“…A good number of past studies have examined the effectiveness of such sponsorship in improving firm performance, using metrics such as firm survival rate, revenue, employment and investment. However, the verdict is somewhat mixed, depending on a variety of contextual factors such as the stage of firms (Jourdan and Kivleniece 2014) and market density (Amezcua et al 2013;Bradley, Shepherd, and Wiklund 2011).…”