Natural disasters and corporate innovation
研究了美国企业数据，发现自然灾害显著降低企业创新的数量和质量，且影响持续三年，原因可能是财务约束削弱了创新激励。
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.