Abstract
Sport Sponsoring ist heutzutage ein essentieller Bestandteil in der Marketingstrategie von global agierenden Unternehmen. Im Jahr 2009 umfasste das globale Sponsoring Volumen $ 29 Milliarden (PWC, 2010) und aufgrund dieser erheblichen Investments hinterfragen Manager und Investoren den finanziellen Erfolg solcher Marketingprogramme. Das Ziel dieser Studie ist es daher, die finanzielle Effektivität von Sponsoringaktivitäten zu analysieren und Einflussfaktoren zu identifizieren. Basierend auf einem aktuellen Datensatz (n=629) von weltweiten Sponsoringengagements zwischen 1999 und 2010 wird dieser Fragestellung für verschiedene Sportarten, Regionen, Industrien und Sponsoringtypen nachgegangen. Der Ereignisstudien-Ansatz (Brown & Warner, 1985) wird angewandt um zu untersuchen, wie die offizielle Bekanntgabe von Sponsorships die Aktienkurse (und damit Firmenwerte) von Sponsoren beeinflusst (AR = Abnormale Rendite; Unterschied zwischen erwarteter und tatsächlicher Rendite). Regressionsanalysen helfen bei der Identifizierung von Einflussfaktoren. Die Ergebnisse der Ereignisstudie für den Gesamtdatensatz dokumentieren eine insgesamt positive Reaktion der Aktienkurse auf die Bekanntgabe von Sponsorships, d.h. ein positiver Sponsoring Effekt (AAR = +0,36% am Tag der Bekanntgabe). Diese positive abnormale Rendite deutet an, dass Investoren Sponsoringaktivitäten als insgesamt wertsteigende Maßnahmen sehen, die sich positiv auf zukünftige Umsätze und Profite auswirken können. Die Analyse von Sub-Datensätzen zeigt jedoch auch, dass nicht alle Sponsorships gleich sind, denn der nachgewiesene Effekt für einzelne Sub-Gruppen ist neutral oder sogar negativ. Die Resultate der Regressionsanalyse zeigen, dass AR höher ausfallen für Sponsorships auf Unternehmensebene (vs. Markenebene), für Sponsorships mit eher nationaler Visibilität (vs. internationaler Präsenz), und je höher die Sponsoringsumme ist. Negativ beeinflusst werden AR von der Firmengröße der Sponsoren.
Today sport sponsorship constitutes a vital part of most firms’ marketing communication mix, representing a global sport sponsorship budget of $29 B in 2009 (PWC, 2010). In light of these significance investments executives increasingly question the financial return of such marketing programs. Because of the revealed deficits of prior research the main purposes of this study are to provide a comprehensive analysis of the financial effectiveness of sport sponsorship announcements and to identify key characteristics that might have an impact on the success of sponsorships by using a unique and recent dataset of worldwide sponsorship announcements, analyzing different sports, regions, sponsorship types and industries. The global dataset includes 629 sponsorship announcements between 1999 and 2010 and is to the author’s best knowledge the largest sample ever used in an effectiveness study of sport sponsorships. Event study methodology (Brown & Warner, 1985) was used to assess the impact of sponsorship announcements on ARs (difference between expected stock returns and actual observed stock returns) and thus on firm value, whereas regression analysis was employed to analyze which factors determine ARs following sport sponsorship announcements. The event study results document an overall positive effect on stock returns as a result of official sponsorship announcements (AAR=+0.36% on day 0), providing statistical evidence that sport sponsorship announcements positively impact the firm value of sponsoring firms for the overall sample across all sports. These positive abnormal returns imply that investors saw sponsorship deals as value creating investments with beneficial impact on future sales and profits of the sponsoring firm. However, the sub-sample analysis also shows that not all sponsorships are equal and the sponsorship effect for some analyzed sub-samples were neutral or even negative. The results of the overall regression analysis reveal that across all sports ARs are significantly higher for corporate level deals (sponsorship promotes corporate name) than for brand level deals (sponsorship promotes specific brand name), indicating that investors might be sceptical about the ability of consumers to associate the sponsored company name with specific brands. More detailed sub-sample analysis suggests that sponsorship deals of smaller firms, high value deals, and national deals were found to have significantly higher abnorma
Today sport sponsorship constitutes a vital part of most firms’ marketing communication mix, representing a global sport sponsorship budget of $29 B in 2009 (PWC, 2010). In light of these significance investments executives increasingly question the financial return of such marketing programs. Because of the revealed deficits of prior research the main purposes of this study are to provide a comprehensive analysis of the financial effectiveness of sport sponsorship announcements and to identify key characteristics that might have an impact on the success of sponsorships by using a unique and recent dataset of worldwide sponsorship announcements, analyzing different sports, regions, sponsorship types and industries. The global dataset includes 629 sponsorship announcements between 1999 and 2010 and is to the author’s best knowledge the largest sample ever used in an effectiveness study of sport sponsorships. Event study methodology (Brown & Warner, 1985) was used to assess the impact of sponsorship announcements on ARs (difference between expected stock returns and actual observed stock returns) and thus on firm value, whereas regression analysis was employed to analyze which factors determine ARs following sport sponsorship announcements. The event study results document an overall positive effect on stock returns as a result of official sponsorship announcements (AAR=+0.36% on day 0), providing statistical evidence that sport sponsorship announcements positively impact the firm value of sponsoring firms for the overall sample across all sports. These positive abnormal returns imply that investors saw sponsorship deals as value creating investments with beneficial impact on future sales and profits of the sponsoring firm. However, the sub-sample analysis also shows that not all sponsorships are equal and the sponsorship effect for some analyzed sub-samples were neutral or even negative. The results of the overall regression analysis reveal that across all sports ARs are significantly higher for corporate level deals (sponsorship promotes corporate name) than for brand level deals (sponsorship promotes specific brand name), indicating that investors might be sceptical about the ability of consumers to associate the sponsored company name with specific brands. More detailed sub-sample analysis suggests that sponsorship deals of smaller firms, high value deals, and national deals were found to have significantly higher abnorma
Originalsprache | Englisch |
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Erscheinungsort | Köln |
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Verlag | Deutsche Sporthochschule Köln |
Seitenumfang | 263 |
Publikationsstatus | Veröffentlicht - 2012 |