nach oben

Journal of the Academy of Marketing Science

Erschienen in:

01.09.2013 | Original Empirical Research

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

verfasst von: Marc Mazodier, Amir Rezaee

Erschienen in: Journal of the Academy of Marketing Science | Ausgabe 5/2013

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

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.

Vorheriger Artikel The impact of perceived brand globalness, brand origin image, and brand origin–extension fit on brand extension success

Nächster Artikel Cultural variations in the use of marketing signals: a multilevel analysis of the motion picture industry

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Nur mit Berechtigung zugänglich

Brown and Warner (1985) show there is no significant difference between the abnormal returns derived from their method and previous methods, such as Scholes and Williams’s (1977).

Campbell and Wasley (1993), Maynes and Rumsey (1993), and Bartholdy et al. (2007) note problems that make standard parametric event study tests poorly specified; the rank test outperforms parametric tests.

Aaker, J. L., & Sengupta, J. (2000). Additivity versus attenuation: the role of culture in the resolution of information incongruity. Journal of Consumer Psychology, 9, 67–82.CrossRef

Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: an event study analysis. Journal of Marketing, 59, 56–62.CrossRef

Aktas, N., de Bodt, E., & Roll, R. (2004). Market responses to European Regulation of business combinations. Journal of Financial and Quantitative Analysis, 39, 731–757.CrossRef

Asquith, P., & Mullins, D. (1986). Signaling with dividends, stock repurchases and equity issues. Financial Management, 35, 27–44.CrossRef

Bartholdy, J., Olson, D., & Peare, P. (2007). Conducting event studies on a small stock exchange. European Journal of Finance, 13, 227–252.CrossRef

Bhattacharya, C. B., Korschun, D., & Sen, S. (2011). What really drives value in corporate responsibility?. McKinsey Quarterly, December, https://www.mckinseyquarterly.com/What_really_drives_value_in_corporate_responsibility_2895.

Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: the case of event studies. Journal of Financial Economics, 14, 3–31.CrossRef

Calderon-Martinez, A., Mas-Ruiz, F. J., & Nicolau-Gonzalbez, J. L. (2005). Commercial and philanthropic sponsorship–direct and interaction effects on company performance. International Journal of Market Research, 47, 75–99.

Campbell, C. J., & Wasley, C. E. (1993). Measuring security price performance using daily NASDAQ returns. Journal of Financial Economics, 33, 73–92.CrossRef

Chang, D. R., & Davis, J. A. (2012). Think small in Olympic Sponsorship. Harvard Business Review, August, http://blogs.hbr.org/cs/2012/08/think_small_in_olympic_sponsor.html.

Clark, J. M., Cornwell, T. B., & Pruitt, S. W. (2002). Corporate stadium sponsorship, signaling theory, agency conflicts and shareholder wealth. Journal of Advertising Research, 42, 16–32.

Clark, J. M., Cornwell, T. B., & Pruitt, S. W. (2009). The impact of title event sponsorship announcements on shareholder wealth. Marketing Letters, 20, 169–182.CrossRef

Cobbs, J., Groza, M. D., & Pruitt, S. W. (2012). Warning flags on the race track—the global markets’ verdict on formula one sponsorship. Journal of Advertising Research, 52, 74–86.CrossRef

Conchar, M. P., Crask, M. R., & Zinhkhan, G. M. (2005). Market valuation models of the effect of advertising and promotion spending: a review and meta-analysis. Journal of the Academy of Marketing Science, 33, 445–460.CrossRef

Cornwell, T. B. (2008). State of the art and science in sponsorship-linked marketing. Journal of Advertising, 37, 41–55.CrossRef

Cornwell, T. B., Clark, J. M., & Pruitt, S. W. (2005). The relationship between major-league sports’ official sponsorship announcement and the stock prices of sponsoring firms. Journal of the Academy of Marketing Science, 33, 401–412.CrossRef

Corrado, C. J. (1989). A nonparametric test for abnormal security-price performance in event studies. Journal of Financial Economics, 23, 385–395.CrossRef

Corrado, C. J. (2011). Event studies: a methodology review. Accounting and Finance, 51, 207–234.CrossRef

Crowley, M. G. (1991). Prioritizing the sponsorship audience. European Journal of Marketing, 25, 11–21.CrossRef

