Zombie firms and economic stagnation in Japan

By Alan G. Ahearne, Naoki Shinada. 2005

187 citations recorded by the source corpus.

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Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms (2010, background): “Furthermore, Caballero et al. (2004) and Ahearne and Shinada (2004) argue that Japanese banks have kept unprofitable firms alive (“zombie firms”) by extending loans at an unfairly low level of interest rates, and that these zombies crowd out firms with profitable projects, thereby distorting…”
Bank Financing for SMEs – Lessons from the Literature (2013, unknown): “Ahearne and Shinada (2005) show the negative repercussions of this phenomenon, by documenting that productivity growth is low in industries reputed to have heavy concentrations of zombie firms.”
Why Did ‘Zombie’ Firms Recover in Japan? (2011, unknown): “1 In addition, see Sekine, Kobayashi, and Saita (2003), Hanazaki and Horiuchi (2003), and Ahearne and Shinada (2004).”
A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior (2016, background): “19 Ahearne and Shinada (2005) state that total borrowing in the non-traded goods sectors, such as construction, retail and wholesale, rose sharply during the 1990s and these sectors experienced low productivity growth.”