The Impact of the Active Period of Taiwanese Sports Stars on the Operational Performance of Sports-related Industries

[[abstract]]本研究旨在探討臺灣運動明星在其活躍期時所帶動的運動行銷效益對運動相關產業公司營運績效的影響。我們以運動明星的重要競賽日期為事件日，使用事件研究法分析事件期間，運動產業相關公司股票的日報酬率變化。實證期間涵蓋自2005年4月至2018年4月止。實證結果顯示，運動相關產業公司在事件期中有顯著的正向平均異常報酬率，正向累積平均異常報酬率更是顯著。 不同運動明星的運動行銷效應雖不盡相同，但多數能對運動相關產業公司產生正向報酬。進一步，我們比較不同類別的公司，發現運動裝備用品相關公司因小樣本偏誤問題出現負向效果。其他與運動鞋、運動機能服、用品供應鏈相關的公司均有顯著的正向平均異常報酬。 The purpose of this study is to investigate the impact of sports marketing benefits driven by Taiwanese sports stars during their active periods on the operational performance of sports-related industry companies. We use the method of event-study to analyze the changes in the daily return rate of sports-related industry companies during the event period based on the competition date of the sports star as the event day. The empirical period covers from April 2005 to April 2018. The empirical results show that sports-related industry companies have a significant positive average abnormal return during the event period, and the positive cumulative average abnormal return is more significant. Although the marketing effects of different sports stars are not the same, most of them can create the positive contribution to sports-related industry companies. Further, we compare different types of companies, we find that sports equipment supplies related companies have negative effects due to small sample bias. Other companies related to sports shoes, sports equipment, and golf supply chain have significant positive average abnormal returns