Market Reactions to Sport Sponsorship Announcements in Japan

DOI

Description

This study investigates the impact of sport sponsorship announcements on the stock prices of firms listed on the first section of the Tokyo Stock Exchange. In contrast to prior studies that suffer from small sample limitations using Western data, we include a variety of sport events using long-term Japanese data. The event study analyses weakly reveal positive average market reactions to sport sponsorship announcements from 1990 to 2014. Positive market reactions are intensified when the events are held in Japan or are related to the main business of sponsors. In addition, the stock prices of rival firms react negatively to sport sponsorship announcements, revealing a sharp contrast between sponsors and rivals.

Journal

Details 詳細情報について

Report a problem

Back to top