This study aims to analyze the potential ability of sponsorship to create shareholder wealth on the basis of how the announcement of global sports sponsorships affects sponsoring companies' stock market prices. This study also seeks to illuminate previous research controversies by examining several international sports tournaments in various countries over a 10-year period. The results show that, first, investors' appreciation of sponsorships was positive, although it decreased over the year of the announcement; second, the combination of functional and national congruence produced the highest value; and, third, the stock market did not equally value all sponsorships.
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