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

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TLDR
In this article, the authors analyse investors' perceptions of sponsorship's ability to increase brand equity, through the impact of sponsorship announcement on stock market value, and show substantial negative abnormal returns following announcement dates.
Abstract
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.

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Event study methodology in the marketing literature: an overview

TL;DR: Event studies examine stock price movements around corporate events as discussed by the authors, which can be voluntary firm announcements (e.g., new product introduction, alliance formation, channel restructuring) or announcements made by other entities such as regulatory bodies or competitors.
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A Text Mining-Based Review of Cause-Related Marketing Literature

TL;DR: For instance, the authors used an advanced text mining methodology (a Bayesian contextual analysis algorithm known as Correlated Topic Model, CTM) to conduct a comprehensive analysis of 246 articles published in 40 different journals between 1988 and 2013 on the subject of cause-related marketing.
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Sponsorship-linked marketing: research surpluses and shortages

TL;DR: A recent systematic review of the state-of-the-art in the field of sponsored marketing from 1996 to 2017 analyzes the current state of research and concludes that there is a surplus of research that examines audience responses to sponsorship-linked marketing but a shortage of marketing management of the sponsorship process as discussed by the authors.
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Birds of a feather: intra-industry spillover of the Target customer data breach and the shielding role of IT, marketing, and CSR

TL;DR: In this article, the authors developed a conceptual framework for conditions under which news of a major customer data breach at a U.S. retail firm is likely to decrease other retailers' shareholder value.
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Why Do Marketing Relationships End? Findings From an Integrated Model of Sport Sponsorship Decision-Making

TL;DR: In this article, the authors used survival analysis modeling to examine a longitudinal dataset of 69 global sponsorships and found that economic conditions, such as an inflationary economy, are a statistically significant predictor of sponsorship dissolution.
References
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Book

The psychology of interpersonal relations

TL;DR: The psychology of interpersonal relations as mentioned in this paper, The psychology in interpersonal relations, The Psychology of interpersonal relationships, کتابخانه دیجیتال و فن اطلاعات دانشگاه امام صادق(ع)
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Using daily stock returns: The case of event studies

TL;DR: In this paper, the authors examine properties of daily stock returns and how the particular characteristics of these data affect event study methodologies and show that recognition of autocorrelation in daily excess returns and changes in their variance conditional on an event can sometimes be advantageous.
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The Adjustment of Stock Prices to New Information

TL;DR: In this paper, the authors examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split and show that the independence of successive price changes is consistent with a market that adjusts rapidly to new information.
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Organizational images and member identification.

TL;DR: In this paper, Bergami et al. developed a model to explain how images of one's work organization shape the strength of his or her identification with the organization and how members assess the attractiveness of these images by how well the image preserves the continuity of their self-concept, provides distinctiveness, and enhances self-esteem.
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Estimating betas from nonsynchronous data

TL;DR: In this article, the observed market model and associated ordinary least squares estimators are developed in detail, and computationally convenient, consistent estimators for parameters of the market model are calculated and then applied to daily returns of securities listed in the NYSE and ASE.
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