tennis. The perceived sponsorship fit for both of these pairs is quite high, suggesting that personality is a driving factor of this perception. The match between Bud Light and racing has a strong perceived sponsor- ship and demographic fit, yet a moderate personality fit. If Bud Light were attempting to align its personality more closely with another sport, it might consider beach volleyball. Not having the right personality fit could also hurt a sponsor. For example, although the demographic fit between beach volley- ball and Jack Daniels is quite high, beach volleyball might not want this sponsorship because the personality fit is so low. Clearly, the data show that demo- graphic fit explains only part of the picture.
In order to further examine the research questions, we conducted regression analysis. The dependent variable (sponsorship fit) was regressed upon the two independent variables (personality fit and demographic fit). The two covariates (brand favor- ability and sport favorability) were also included in the analysis. Three models were estimated. The first Was a full model, but