Natural Disasters, Technology Diversity, and Operating Performance
研究发现，工厂位于受灾地区的企业盈利能力显著下降，但技术多样化能缓解这种负面冲击，增强企业可持续性。
In this paper, we empirically measure the impact of natural disasters on firm-level operating performance and examine if such impact can be mitigated by technology diversification. Using major natural disasters specified by Barrot and Sauvagnat (2015) and factory location data from the toxic release inventory (TRI) database, we first find that firms with factories located in states affected by natural disasters are much less profitable. Second, we find that firms with diversified technologies are significantly less subject to the impact of natural disasters, suggesting that technology diversity enhances firms' sustainability.