D’Astous, A., & Bitz, P. (1995). Consumer evaluations of sponsorship programmes. European Journal of Marketing, 29, 6–22.CrossRef

Ding, H., Molchanov, A. E., & Storl, P. A. (2011). The value of celebrity endorsements: a stock market perspective. Marketing Letters, 22, 147–163.CrossRef

Drumwright, M. E. (1996). Company advertising with a social dimension: the role of noneconomic criteria. Journal of Marketing, 60, 71–87.CrossRef

Dutton, J. M., Dukerich, J. M., & Harquail, C. V. (1994). Organizational images and member identification. Administrative Science Quarterly, 39, 239–263.CrossRef

European Commission (1999). The European model of sport. Retrieved 15 August, 2012 from http://ec.europa.eu/sport/documents/library/doc248_en.pdf.

Evans, R. D. (2010). Olympic sponsorships: a winning investment? Society for Marketing Advances Proceedings, 181–182.

Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review, 10, 1–21.CrossRef

Farrelly, F. J., Quester, P. G., & Greyser, S. A. (2005). Defending the co-branding benefits of sponsorship B2B partnerships: the case of ambush marketing. Journal of Advertising Research, 45, 339–348.CrossRef

Ferrell, O. C., Gonzalez-Padron, T. L., Hult, G. T. M., & Maignan, I. (2010). From market orientation to stakeholder orientation. Journal of Public Policy & Marketing, 29, 93–96.CrossRef

Fornell, C., Mithas, S., Morgeson, F. V., III, & Krishnan, M. S. (2006). Customer satisfaction and stock prices: high returns, low risk. Journal of Marketing, 70, 3–14.CrossRef

Gwinner, K. P. (1997). A model of image creation and image transfer in event sponsorship. International Marketing Review, 14, 145.CrossRef

Gwinner, K. P., & Eaton, J. (1999). Building brand image through event sponsorship: the role of image transfer. Journal of Advertising, 28, 47–57.CrossRef

Heider, F. (1958). The psychology of interpersonal relations. New York: John Wiley & Sons.CrossRef

International Events Group (2011). Sponsorship spending: 2010 proves better than expected; bigger gains set for 2011. Retrieved February 8, 2011, from http://www.sponsorship.com/IEGSR/2011/01/04/Sponsorship-Spending--2010-Proves-Better-Than-Expe.aspx.

International Events Group (2012). Sponsorship spending: economic uncertainty to slow sponsorship growth in 2012 Retrieved November 18, 2012, from http://www.sponsorship.com/About-IEG/Press-Room/Economic-Uncertainty-To-Slow-Sponsorship-Growth-In.aspx.

Jagre, E., Watson, J. J., & Watson, J. G. (2001). Sponsorship and congruity theory; a theoretical framework for explaining consumer attitude and recall of event sponsorship. In M. C. Gilly & J. Meyers-Levy (Eds.), Advances in consumer research (pp. 439–445). Valdosta: Association for Consumer Research.

Johar, G. V., & Pham, M. T. (1999). Relatedness, prominence and constructive sponsor identification. Journal of Marketing Research, 36, 299–312.CrossRef

Jones, J. P. (1990). Ad spending: maintaining market share. Harvard Business Review, 68, 38–42.

Joshi, A., & Hanssens, D. M. (2010). The direct and indirect effects of advertising spending on firm value. Journal of Marketing, 74, 20–33.CrossRef

Keller, K. L. (2003). Brand synthesis: the multidimensionality of brand knowledge. Journal of Consumer Research, 29, 595–600.CrossRef

Knittel, C. R., & Stango, V. (2010). Celebrity endorsements, firm value and reputation risk: evidence from the Tiger Woods Scandal. Retrieved August 15, 2012 from http://www.econ.ucdavis.edu/faculty/knittel/papers/tiger_latest.pdf.

