Results 151 to 160 of about 296 (198)

Why Did ‘Zombie’ Firms Recover in Japan? [PDF]

The World Economy, 2011
AbstractThe Japanese economy experienced prolonged recessions during the 1990s. Previous studies suggest that evergreen lending to troubled firms known as ‘zombie firms’ distorted market discipline in terms of stabilising the economy and caused significant delays in its recovery. However, the eventual bankruptcy of zombies was rare. The purpose of this
Shin-ichi Fukuda, Jun-ichi Nakamura
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Zombies: Who are they and how do firms become zombies?

Journal of Small Business Management, 2020
Inefficient and uncompetitive companies operating in the economy are a significant impediment to sustainable economic growth. This article contributes to the knowledge on so-called zombie firms.
Ivana Blažková, Ondřej Dvouletý
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Zombie Firms in Network: Congestion and Evergreening [PDF]

Economic Modelling
We explore the spillover impact of zombie firms in Türkiye by exploiting a rich administrative dataset that contains firm-level information on balance sheets, inter-firm sales, employment, and firm-bank level credit records. We document four key facts regarding zombie dynamics: (i) Leveraging matched firm-bank level credit registry data, we highlight ...
Okan Akarsu, Emrehan Aktuğ, Huzeyfe Torun   +2 more
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What do we know about zombie firms?

Bankers, Markets & Investors, 2022
In 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, 2020
Using 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, Zhengwei Fu, Omrane Guedhami   +2 more
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'Zombie' Banks Make 'Zombie' Firms

SSRN Electronic Journal, 2011
This 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, 2019
This 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, 2023
Abstract 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

2023
A 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, Wendelborn, Jonas, Shakir, Tamarah   +2 more
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The Financing and Investment Crowding-out Effect of Zombie Firms on Non-zombie Firms: Evidence from China

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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