Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate risks, disasters and damages Location: Auditorium F Session Chair: Anders Dugstad, Norwegian University of Life Sciences | |
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The Impact of Floods on European Manufacturing Firms 1: Frankfurt School of Finance, Germany; 2: ETH Zürich The impacts of natural disasters on firms are still not fully understood, as some studies find that affected firms experience substantial asset losses, while there is also evidence that affected firms ultimately perform better than non-affected ones. This paper analyses the impact of flood events on European manufacturing firms between 2008-2017. We employ a rigorous methodology to achieve a higher granularity in identifying flood-affected firms than previous studies. We use the recently proposed Local Projections Difference-in-Difference (LP-DiD) approach to estimate dynamic average treatment responses for staggered treatments. We find that floods negatively affect firms’ assets, in particular tangible fixed assets, firms’ ability to raise debt, and their productivity and profitability. These effects persist over several years after a flooding event, likely due firms’ reduced ability to raise debt, which might impede recovery measures. Flood impacts further crucially depend on the severity of a flood. In the case of severe floods, the negative impacts are more pronounced, likely due to extensive damage to production assets such as machinery, plants, and buildings. In contrast, firms recover notably faster from minor flood events. | |