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The Impact of Natural Disasters on Venture Capital Activity and Success

Author

Listed:
  • Groh Alexander

    (AMU IAE - Institut d'Administration des Entreprises (IAE) - Aix-en-Provence - AMU - Aix Marseille Université)

  • Nguyen Giang

    (Waseda University [Tokyo, Japan])

  • Nguyen Thu Ha

    (Monash University [Melbourne])

Abstract

We document a significant decrease in venture capital (VC) activity in regions hit by climate change induced natural disasters. The detected impact is robust to different empirical settings at the VC firm- and venture-level, and to alternative definitions and measures of disasters and their damage. Furthermore, disasters affected VC-backed ventures have lower patent outputs, propensity to raise follow-on funding, and survival rates. The effect decays over time unless another catastrophe strikes. The analyses provide evidence that VC-backed ventures are substantially exposed to climate risk.

Suggested Citation

  • Groh Alexander & Nguyen Giang & Nguyen Thu Ha, 2025. "The Impact of Natural Disasters on Venture Capital Activity and Success," Working Papers hal-04896466, HAL.
    • Handle: RePEc:hal:wpaper:hal-04896466
    as

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