RT Journal Article SR Electronic T1 Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value? JF Journal of Advertising Research JO J Advert Res FD WARC SP 439 OP 451 DO 10.2501/JAR-2020-001 VO 60 IS 4 A1 KEIYA MORI A1 TATSUAKI MORINO A1 FUMIKO TAKEDA YR 2020 UL http://www.journalofadvertisingresearch.com/content/60/4/439.abstract AB 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.