Managers' Inventory Holding Decisions in Response to Natural Disasters
研究了企业库存如何受自然灾害影响，发现邻近县灾害会引发库存囤积，且该行为可能不符合理性预期均衡，提醒关注气候不确定性对供应链的冲击。
ABSTRACT We study how firms' inventory holdings are affected by natural disasters. Building on the premise that managers often make decisions in line with the availability heuristic, we investigate whether managers increase inventory holdings in response to heightened disaster risk perceptions and the need to hedge against inventory shortages. Through a battery of tests, we show that the occurrence of disasters in neighboring counties triggers inventory stockpiling, an effect that is unlikely to be driven by the real disaster disruptions. Our results also indicate that inventory stockpiling is likely inconsistent with a rational expectations equilibrium. Collectively, our results highlight another undesirable consequence of natural disasters and warn about supply chain implications due to increased climate ambiguity. Data Availability: All the data used in this study are publicly available. JEL Classifications: G31; G41; M21; M11; M41; Q54.