The host country effect — where nations typically perform better when hosting the Olympic Games — is a well-documented phenomenon. However, its magnitude may be shaped by institutional and societal factors. This paper investigates how corruption and gender inequality moderate the host country advantage using a panel dataset covering all Summer and Winter Olympic Games from 2000 to 2022. We analyze their effects on athlete participation, medal counts, and the conversion rate of athletes to medals, with a particular focus on gender disparities. Our findings show that higher levels of corruption and gender inequality are associated to weaker Olympic performance, especially for female athletes and in the Summer Games, as shown by smaller benefits of hosting. These results highlight the critical role of transparent governance and gender equity in maximizing the returns of hosting international sporting events.
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