Koku, P., Jagpal, H. S., & Viswanath, P. V. (1997). The effect of new product announcements and preannouncements on stock price. Journal of Market-Focused Management, 2, 183–199.CrossRef

Lacey, R., Close, A. G., & Finney, R. Z. (2010). The pivotal roles of product knowledge and corporate social responsibility in event sponsorship effectiveness. Journal of Business Research, 63, 1222–1228.CrossRef

Lane, V., & Jacobson, R. (1995). Stock market reactions to brand extension announcements: the effects of brand attitude and familiarity. Journal of Marketing, 59, 63–77.CrossRef

Lardinoit, T., & Derbaix, C. (2001). Sponsorship and recall of sponsors. Psychology and Marketing, 18, 167–190.CrossRef

Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73, 198–213.CrossRef

Madden, T. J., Fehle, F., & Fournier, S. (2006). Brands matter: an empirical demonstration of the creation of shareholder value through branding. Journal of the Academy of Marketing Science, 34, 224–235.CrossRef

Maignan, I., Ferrell, O. C., & Hult, G. T. M. (1999). Corporate citizenship: cultural antecedents and business benefits. Journal of the Academy of Marketing Science, 27, 455–469.CrossRef

Marshall, D. (1992). Does sponsorship always talk the same language? An overview of how attitudes to sponsorship vary across Europe. In Expoconsult (Ed.), Sponsorship Europe ‘92 Conference Proceedings (pp. 151–171). Maarssen: ESOMAR.

Maynes, E., & Rumsey, J. (1993). Conducting event studies with thinly traded stocks. Journal of Banking and Finance, 17, 145–157.CrossRef

Mazodier, M., & Merunka, D. (2012). Achieving brand loyalty through sponsorship: the role of fit and self-congruity. Journal of the Academy of Marketing Science, 40(6), 807–820.CrossRef

Mazodier, M., Quester, P. G., & Chandon, J.-L. (2012). Unmasking the ambushers: conceptual framework and empirical evidence. European Journal of Marketing, 46, 192–214.CrossRef

McDaniel, S. R. (1999). An investigation of match-up effects in sport sponsorship advertising: the implications of consumer advertising schemas. Psychology and Marketing, 16, 163–184.CrossRef

Meenaghan, T. (2001). Understanding sponsorship effects. Psychology and Marketing, 18, 95–122.CrossRef

Meyers-Levy, J., & Tybout, A. M. (1989). Schema congruity as a basis for product evaluation. Journal of Consumer Research, 16, 39–54.CrossRef

Michaelis, M., Woisetschlager, D. M., & Hartleb, V. (2008). An empirical comparison of ambushing and sponsorship effects: the case of the 2006 FIFA World Cup Germany. In A. Y. Lee & D. Soman (Eds.), Advances in consumer research (pp. 527–533). Duluth: Association for Consumer Research.

Miyazaki, A. D., & Morgan, A. G. (2001). Assessing market value of event sponsoring: corporate Olympic sponsorships. Journal of Advertising Research, 41, 9–13.

Mizik, N., & Jacobson, R. (2008). The financial value impact of perceptual brand attributes. Journal of Marketing Research, 45, 15–32.CrossRef

Morgan, N. A. (2012). Marketing and business performance. Journal of the Academy of Marketing Science, 40, 102–119.CrossRef

Morgan, N. A., Clark, B. H., & Gooner, R. A. (2002). Marketing productivity, marketing audits, and systems for marketing performance assessment: integrating multiple perspectives. Journal of Business Research, 33, 363–375.CrossRef

Ngobo, P.-V., Casta, J.-F., & Ramond, O. (2012). Is customer satisfaction a relevant metric for financial analysts? Journal of the Academy of Marketing Science, 40, 480–508.CrossRef

Nidumolu, R., Prahalad, C. K., & Rangaswami, M. R. (2009). Why sustainability is now the key driver of innovation. Harvard Business Review, 87, 56–64.

Nielsen (2011). Global advertising rebounded 10.6% in 2010, Retrieved 21 July, 2012, from http://www.nielsen.com/us/en/insights/press-room/2011/global-advertising-rebound-2010.html.

O’Reilly, N. & Seguin, B. (2011). Canadian sponsorship landscape study. Retrieved August 8, 2012, from http://www.sponsorshipmarketing.ca/CSLS_5thannual_2011.pdf.

Olson, E. L., & Thjømøe, H. S. (2009). Sponsorship effect metric: assessing the financial value of sponsoring by comparisons to television advertising. Journal of the Academy of Marketing Science, 37, 504–515.CrossRef

Olson, E. L., & Thjømøe, H. S. (2011). Explaining and articulating the fit construct in sponsorship. Journal of Advertising, 40, 57–70.CrossRef

Pauwels, K., Silva-Risso, J., Srinivasan, S., & Hanssens, D. M. (2004). New products, sales promotion, and firm value: the case of automobile industry. Journal of Marketing, 68, 142–156.CrossRef

Pegoraro, A., O’Reilly, N., & Levallet, N. (2009). Gender-based sponsorship of grassroots events as an agent of corporate social responsibility: the case of a national women’s triathlon series. Journal of Sponsorship, 2, 140–151.

