Why Did ‘Zombie’ Firms Recover in Japan?

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A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior (2016, methodology): “Finally, we obtained the capital stock series following the perpetual inventory method: Kt = (1 − δ)Kt−1+It where δ is the depreciation rate reported by Hayashi and Inoue (1991). Benchmark stock is the capital stock in 1998.”
Zombie Firms and the Crowding-Out of Private Investment in China* (2016, unknown): “…there is a possibility that we misclassify the non-zombies as zombies because they perform well and have a relatively low interest cost,11 we follow Fukuda and Nakamura (2011) and further adjust firms’ zombie index based on their profitability: if firm i’s profit is greater than the gap between…”
Corporate Zombies: Anatomy and Life Cycle (2020, background): “Sources: Datastream Worldscope; authors’ calculations. misclassify healthy firms as zombies (see e.g. Fukuda and Nakamura (2011), Imai (2016)).”