Disasters keep damaging infrastructure, disrupting supply chains and affecting firm profitability. There is an urgent need for better understanding of disaster impact on supply chains but very few publications address this issue. This exploratory study takes an indirect approach and investigates...

•Natural disasters are major causes of uncertainty. Based on traditional international business and finance theories, we re-examine the relationship between risk and internationalization. We find evidence that diversification helps reduce risk.•We introduce natural disasters to mainstream...