Natural disasters pose significant threats to MNEs and their subsidiaries. We evaluate the impact and temporal significance of unsystematic disasters on MNE governance decisions. Focusing on JVs and drawing upon new internalization theory, we assess the significance of parent-subsidiary characteristics and experience after a disaster. Our dataset encompasses 7,938 disaster events across 132 countries affecting 5,375 Japanese MNEs and 20,053 subsidiaries over 26 years. We demonstrate the negative impact of disasters on JV survival and observe acquisition (exit) following a disaster based on higher (lower) levels of asset specificity, relative importance, and country and disaster specific experience.

自然灾害对跨国公司及其子公司构成重大威胁。我们评估了非系统性灾难对跨国公司治理决策的影响和时间意义。我们以合资企业为重点，借鉴新的内化理论，评估母子公司特征和灾难后经验的重要性。我们的数据集包含 132 个国家的 7,938 起灾害事件，在 26 年间影响了 5,375 家日本跨国公司和 20,053 家子公司。我们展示了灾害对合资企业生存的负面影响，并根据资产特异性、相对重要性以及国家和灾害特定经验的较高（较低）水平来观察灾害后的收购（退出）。