The impact of hydrogeological events on firms: Evidence from Italy
利用2010年以来意大利数百次水文地质事件的新数据集，研究发现受灾企业退出市场的概率增加7.3%，幸存企业在三年内收入和就业分别下降4.9%和2.2%，对小微、年轻和低技术企业影响最大。
Using a novel dataset of natural disasters affecting Italy from 2010 onward, we investigate the impact of hundreds of hydrogeological events on firms’ survival and performance. Despite being less extreme, these events are increasingly frequent and geographically widespread, this constituting a relevant but unexplored topic in the natural disasters literature. In order to assess the impact of multiple events occurred over several years, we implement a staggered difference-in-differences design that exploits the variation in the timing of the treatment. Our results show that hit firms have a 7.3% higher probability of exiting the market. Conditional on surviving, in the three years after the calamity, firms experience an average decline in their revenues and employment by −4.9% and −2.2%, respectively. These impacts are highest for micro-small, younger and low-tech firms.