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Factores Determinantes De Los Resultados Derivados De Las Actividades De Patrocinio Y Mecenazgo

  • Francisco J. Más

    ()

    (Universidad de Alicante)

  • Juan Luis Nicolau

    ()

    (Universidad de Alicante)

  • Aurora Calderón

    (Universidad de Alicante)

The objective of the study is to analyse the performance of firms involved inphilanthropic and commercial sponsorship, and to identify its key determinants. Themethodology applied uses the event study to estimate the excess returns generated on the sharestrading on the Spanish stock market, using a sample of 21 announcements of commercialsponsorship and 37 announcements of philanthropic sponsorship, referred to 26 Spanish firms.A regression analysis is also carried out to examine the influence of certain dimensions (i.e., theorigin of the event, and the link between the event and the firm¿s activity) in the generating ofabnormal returns. The empirical application has shown that only commercial sponsorship eventsgenerate abnormal returns, and the key determinants are the size of the firm and the linkbetween the event and the firm¿s activity. El objetivo de este trabajo consiste en analizar los resultados empresariales derivados de las acciones de patrocinio y mecenazgo, así como sus factores determinantes. La metodología aplicada utiliza el event study para estimar los excesos de rentabilidad de las acciones generadas en Bolsa por una muestra de 21 noticias de patrocinio y 37 noticias de mecenazgo, correspondientes a 26 empresas españolas. Adicionalmente se realiza un análisis de regresión para determinar la influencia de ciertas dimensiones (el origen del evento, así como el vínculo entre el evento y la actividad de la empresa) sobre dichas rentabilidades anormales. La aplicación empírica efectuada ha permitido detectar que sólo las acciones de patrocinio generan rentabilidad, siendo sus principales determinantes el tamaño y el vínculo entre el evento financiado y la actividad de la empresa.

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File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2003-01.pdf
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2003-01.

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Length: 24 pages
Date of creation: Jan 2003
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2003-01
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