find, however, that only the best drivers have sons who follow them into racing suggesting that sons can extend the brand name-loyalty their famous fathers have created. Key Words: Motorsports, Nepotism, Human Capital, Brand Loyalty.

Suggested Citation

  • Craig A. Depken II & Peter A. Groothuis & Kurt W. Rotthoff, 2016. "Family Connections in Motorsports: The Case of Formula One," Working Papers 16-13, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:16-13
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp1613.pdf
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    References listed on IDEAS

    as
    1. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," NBER Chapters, in: Investment in Human Beings, pages 9-49, National Bureau of Economic Research, Inc.
    2. Peter A. Groothuis & Jana D. Groothuis & Kurt W. Rotthoff, 2011. "Time on Camera," Journal of Sports Economics, , vol. 12(5), pages 561-570, October.
    3. Johnny Ducking & Peter Groothuis & James Hill, 2015. "Exit Discrimination in the NFL: A Duration Analysis of Career Length," The Review of Black Political Economy, Springer;National Economic Association, vol. 42(3), pages 285-299, September.
    4. Kurt William Rotthoff & Craig A. Depken & Peter A. Groothuis, 2014. "Influences on sponsorship deals in NASCAR: indirect evidence from time on camera," Applied Economics, Taylor & Francis Journals, vol. 46(19), pages 2277-2289, July.
    5. Peter A. Groothuis & Jana D. Groothuis, 2008. "Nepotism or Family Tradition? A Study of NASCAR Drivers," Journal of Sports Economics, , vol. 9(3), pages 250-265, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    motorsports; nepotism; human capital; brand loyalty.;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • Z20 - Other Special Topics - - Sports Economics - - - General

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