Arin, K. PerenArnau, Josep MartiBoduroglu, ElifCelik, Esref UgurBusinessEconomics2024-09-102024-09-10202401062-97691878-425910.1016/j.qref.2024.1018942-s2.0-85201223950https://doi.org/10.1016/j.qref.2024.101894https://hdl.handle.net/20.500.14411/7290Celik, Esref Ugur/0000-0001-9090-9346Using firm-level data from Turkiye, we investigate the effects of earthquakes on firms' balance sheets. We find that earthquakes increase firms' liabilities but have a smaller effect on firms' assets, both in magnitude and significance. Using surveys sent to the finance and/or accounting managers of the largest 100 firms in Turkiye we identify common themes in their perceptions. Our findings reveal a consensus among respondents attributing the increased liabilities to exchange rate depreciation and lower business activity following a disaster. Conversely, higher availability of external credit is associated with a decrease in liabilities. Our analysis also indicates that finance managers with higher educational attainment may be underestimating the effects of earthquakes.eninfo:eu-repo/semantics/closedAccessNatural disastersFirm-level dataSurvey dataPerceptionsCausalityDifference-in-differenceArticleQ2Q197WOS:001297676200001