L’influence du parrainage sportif sur le cours de Bourse des parrains : une étude d’événements
The aim of this paper is to measure the relationship between sports sponsorship announcements and the stock prices of sponsors. The results of an event study show that, overall, the announcement of a sponsorship agreement, as well as the announcement of the non-renewal of a sponsorship agreement, do not significantly affect the stock prices of sponsors. However, the announcement of a sponsorship agreement with a sports team generates abnormal returns of 1.60% over the [-5; 5] window while the announcement of a sponsorship agreement for an event generates abnormal returns of -0.48% over the [0; 1] window. The results also show that the sponsorship of sports with a good image (rugby, sailing) generates positive abnormal returns while the sponsorship of sports with a poor image (football, cycling) results in negative abnormal returns. Finally, a strategy of single-sport sponsorship is valued by the market (RAMC of 1.09% on the [-5, 5] window). These findings, which deepen and sometimes challenge the results of previous research, can discuss the effectiveness of sports sponsorship from a financial point of view.
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|Date of creation:||2012|
|Date of revision:||2012|
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