The Influence of the Tokyo 2020 Olympic Games on the Stocks of Japanese Firms that are Sponsored
- https://doi.org/10.2991/aebmr.k.220307.375How to use a DOI?
- Tokyo 2020 Olympic games; stock market; Japanese firms
With the 2020 Japan Olympic Games postponement, the 2021 Japan Winter Olympics has received increasing attention. The effect upon the stock market of domestic Japanese sponsors became uncertain because of the duration of the COVID-19 pandemic. This paper uses event study to analyze the influence of the Tokyo 2020 Olympic Games on the stocks of sponsored Japanese firms. The selected sample sponsors are Canon, Panasonic, Meiji, Toyota, Dai Nippon Printing, and Japanese airline. Measuring Abnormal and Cumulative abnormal returns are the primary methodologies to determine whether there is a positive and negative effect eventually upon the stock market. The findings found that most domestic Japanese sponsors have a negative effect on the stock market, which coronavirus pandemic is the main reason for the results. The minority of sponsors like Meiji and Dai Nippon Printing have a positive impact but at a slow rate. Therefore, the research results show that sponsoring the Olympic Games will not benefit enterprises, and they should be wary about sponsoring sports events.
- © 2022 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Lu Wang AU - Yifan Yao AU - Yaran Tu AU - Mingwei Jiang PY - 2022 DA - 2022/03/26 TI - The Influence of the Tokyo 2020 Olympic Games on the Stocks of Japanese Firms that are Sponsored BT - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) PB - Atlantis Press SP - 2284 EP - 2298 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.220307.375 DO - https://doi.org/10.2991/aebmr.k.220307.375 ID - Wang2022 ER -