In recent years, corporate arts and cultural sponsorship activities have shifted from their past altruistic patronage character toward a stronger marketing orientation that leverages corporate interests. That is, contemporary corporate arts and cultural support activities are being utilized as a form of "investment" that benefits firms in both the short and long term. However, even though many companies agree with this proposition in principle, they still take a passive stance when it comes to making substantive investments in arts and cultural sponsorship activities. This is likely because it is difficult for firms to demonstrate the financial performance outcomes of arts and cultural sponsorship activities. To overcome this challenge, clear evidence is needed that arts and cultural sponsorship can serve as an investment vehicle that increases a firm's market value, rather than being an investment tool with ambiguous effects or a cost that is absorbed in the short term. The purpose of this study is to quantitatively measure the investment effects of corporate arts and cultural sponsorship activities in connection with financial performance. Using the event study methodology to analyze 130 arts and cultural sponsorship events publicly reported in the media from January 1, 2005 to September 2009, the results show that corporate arts and cultural sponsorship activities generated an average abnormal return of 0.561% on the event day. This suggests that the market evaluates corporate arts and cultural sponsorship activities as a factor that positively affects firm value. Additionally, the investment efficiency was found to be greater when the arts and cultural sponsorship activities supported by firms were non-commercial in purpose, popular in form, and above a certain scale.