{"created":"2021-03-01T07:02:49.866760+00:00","id":42883,"links":{},"metadata":{"_buckets":{"deposit":"f48bd195-5597-437f-9e0c-da8ae775a05d"},"_deposit":{"id":"42883","owners":[],"pid":{"revision_id":0,"type":"depid","value":"42883"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00042883","sets":["62:7433:7434","9:7435:7436"]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2010-07","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"CIRJE-F-751","bibliographic_titles":[{"bibliographic_title":"Discussion paper series. CIRJE-F"}]}]},"item_8_description_13":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_8_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"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.","subitem_description_type":"Abstract"}]},"item_8_description_6":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"Subsequently published in The World Economy, 34(7), 1124-1137, (July 2011).","subitem_description_type":"Other"},{"subitem_description":"本文フィルはリンク先を参照のこと","subitem_description_type":"Other"}]},"item_8_full_name_3":{"attribute_name":"著者別名","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"98606","nameIdentifierScheme":"WEKO"}],"names":[{"name":"福田, 慎一"}]}]},"item_8_publisher_20":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"日本経済国際共同センター"}]},"item_8_relation_25":{"attribute_name":"関係URI","attribute_value_mlt":[{"subitem_relation_type_id":{"subitem_relation_type_id_text":"http://www.cirje.e.u-tokyo.ac.jp/research/dp/2010/2010cf751ab.html","subitem_relation_type_select":"URI"}}]},"item_8_source_id_10":{"attribute_name":"書誌レコードID","attribute_value_mlt":[{"subitem_source_identifier":"AA11450569","subitem_source_identifier_type":"NCID"}]},"item_8_subject_15":{"attribute_name":"日本十進分類法","attribute_value_mlt":[{"subitem_subject":"335","subitem_subject_scheme":"NDC"}]},"item_8_text_21":{"attribute_name":"出版者別名","attribute_value_mlt":[{"subitem_text_value":"Center for International Research on the Japanese Economy"}]},"item_8_text_4":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"Faculty of Economics, University of Tokyo"},{"subitem_text_value":"Development Bank of Japan"}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"metadata only access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_14cb"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Fukuda, Shin-ichi"}],"nameIdentifiers":[{"nameIdentifier":"98604","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Nakamura, Jun-ichi"}],"nameIdentifiers":[{"nameIdentifier":"98605","nameIdentifierScheme":"WEKO"}]}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"JEL classification: E32, G21, G33","subitem_subject_scheme":"Other"},{"subitem_subject":"Corporate restructuring","subitem_subject_scheme":"Other"},{"subitem_subject":"Evergreen lending","subitem_subject_scheme":"Other"},{"subitem_subject":"Lost decade in Japan","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report","resourceuri":"http://purl.org/coar/resource_type/c_18gh"}]},"item_title":"Why Did \"Zombie\" Firms Recover in Japan?","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"Why Did \"Zombie\" Firms Recover in Japan?"}]},"item_type_id":"8","owner":"1","path":["7436","7434"],"pubdate":{"attribute_name":"公開日","attribute_value":"2017-01-17"},"publish_date":"2017-01-17","publish_status":"0","recid":"42883","relation_version_is_last":true,"title":["Why Did \"Zombie\" Firms Recover in Japan?"],"weko_creator_id":"1","weko_shared_id":null},"updated":"2022-12-19T04:18:00.578300+00:00"}