TY - JOUR T1 - Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value? JF - Journal of Advertising Research JO - J Advert Res SP - 439 LP - 451 DO - 10.2501/JAR-2020-001 VL - 60 IS - 4 AU - KEIYA MORI AU - TATSUAKI MORINO AU - FUMIKO TAKEDA Y1 - 2020/12/01 UR - http://www.journalofadvertisingresearch.com/content/60/4/439.abstract N2 - 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. ER -