Purpose

Given the public availability of secondary data on investments in events such as the Olympics, FIFA World Cup and professional sports, event studies that measure stock market response to these investments have grown. Previous findings are mixed, however, with some studies suggesting that the announcement of sponsorship contracts is a positive event and others finding detrimental effects of the announcement on shareholder value. This study aims to analyze the mixed findings from event studies in sport sponsorship to determine if sponsorship announcements influence stock market response.

Design/methodology/approach

The meta-analysis examines more than 20 years of research on event studies in sponsorship (34 studies).

Findings

The overall results show a positive, but non-significant effect of partnership deal announcements on shareholder wealth. Further analysis considers the effects of sponsorship announcements by each type of event window to see the impact of the announcement relative to time (pre-announcement, announcement day, post-announcement and pre- to post-announcement). This closer examination of the event window shows that stock prices of sponsoring organizations increased in the pre-announcement window.

Originality/value

Quantitative meta-analytic findings indicate that information about sponsorship deals appears to leak to share markets and positively influence share price. This finding suggests that sponsoring the sports and events found in these event studies is seen as value enhancing for sponsoring firms.

中文翻译：

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体育赞助公告和股票回报：元分析回顾

目的

鉴于奥运会、FIFA 世界杯和职业体育等赛事投资的二手数据公开可用，衡量股票市场对这些投资反应的事件研究有所增加。然而，之前的研究结果喜忧参半，一些研究表明，赞助合同的公布是一个积极的事件，而另一些研究则发现公布对股东价值的不利影响。本研究旨在分析体育赞助活动研究的混合结果，以确定赞助公告是否会影响股市反应。

设计/方法/方法

元分析检查了超过 20 年的赞助事件研究（34 项研究）。

发现

总体结果显示，合伙交易公告对股东财富有积极但不显着的影响。进一步分析通过每种类型的事件窗口考虑赞助公告的影响，以查看公告相对于时间（公告前、公告日、公告后和公告前至公告后）的影响。对活动窗口的仔细检查表明，赞助组织的股票价格在预告窗口中上涨。

原创性/价值

定量元分析结果表明，有关赞助交易的信息似乎会泄漏到股票市场并对股价产生积极影响。这一发现表明，赞助这些赛事研究中发现的体育和赛事被视为赞助公司的价值提升。