Does athletes’ performance influence a sponsor’s stock-market value? Assessing the effects of sponsored athletes who represent Japan in international tournaments

This study examines how sponsored athletes' performance affects a sponsor's stock price in 170 sport events between 1991 and 2017, using Japanese data.
Mori, Morino, and Takeda

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  • Stock prices of Japanese sponsors reacted positively to the participation of sponsored athletes selected as country representatives in international tournaments.
  • The positive market responses intensified when the sponsored athletes performed well or when a long-term contract was in place prior to the sport events.
  • National and functional congruence likely increased the sponsor’s stock price.
  • Sponsoring a less-costly underdog who may perform well in an event may yield better results than sponsoring a...

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