HTML uses sink/bubble event propagation schema: http://catcode.com/domcontent/events/capture.html
There are "physical" events (mouse, keyboard) and logical/synthesized ones (focus,click, value_changed, etc.)
onClick is a logical event - generated as a result of mouse, touch and/or keyboard events.
Mouse (or finger touch) originated click event is a result of mouse down, move and up events. Note that mouse down, move and up are sinking/bubbling events. Target element(s) in these "primordial" events will be the target(or source) of the click event. If mouse-down/up events have different targets (DOM element) then their common parent is used.
Sequence of mouse down, move and up events may produce different logical events: click, swipe/scroll, etc.