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Natural disasters and corporate innovation

Le, H, Nguyen, T, Gregoriou, A and Healy, J (2023) Natural disasters and corporate innovation. European Journal of Finance, 30 (2). pp. 144-172. ISSN 1351-847X

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We examine how natural disasters affect corporate innovation. Using a comprehensive sample of U.S. firms and inventors, we find that natural disasters significantly drop innovation quantity and quality. The results are robust to include a broad set of regional characteristics, matching analysis, and alternative proxies for innovation. These effects persist for up to three years after the disaster. We also provide suggestive evidence that financial constraints due to natural disasters give firms less incentive to innovate. Further analysis shows that natural disasters have impacts on inventor relocation, innovation productivity, and innovation risk.

Item Type: Article
Uncontrolled Keywords: 1502 Banking, Finance and Investment; Finance
Subjects: H Social Sciences > HF Commerce > HF5001 Business
Divisions: Liverpool Business School
Publisher: Taylor and Francis Group
SWORD Depositor: A Symplectic
Date Deposited: 01 Jul 2024 17:18
Last Modified: 01 Jul 2024 17:18
DOI or ID number: 10.1080/1351847X.2023.2199938
URI: https://researchonline.ljmu.ac.uk/id/eprint/23680
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