This study aims to examine the effects of sponsorship on the sponsor’s financial performance. Th is study investigates return on sponsorship (ROS) with a quantitative analysis. Nexen Tire’s title sponsorship agreement with the Heroes baseball club in the Korea Baseball Organization (KBO) in 2010 is studied. The positive effect of sponsorship on the sponsor’s Tobin’s q is confirmed by comparing the non-sponsorship period (2000‒2009) with the sponsorship period (2010‒2018). It is also shown from an event study that the sponsor experiences negative abnormal stock returns on the news of the sponsorship agreement, though this was not found to be statistically significant. Still, when the sponsee enters the postseason, positive cumulative abnormal returns are observed, particularly significant 10 days before the postseason games. Th is study confirms the positive influence of sponsorship on the sponsor’s financial performance and, with evidence from South Korea, provides insight into Asian markets in need of research. Th e results suggest that 10 days before a postseason game would be an ideal time to leverage marketing and activate a sponsorship strategy.

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体育赞助如何影响赞助商的财务业绩：韩国棒球组织的案例研究

本研究旨在检验赞助对赞助商财务业绩的影响。这项研究通过定量分析调查赞助回报 (ROS)。研究耐克森轮胎与韩国棒球协会（KBO）英雄棒球俱乐部在2010年签订的冠名赞助协议。通过比较非赞助期（2000-2009 年）和赞助期（2010-2018 年），可以确认赞助对赞助商托宾 q 的积极影响。一项事件研究还表明，赞助商在赞助协议的消息中经历了负的异常股票回报，尽管这没有发现具有统计学意义。尽管如此，当赞助商进入季后赛时，仍会观察到正的累积异常回报，尤其是在季后赛前 10 天。这项研究证实了赞助对赞助商财务业绩的积极影响，并结合来自韩国的证据，提供了对需要研究的亚洲市场的洞察。结果表明，季后赛前 10 天是利用营销和激活赞助策略的理想时机。