Are sponsorship announcements good news for the shareholders? Evidence from international stock exchanges |
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| Authors: | Marc Mazodier Amir Rezaee |
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| Institution: | 1. Ehrenberg Bass Institute for Marketing Science, University of South Australia, Level 4, Yugondi Building, City West Campus, 70 North Terrace, Adelaide, South Australia, 5000
2. ISG Business School, 8 rue de Lota, 75116, Paris, France
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| Abstract: | The objective of this study is to analyse investors’ perceptions of sponsorship’s ability to increase brand equity, through the impact of sponsorship announcement on stock market value. An event study method, based on a unique sample of 293 worldwide sponsorship announcements from 2010, shows substantial negative abnormal returns following announcement dates. In addition, a cross-sectional regression analysis reveals the influence of several featured factors. Philanthropic sponsorships and sponsorships of events with distinctive values are less negatively perceived by investors, but US companies exhibit more negative returns in shareholder value than other firms. This study offers no support for varying impacts of event audience, renewal agreement, property sponsorship and title sponsorship on abnormal returns though. |
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