Results 141 to 150 of about 448 (185)
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What do we know about zombie firms?
Bankers, Markets & Investors, 2022In recent years, the zombification of firms has become a global phenomenon. It began in Asia but has spread significantly, especially during the COVID-19 pandemic. Many studies outline some determinants and consequences of the phenomenon for firms, banks, and the economy. However, to date, no synthesis has been published.
Séverin, Éric, Veganzones, David
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Zombie Firms: Prevalence, Determinants, and Corporate Policies
SSRN Electronic Journal, 2020Using a comprehensive dataset of firms from seventy-nine countries, we document the incidence, determinants, and corporate policies of zombie firms from 2005 through 2016. Zombie firms account for roughly 10% of our observations. Using logit regressions, we find strong and robust evidence that countries with more efficient debt enforcement environments
Sadok El Ghoul +2 more
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'Zombie' Banks Make 'Zombie' Firms
SSRN Electronic Journal, 2011This paper finds evidence that regulatory forbearance toward weakly capitalized banks, which creates “zombie” banks, leads to the creation of “zombie” firms in the Japanese banking crisis of 1997-2003. Capital weak banks bankrupt large borrowers at higher levels of indebtedness than similar firms with better capitalized banks.
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Zombie firms in Italy: a critical assessment
SSRN Electronic Journal, 2019This note shows the consequences of different methodological choices for the estimates of the incidence of zombie firms in Italy. We use as a benchmark the influential measure proposed by the OECD (Adalet McGowan et al. 2017a and 2017b) which identifies zombie firms based on a combination of firm age and values of the interest coverage ratio (operating
Rodano, Giacomo, Sette, Enrico
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Zombie Firms, State Subsidies, and Aggregate Productivity
Economica, 2023Abstract Using firm‐level data from the manufacturing sector in China, I document that zombie firms are larger and less productive, and receive higher subsidy rates on average. The difference in subsidy rates between zombies and non‐zombies reflects both the selection criteria of zombies and the underlying joint distribution of ...
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On the identification of zombie firms
2023A survey of the most prominent definitions of zombie firms, together with their replication on a common dataset for euro area firms spanning the years 2004-2019, shows limited overlap and low comparability in the sets of firms identified by several prominent studies.
Mingarelli, Luca +2 more
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Emerging Markets Finance and Trade, 2020
Using a database on Chinese listed firms in 2006–2016, we identify Chinese zombie firms and the characteristics of their distribution by introducing the factors of government overprotection and ban...
Yiqiu Wang, Yunyi Zhu
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Using a database on Chinese listed firms in 2006–2016, we identify Chinese zombie firms and the characteristics of their distribution by introducing the factors of government overprotection and ban...
Yiqiu Wang, Yunyi Zhu
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Distressed firms, zombie firms and zombie lending: A taxonomy
Journal of Banking & Finance, 2021Laura Álvarez Román +2 more
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Are zombie firms really contagious?
2023We test the hypotheses that zombie firms are less productive and have lower employment growth and lower gross investment ratios than non-zombie firms in the same industry sector and that they are a source of contagion for the latter. Ever since Caballero et al.
Ernst, Norbert, Sigmund, Michael
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1990
Abstract The “zombie effect” is the additional incentive to borrow funds and make risky investments created by insolvency of a firm. The zombie effect can be neutralized by risk sensitivity in the cost of credit to the insolvent firm. It can be quite strong if the insolvent firm can obtain credit at risk-insensitive costs and receives
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Abstract The “zombie effect” is the additional incentive to borrow funds and make risky investments created by insolvency of a firm. The zombie effect can be neutralized by risk sensitivity in the cost of credit to the insolvent firm. It can be quite strong if the insolvent firm can obtain credit at risk-insensitive costs and receives
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