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Kamran Eshghi, Hesam Shahriari, and Sourav Ray

shareholder returns, if at all? And exactly how can a firm’s marketing capability determine the effectiveness of sports sponsorship announcements in generating this value for shareholders? We address these broad questions next. Impact of Sports Sponsorship Announcements on Shareholder Value Sports

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Shi Lei, Chinmoy Ghosh, and Han Srinivasan

Corporate partnerships with professional sport leagues are growing rapidly. How can we assess the value of such partnerships? Using an event study method, this research examined the economic effects of corporate partnerships with six professional sport organizations (NFL, MLB, NBA, NASCAR, NHL, and PGA). Three new interesting results were found. (1) Though a partnering firm experiences a net-of-market increase in shareholders’ value of 2.93% from a new corporate partnership with a professional sport league at the two-day window (0, +1), renewals of corporate partnerships induced a significant net-of-market decrease of 1.12% during the same window of time. (2) Cross-sectional analysis revealed that superior performing firms as well as firms with higher institutional and moderate managerial ownership benefitted more than the average, and (3) the integrations of the partnerships with other business strategies elicited different responses from the investment community. Overall, a strategic implication was that marketing-focused partnerships in financially sound, well-managed firms contributed the most to enhancement in shareholders’ wealth.

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Adrien Bouchet, Thomas W. Doellman, Mike Troilo, and Brian R. Walkup

has value, then losing a sponsorship to a direct competitor should result in a negative impact on firm value. Table  3 displays the event study results for shareholder value following all identified sponsorship switches in the sample. While statistical significance was only achieved for one event

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Thomas W. Doellman, Brian R. Walkup, Adrien Bouchet, and Brian R. Chabowski

the club enjoys a strong following ( Automotive News, 2014 ). While it is clear sponsors place a high value on sport sponsorships, the shareholder value implications of acquiring these sponsorships are an entirely different story as the price paid for the sponsorship relative to the benefits expected

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Gashaw Abeza, Norm O’Reilly, and Jessica R. Braunstein-Minkove

. , & Ballantyne , D. ( 2002 ). Relationship marketing: Creating shareholder value . Burlington, MA : Butterworth-Heinemann . Cousens , L. , Babiak , K. , & Slack , T. ( 2000 ). Adopting a relationship marketing paradigm: The case of the NBA . Journal of Sports Marketing & Sponsorship, 2 ( 4 ), 331

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Jonathan A. Jensen and T. Bettina Cornwell

rates of residual recall, even after the sponsorship had ended ( McDonald & Karg, 2014 ). In related research, Kruger, Goldman, and Ward ( 2014 ) found that announcements of continued sponsorship agreements were met with an increase in shareholder value of more than 4% in the period just after the

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Gashaw Abeza, David Finch, Norm O’Reilly, Eric MacIntosh, and John Nadeau

asset, it is argued that one must definitively prove the causal relationship between the asset, a club’s strategic objectives, and shareholder value ( McDonald & Milne, 1997 ). Thus, scholars put forth the argument that strong stakeholder relationships are of no tangible value to a club in isolation

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John Vincent, Jason W. Lee, Kevin Hull, and John Hill

. ( 2006 ). Brands matter: An empirical demonstration of the creation of shareholder value through branding . Journal of the Academy of Marketing Science, 34 ( 2 ), 224 – 235 . doi:10.1177/0092070305283356 10.1177/0092070305283356 Mark , M. , & Pearson , C.S. ( 2001 ). The hero and the outlaw