The Influence of the Tokyo 2020 Olympic Games on the Stocks of Japanese Firms that are Sponsored

DOI

10.2991/aebmr.k.220307.375How to use a DOI?

Keywords

Tokyo 2020 Olympic games; stock market; Japanese firms

Abstract

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.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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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  - 10.2991/aebmr.k.220307.375
ID  - Wang2022
ER  -