Are sports sponsorship announcements good news for shareholders? A meta-analysis |
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| Institution: | 1. Rennes School of Business, 2 Rue Robert D''Arbrissel – CS 76522, 35065 Rennes, France;2. Grenoble Ecole de Management, 12 Rue Pierre Semard, 38000 Grenoble, France;1. Universidad de Alcalá, Department of Economics and Management, Plaza de la Victoria, s/n, 28802 Alcalá de Henares, Madrid, Spain;2. Universidad de León, Department of Management and Business Economics, Campus de Vegazana s/n, 24071, León, Spain;1. Rotman School of Management at the University of Toronto, 105 St. George Street, Toronto, Ontario, Canada;2. China Europe International Business School, 699 Hongfeng Road, Pudong, Shanghai 201206, China;1. Paul Merage School of Business, University of California, Irvine, United States;2. UCL School of Management, University College London, London, United Kingdom;3. Donald Bren School of Information and Computer Sciences, University of California, Irvine, United States;1. Pepperdine University, Graziadio Business School, 24255 Pacific Coast Highway, Malibu, CA 90263, United States;2. Chase Minority Entrepreneurship Distinguished Professor, Loyola University New Orleans, 6363 St. Charles Ave, New Orleans, LA 70118, United States;3. James J. Pierson Endowed Chair in Marketing, Richard A. Chaifetz School of Business, Saint Louis University, 3674 Lindell Blvd, St. Louis, MO 63108, United States |
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| Abstract: | The number of studies on the marketing–finance interface has escalated in response to increased interest in the value of marketing investments, such as sports sponsorship. This study integrates current research findings and establishes empirical generalizations on how sports sponsorship announcements impact firm value. The empirical literature finds contradicting results on the value shareholders place on these marketing investments. This paper addresses this issue by undertaking a meta-analysis on stock reactions to sport sponsorship announcements, using 3192 of these announcements taken from 36 studies (41 samples). On aggregate, these announcements drew the attention of shareholders since there was a positive and significant cumulative abnormal return (CAR). However, this positive effect was mostly observed in the 1990s and became negative in the 2000s. Overall, shareholders viewed sports sponsorship investments favorably when there was a functional and geographical congruence between sponsors and sponsees. This paper also shows that the differences in the CAR can be explained by controlling for confounding events and host country. The paper concludes by providing potential avenues for further research in sports sponsorship, using the event study method. |
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| Keywords: | Sports sponsorship Event study Abnormal return Meta-analysis |
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