摘要：The authors investigate the relationship between sports-related event sponsorship and
stock market valuation and identify factors that influence the financial rewards of sponsorship
using World Cup and PGA tour sponsorship data. In particular, relationship between sports
sponsorship with financial performance is examined in terms of sponsorship fit, event
characteristics, and brand equity. Event study results show that sponsorship for World Cup and
PGA is positively related to abnormal stock returns for sponsors but not every sponsor enjoys
significantly positive cumulative abnormal returns. Regression analysis indicates that
unexpectedly brand equity and U.S. country of origin is negatively associated with financial
performance. However, U.S. sponsors with top brand value boost their abnormal stock return.
Product fit enhances short-term financial performance but the significant impact of event type on
financial outcome was not observed
关键词：sports sponsorship, sports marketing, event study, brand equity, sponsorship fit
