I am looking for recent publications focusing on whether sports sponsorship really works when it to improving the brand equity or financial performance of the sponsoring organization.
Maybe this paper could be of interest?
http://businessperspectives.org/journals_free/im/2008/im_en_2008_1_Garland.pdf
Hope this would be of help
pure.au.dk/portal-asb-student/files/45333126/Bachelor_Thesis.pdf
Research shows fairly consistently that consumers respond positively to sponsors of properties that they care about. It is based on Heider's Balance Theory where positive feelings toward one entity transfer to what becomes associated with that entity. This tendency is especially pronounced in the context of sports sponsorship where die-hard fans have strong attachment to their favorite teams, which then translates to positive feelings toward the sponsor. I'd recommend checking Bettina Cornwell's publications as she has done extensive research on this topic. She also has written a nice book summarizing sponsorship theory and sponsorship research: "Sponsorship in Marketing: Effective Communication through Sports, Arts and Events"