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


  • 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.