Perreault, W. D., Jr., & Leigh, L. E. (1989). Reliability of nominal data based on qualitative judgments. Journal of Marketing Research, 26, 135–148.CrossRef

Pham, M. T. (1992). Effects of involvement, arousal, and pleasure on the recognition of sponsorship stimuli. In J. F. Sherry & B. Sternthal (Eds.), Advances in Consumer research (pp. 85–93). Provo: Association for Consumer Research.

Polonsky, M. J., & Speed, R. (2001). Linking sponsorship and cause related marketing: complementarities and conflicts. European Journal of Marketing, 35, 1361–1389.CrossRef

Prendergast, G. P., Poon, D., & West, D. C. (2010). Match game–linking sponsorship congruence with communication outcomes. Journal of Advertising Research, 50, 214–226.CrossRef

Pruitt, S. W., Cornwell, T. B., & Clark, J. M. (2004). The NASCAR phenomenon: auto racing sponsorships and shareholder wealth. Journal of Advertising Research, 44, 281–296.CrossRef

Quester, P. G., & Thompson, B. (2001). Advertising and promotion leverage on arts sponsorship effectiveness. Journal of Advertising Research, 41, 33–47.

Quester, P. G., Farrelly, F., & Burton, R. (1998). Sports sponsorship management: a multinational comparative study. Journal of Marketing Communications, 4, 115–128.CrossRef

Sandler, D. M., & Shani, D. (1989). Olympic sponsorship vs. ambush marketing: who gets the gold? Journal of Advertising Research, 29, 9–14.

Scholes, M., & Williams, J. (1977). Estimating betas from nonsynchronous data. Journal of Financial Economics, 5, 309–327.CrossRef

Simmons, C. J., & Becker-Olsen, K. L. (2006). Achieving marketing objectives through social sponsorships. Journal of Marketing, 70, 154–169.CrossRef

Smith, G. (2004). Brand image transfer through sponsorship: a consumer learning perspective. Journal of Marketing Management, 20, 457–474.CrossRef

Spector, P. E., & Brannick, M. T. (2011). Methodological urban legends: the misuse of statistical control variables. Organizational Research Methods, 14, 287–305.CrossRef

Speed, R., & Thompson, P. (2000). Determinants of sports sponsorship response. Journal of the Academy of Marketing Science, 28, 226–238.CrossRef

Sponsorship Research International. (1996). Worldwide sponsorship values. London: SRI.

Srivastava, R., Shervani, T. A., & Fahey, L. (1999). Marketing, business processes, and shareholder value: an organizationally embedded view of marketing activities and the discipline of marketing. Journal of Marketing, 63, 168–179.CrossRef

Thjømøe, H. M., Olson, E. L., & Bronn, P. S. (2002). Decision-making processes surrounding sponsorship activities. Journal of Advertising Research, 42, 6–15.

Wiles, M. A., Morgan, N. A., & Rego, L. L. (2012). The effect of brand acquisition and disposal on stock returns. Journal of Marketing, 76, 38–58.CrossRef

Titel: Are sponsorship announcements good news for the shareholders? Evidence from international stock exchanges
verfasst von: Marc Mazodier
Amir Rezaee
Publikationsdatum: 01.09.2013
Verlag: Springer US
Erschienen in: Journal of the Academy of Marketing Science / Ausgabe 5/2013
Print ISSN: 0092-0703
Elektronische ISSN: 1552-7824
DOI: https://doi.org/10.1007/s11747-013-0325-x

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 5/2013

Understanding social media effects across seller, retailer, and consumer interactions

Effects of price framing on consumers’ perceptions of online dynamic pricing practices

Cultural variations in the use of marketing signals: a multilevel analysis of the motion picture industry

The effects of social- and self-motives on the intentions to share positive and negative word of mouth

Don’t just fix it, make it better! Using frontline service employees to improve recovery performance

The impact of perceived brand globalness, brand origin image, and brand origin–extension fit on brand extension success