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Soccer Sponsor: Fan Or Businessman?

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  • Iuliia Naidenova

    ()
    (National Research University Higher School of Economics)

  • Petr Parshakov

    ()
    (National Research University Higher School of Economics)

  • Alexey Chmykhov

    ()
    (National Research University Higher School of Economics)

Abstract

This paper investigates how soccer sponsorship influences the financial performance of sponsors. We use an instrumental variable regression framework combined with a fixed effects model to avoid the possible endogeneity raised by omitted variables and reverse causality. The number of tweets containing both team and sponsor names were collected to use as the instrumental variable. Top European leagues were analyzed. Our results show that soccer sponsorship is more charity than commercial investment. Shareholders should be aware of sponsorship deals, and senior management should analyze the financial assumptions of cash flow forecasting for such projects carefully.

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Bibliographic Info

Paper provided by National Research University Higher School of Economics in its series HSE Working papers with number WP BRP 28/FE/2014.

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Length: 13 pages
Date of creation: 2014
Date of revision:
Publication status: Published in WP BRP Series: Financial Economics / FE, March 2014, pages - 13
Handle: RePEc:hig:wpaper:28/fe/2014

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Keywords: soccer; sponsorship; instrumental variable; twitter;

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  1. Alex Edmans & Diego García & Øyvind Norli, 2007. "Sports Sentiment and Stock Returns," Journal of Finance, American Finance Association, American Finance Association, vol. 62(4), pages 1967-1998, 08.
  2. Joao F. Gomes, 2001. "Financing Investment," American Economic Review, American Economic Association, vol. 91(5), pages 1263-1285, December.
  3. Eklund, Johan, 2008. "Q-theory of Investment and Earnings Retentions - Evidence from Scandinavia," Working Paper Series in Economics and Institutions of Innovation 157, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  4. repec:jsf:intjsf:v:7:y:2012:i:3:p:232-248 is not listed on IDEAS
  5. Deitz, George D. & Evans, Robert D. & Hansen, John D., 2013. "Sponsorship and shareholder value: A re-examination and extension," Journal of Business Research, Elsevier, vol. 66(9), pages 1427-1435.
  6. Sneath, Julie Z. & Finney, R. Zachary & Close, Angeline Grace, 2005. "An IMC Approach to Event Marketing: The Effects of Sponsorship and Experience on Customer Attitudes," Journal of Advertising Research, Cambridge University Press, vol. 45(04), pages 373-381, December.
  7. Love, Inessa & Zicchino, Lea, 2006. "Financial development and dynamic investment behavior: Evidence from panel VAR," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 46(2), pages 190-210, May.
  8. Johan Eklund, 2010. "Q-theory of investment and earnings retentions—evidence from Scandinavia," Empirical Economics, Springer, Springer, vol. 39(3), pages 793-813, December.
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