Talent, Capital, and the FIFA World Cup: How Participation Affects Football Players’ Market Value

ABSTRACT Objective This study contributes to human capital research in sports by exploring the valuation of high‐skilled talent. Specifically, it examines how participation in the 2018 and 2022 FIFA World Cups affected the market values of footballers, with a focus on players from the top five European leagues. Method Using data from 675 athletes and hierarchical linear modeling, we analyze player and club characteristics, national team performance, and social media fandom. Results The results show that participation in the World Cup does not automatically increase players’ market values. Value changes are primarily driven by individual performance rather than team success, with emerging footballers (those younger and with lower market value) and those from the Premier League and La Liga, who have a higher social media fandom, showing more significant value increases. Conclusion These findings suggest that the impact evaluation of career‐advancing events should consider individual engagement metrics. The research contributes to sports management and labor economics by deepening the understanding of talent valuation in high‐performance markets.