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| Author: | Pruitt, S.W. Cornwell, T.B. Clark, J.M. |
| Title: | The NASCAR phenomenon: Auto racing sponsorships and shareholder wealth |
| Journal: | Journal of Advertising Research
2004 : SEP/OCT, VOL 44:3, p. 281-296 |
| Index terms: | Marketing Sports industry Sponsorship Companies Finance Stock markets Share prices USA |
| Language: | eng |
| Abstract: | This study presents the first analysis of the National Association for Stock Car Auto Racing (NASCAR) sponsorship (hereafter as: s-ship./s-ships.) announcements' (here as: s-ship-anns.) impact on the stock prices of sponsoring firms. The primary finding of the study is that NASCAR s-ship-anns. were accompanied by the largest increases in shareholder wealth (here as: sh-w.) ever recorded in the marketing literature in response to a voluntary marketing program. This represents a striking and unambiguous stock market endorsement of the s-ships. The 24 sponsors analyzed experienced mean increases in sh-w. of over USD 300 million, net of all of the costs associated with the s-ships. A multiple regression analysis indicates that NASCAR s-ships. with more successful racing teams, corporate s-ships., and s-ships. with direct ties to the consumer automotive industry are all positively correlated with perceived s-ship. success, while corporate cash flow per share is negatively related with shareholder approval. |
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