External shocks and corporate performance: evidence from the 2011 Fukushima earthquake

Man Zhang and Chao Wang

Applied Economics Letters, 2025, vol. 32, issue 1, 125-130

Abstract: Using difference-in-differences (DID) approach and the data of China’s listed companies, we evaluate the impact of 2011 Fukushima earthquake on Chinese corporate performance. The results show that the Fukushima earthquake reduces the quarterly sales growth rate by an average of 6.71%. This effect is more pronounced for high-tech and non-state-owned enterprises. Firms with ample cash flow and more diverse trading partners are more likely to recover from external shocks.

Date: 2025
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DOI: 10.1080/13504851.2023.2259582

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