기업의 문화예술지원활동이 기업의 주식가치에 미치는 영향에 관한 연구

Recently, in decisions on corporate art sponsorship, the increase in market value of a firm has become an important factor beyond that of purely altruistic motivations. Art sponsorship can contribute to a firm’s marketing efforts in various ways, such as enhancement of the brand image, expansion of business opportunities, and improvement of employees’ morale. Therefore,increasing number of firms consider art sponsorship a strategic investment. Despite general agreement on the benefits of sponsorship, however, many firms still have doubts over its financial effects. This is mainly because financial effects of art sponsorship are difficult to measure definitively. Moreover, there are only a few number of academic studies that investigated into the financial effect of corporate art sponsorship. Consequently, any sponsorship arrangement may well prove to be unstable if the key decision maker of a firm remains unconvinced as to the beneficial effects of sponsorship, or when economic conditions appear to be unfavorable. To overcome this concern, it is important to show that corporate art sponsorship is not a money-losing investment, nor a forgone short-term expenditure, but a positive investment which will eventually serve to enhance the market value of the firm. For this reason, the positive relationship between corporate art sponsorship and the financial outcome should be confirmed by empirical analyses. In or to identify this relationship, we tried to measure how much the market value of the firm change right after the announcement of the corporate art sponsorship was made. This research will serve as a useful resource for key decision makers in domestic firms who should subsequently decide upon art sponsorship initiatives based on return on investment(ROI). The current research specifically accommodated the event study methodology, which observes the changes in stock values that corporate social performance and investments by domestic firms influence, and analyzed the influence of corporate art sponsorship on the value of domestic firms. There were 130 announcements on the art sponsorship in the media during the period from January of 2005 to September of 2009. As a standard benchmark model,Market Model was utilized. The analysis results show that corporate art sponsorship does increase the value of a firm by 0.561% on average, on the event day of the announcement itself, which means about 77.3 billion won increase in market value of firm on average. It implies that corporate art sponsorship is one of the substantial factors that influence the firms’ market value. This result illustrates the significant positive impact of corporate art sponsorship on market value of firms and the deservedness of such investment. Furthermore, it was successfully identified that among several characteristics relating to the sponsorship purpose, the objective and the size of corporate art sponsorship are the main factors that affect the market value of the firm. In conclusion, the present study shows that corporate art sponsorship is a financially meaningful and effective investment that actually increases a firm’s market value beyond that of purely altruistic interests. It is expected that this research will provide guidance in maximizing the effects of future sponsorship initiatives using appropriate levels of finance.