Terrorist attacks and total factor productivity

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This study examines the impact of terrorist attacks on total factor productivity (TFP). Using measures of attack proximity in the U.S., we find strong evidence that terrorist attacks overall reduce firm-level TFP. Specifically, the firms located near terrorist attacks experience a nearly 3.4% TFP decrease in standard deviation units. Our evidence is robust to a battery of additional tests, and the impact of terrorist attacks on TFP is more pronounced for high-competition industries and firms with high tangibility. (c) 2021 Elsevier B.V. All rights reserved.
Publisher
ELSEVIER SCIENCE SA
Issue Date
2021-05
Language
English
Article Type
Article
Citation

ECONOMICS LETTERS, v.202

ISSN
0165-1765
DOI
10.1016/j.econlet.2021.109808
URI
http://hdl.handle.net/10203/285277
Appears in Collection
MG-Journal Papers(저널논문)
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