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Catastrophe’s long reach: How historical natural disasters shape modern entrepreneurship?

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Listed:
  • Yu, Weihua
  • Niu, Jinfei
  • Yao, Xin
  • Deng, Chenchen

Abstract

The interaction between historical adversity and the evolution of culture traits can leave a long-lasting imprint on contemporary economic outcomes. This paper investigates the enduring impact of historical natural disasters during China’s Ming and Qing dynasties on modern entrepreneurship. We find that individuals originating from regions with higher density of historical natural disasters show a reduced inclination towards entrepreneurship, which could be attributed to the negative effects of historical disasters on the risk-taking attitude, cultivation of interpersonal trust, and human capital investment. These results remain consistent after utilizing both the regression discontinuity method and IV approach to address endogeneity concerns. Overall, these insights not only highlight the persistent historical legacy in shaping the spirit of modern entrepreneurial endeavors, but also shed light on the broader, long-term economic impacts of climate change.

Suggested Citation

  • Yu, Weihua & Niu, Jinfei & Yao, Xin & Deng, Chenchen, 2026. "Catastrophe’s long reach: How historical natural disasters shape modern entrepreneurship?," World Development, Elsevier, vol. 200(C).
    • Handle: RePEc:eee:wdevel:v:200:y:2026:i:c:s0305750x25003638
    DOI: 10.1016/j.worlddev.2025.107277
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    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
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