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Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value?

Assessing the Effects of Sponsored Athletes Who Represent Japan in International Tournaments

KEIYA MORI, TATSUAKI MORINO, FUMIKO TAKEDA
DOI: 10.2501/JAR-2020-001 Published 1 December 2020
KEIYA MORI
University of Tokyo
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  • For correspondence: mori-keiya570@g.ecc.u-tokyo.ac.jp
TATSUAKI MORINO
University of Tokyo
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  • For correspondence: tatsumorino@gmail.com
FUMIKO TAKEDA
University of Tokyo
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  • For correspondence: takeda@tmi.t.u-tokyo.ac.jp
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Abstract

This study examines how sponsored athletes’ performance affects a sponsor’s stock price in 170 sport events between 1991 and 2017, using Japanese data. The results show that regardless of the sporting results, stock prices reacted positively to the participation of athletes selected as country representatives in international tournaments. The positive market responses intensified when the sponsored athletes performed well or when a long-term contract was in place prior to the sport event. Moreover, national and functional congruence likely increased the sponsor’s stock price.

  • Received August 5, 2018.
  • Received (in revised form) March 29, 2019.
  • Accepted May 1, 2019.
  • Copyright © 2020 ARF. All rights reserved.
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Vol 60 Issue 4

Journal of Advertising Research: 60 (4)
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Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value?
KEIYA MORI, TATSUAKI MORINO, FUMIKO TAKEDA
Journal of Advertising Research Dec 2020, 60 (4) 439-451; DOI: 10.2501/JAR-2020-001

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Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value?
KEIYA MORI, TATSUAKI MORINO, FUMIKO TAKEDA
Journal of Advertising Research Dec 2020, 60 (4) 439-451; DOI: 10.2501/JAR-2020-001
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