Flooding and firm performance.

This table reports the results of the effects of flooding on firm performance using various proxies for firm performance, including Tobin’s Q and ROA, which are measured in year t+1. Columns (1) and (3) report the regression results without the control variables and columns (2) and (4) report the regression results with control variables. The key independent variable is Floodratio, which is defined as the ratio of flood area in each city (where the firm’s headquarter is located) to the city’s total area and measured in year t. All of the control variables used in this table are also measured in year t. Variable definitions are in Table A1 in the S1 Appendix. Robust standard errors are clustered at the city-year level and reported in parentheses. *, ** and *** indicate the significance levels at 10%, 5% and 1%, respectively.