MANAGEMENT SLANT
- 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...