Venture Capital and Vulnerability: Navigating Natural Disasters and Investment Resilience

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2024-11-18 DOI:10.1111/eufm.12528

Chen Huang, Aoran Zhang, Mengyu Zhang, Yunfei Zhao

引用次数: 0

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.

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风险资本和脆弱性：应对自然灾害和投资弹性

本研究探讨自然灾害对风险投资决策的影响。利用1990年至2019年美国发生的47次灾难性自然灾害，我们的实证分析发现，灾害地区的风险投资显著减少。此外，自然灾害对风险投资退出策略产生负面影响，降低了通过ipo成功退出的可能性并延长了成功退出的时间。然而，我们发现绿色风险投资更有可能投资于受灾地区，这表明绿色技术创新具有潜在的恢复能力。我们的研究结果强调了可持续性和减灾，并在气候不确定性上升的情况下为政策制定者和投资者提供了有价值的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.