Productive disasters? Evidence from European firm level data
AbstractThis paper examines the impact of floods on firms' capital accumulation, employment growth and productivity by using a difference-in-difference approach and considering firms' asset structure. We find evidence that companies in flooding regions show higher growth of total assets and employment than firms in areas which did not face a flooding. This positive effect is even more pronounced for companies with larger shares of intangible assets. Regarding the firms' productivity a significantly negative flood effect is observable which declines with increasing share of intangible assets.
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Bibliographic InfoPaper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2007-25.
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Natural Disasters; Firm Growth; Gibrat's Law; Productivity; Difference-in-Differences;
Find related papers by JEL classification:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
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