The sponsorship effect: Do sport sponsorship announcements impact the firm value of sponsoring firms?

摘要: This study analyzes the effect of sponsorship announcements on firm value sponsoring firms by investigating whether have an influ ence abnormal returns share prices. As previous research has neglected spon sorships from different regions and comparison sponsorships in sports, a unique dataset deals between 1999 2010 is created (n=629). Using event methodology data analyzed for all sports gener al as well sub-samples including soccer, motor regions. The results provide evidence that sport positively impact stock returns, but this differs among regression reveal are significantly higher brand level, smaller firms, with national reach. findings implications corporate managers equi librium prices not yet been reached.