Venture Capital and Vulnerability: Navigating Natural Disasters and Investment Resilience
研究了1990至2019年美国47次重大自然灾害对风险投资的影响，发现灾害区投资显著减少且退出更难，但绿色风投更愿投资灾区，体现绿色技术的韧性。
ABSTRACT This study examines the impact of natural disasters on venture capital (VC) investment decisions. Using 47 catastrophic natural disasters occurred in the United States from 1990 to 2019, our empirical analysis reveals a significant reduction in VC investments in disaster zones. Additionally, natural disasters negatively influence VC exit strategies, reducing the likelihood and extending the time to successful exits via IPOs. However, we find that green VCs are more likely to invest in disaster‐affected areas, indicating potential resilience through green technological innovation. Our findings emphasize sustainability and disaster mitigation, and offer valuable insights for policymakers and investors amidst rising climate uncertainties.