The Impact of Match-Fixing Scandals on the Stock Returns of Parent Companies and Sponsors: Evidence from Chinese Professional Baseball League in Taiwan

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6th International Scientific Conference on Applied Sciences and Engineering 26-27 January, 2016 Bayview Hotel Singapore

Abstract of Applied Sciences and Engineering, 2016, Vol.6
DOI: 10.18488/journal.1001/2016.6/1001.6
6th
International Scientific Conference on Applied
Sciences and Engineering
26-27 January, 2016
Bayview Hotel Singapore
Conference Website: www.scihost.org
14
Paper ID: 513/16/ 6
th
ISCASE
The Impact of Match-Fixing Scandals on the Stock Returns of
Parent Companies and Sponsors: Evidence from Chinese
Professional Baseball League in Taiwan
Huei-Fu Lu1
1
Department of Sport Management, Aletheia University
Abstract
Although an increasing number of literature indicate the positive impact of sponsoring
major sports events or themed competitions, few studies have examined how a match-
fixing scandal occurring in the most popular and national professional sports impacts
the stock abnormal returns of the parent company and sponsor. Using event study
method with content analysis, this study focused on the spillover effect of incidents
involving sports ethics violations. Specifically, the impact of five match-fixing scandals
of Chinese Professional Baseball League (CPBL) on the stock abnormal returns of
parent company and sponsor was examined. Secondary data collected from the data
base of CTMONEY was compared results of match-fixing scandals in the CPBL to
determine whether the match-fixing scandals could be regarded as a symbolic
message leading to diminish the average abnormal returns of the parent companies
and sponsors. The results showed that not all occurrences of CPBL match-fixing
scandals negatively impacted the abnormal returns of the parent companies and
sponsors. The findings can help professional sports operators and sponsors
understand the implications and spillover effects of negative professional baseball
incidents on stock returns.
Keywords: Match-fixing scandals, Abnormal returns, Chinese Professional Baseball League (CPBL),
event study

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