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.

随着对营销投资价值（如体育赞助）的兴趣增加，关于营销-财务界面的研究数量也在增加。本研究整合了当前的研究结果，并就体育赞助公告如何影响公司价值建立了实证概括。实证文献发现，股东对这些营销投资的价值存在矛盾的结果。本文通过对股票对体育赞助公告的反应进行荟萃分析来解决这个问题，使用来自 36 项研究（41 个样本）的 3192 条公告。总的来说，这些公告引起了股东的注意，因为有一个积极和显着的累积异常回报 (CAR)。然而，这种积极影响主要出现在 1990 年代，并在 2000 年代变得消极。总体而言，当赞助商和赞助商之间在功能和地域上存在一致性时，股东会看好体育赞助投资。本文还表明，CAR 的差异可以通过控制混杂事件和东道国来解释。本文最后通过使用事件研究方法为体育赞助的进一步研究提供了潜在途径。