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Why Did "Zombie" Firms Recover in Japan?
http://hdl.handle.net/2261/37286
http://hdl.handle.net/2261/37286e5674696-44e4-4d88-b842-10be679f18dd
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2017-01-17 | |||||
| タイトル | ||||||
| タイトル | Why Did "Zombie" Firms Recover in Japan? | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification: E32, G21, G33 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Corporate restructuring | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Evergreen lending | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Lost decade in Japan | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Fukuda, Shin-ichi
× Fukuda, Shin-ichi× Nakamura, Jun-ichi |
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| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 98606 | |||||
| 姓名 | 福田, 慎一 | |||||
| 著者所属 | ||||||
| 値 | Faculty of Economics, University of Tokyo | |||||
| 著者所属 | ||||||
| 値 | Development Bank of Japan | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The 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 stabilizing the Japanese economy and caused significant delays in the economy's recovery. However, the eventual bankruptcy of zombies was rare. In fact, a majority of the "zombie" firms substantially recovered during the first half of the 2000s. The purpose of this paper is to investigate why zombie firms recovered in Japan. We first extend the method of Caballero, Hoshi, and Kashyap (2008) and identify zombies from among the listed firms. Subsequently, we investigate the nature of corporate restructuring that was effective in reviving zombie firms. Our multinomial logistic regressions suggest that reducing the employee strength of zombie firms and selling its fixed assets were beneficial in facilitating their recovery. However, corporate restructuring without accounting transparency or by discouraging incentives for managers was ineffective. In addition, corporate restructuring lacked effectiveness in the absence of favorable macroeconomic environment as well as substantial external financial support. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Subsequently published in The World Economy, 34(7), 1124-1137, (July 2011). | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-751, 発行日 2010-07 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 335 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| 値 | Center for International Research on the Japanese Economy | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2010/2010cf751ab.html | |||||
