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Are sponsorship announcements good news for the shareholders? Evidence from international stock exchanges

Journal of the Academy of Marketing Science, 2013-09, Vol.41 (5), p.586-600 [Peer Reviewed Journal]

Academy of Marketing Science 2013 ;COPYRIGHT 2013 Springer ;ISSN: 0092-0703 ;EISSN: 1552-7824 ;DOI: 10.1007/s11747-013-0325-x ;CODEN: JAMSDE

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  • Title:
    Are sponsorship announcements good news for the shareholders? Evidence from international stock exchanges
  • Author: Mazodier, Marc ; Rezaee, Amir
  • Subjects: Brand equity ; Brand loyalty ; Business and Management ; Celebrities ; Corporate sponsorship ; Marketing ; Original Empirical Research ; Social Sciences ; Stock exchanges ; Stock prices ; Studies
  • Is Part Of: Journal of the Academy of Marketing Science, 2013-09, Vol.41 (5), p.586-600
  • Description: 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.
  • Publisher: Boston: Springer US
  • Language: English
  • Identifier: ISSN: 0092-0703
    EISSN: 1552-7824
    DOI: 10.1007/s11747-013-0325-x
    CODEN: JAMSDE
  • Source: ProQuest One Psychology
    AUTh Library subscriptions: ProQuest Central
    Alma/SFX Local Collection
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