Journal of the Academy of Marketing Science

, Volume 41, Issue 5, pp 586–600 | Cite as

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

  • Marc MazodierEmail author
  • Amir Rezaee
Original Empirical Research


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.


Event study Sponsorship International marketing Finance 



The authors would like to thank Dr. Charles Bal, former General Manager of brandRapport France, who invited us to analyze the database at the core of this study. We also thank Vincent de Lavarenne for his outstanding research assistance. Finally, we greatly appreciate the constructive comments offered by editor G. Tomas M. Hult and two anonymous reviewers.


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Copyright information

© Academy of Marketing Science 2013

Authors and Affiliations

  1. 1.Ehrenberg Bass Institute for Marketing ScienceUniversity of South AustraliaAdelaideSouth Australia
  2. 2.ISG Business SchoolParisFrance

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