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７月２５日（火）に行われます、現政研セミナーの日程、場所などにつきましてご案内申し上げます。

【報告者】　スコット・ウィルバー　先生　（南カリフォルニア大学　政治学・国際関係学プログラム　博士候補生）

【タイトル】

Efficiency among Japanese SME: In the Context of the Zombie Firm Hypothesis and Firm Size

【概要】

The “soft budget problem”, by which banks loosen their lending stances toward long-term client firms despite worsening business conditions, has been widely discussed in the field of financial studies. In Japan, this problem has attracted attention particularly in connection with so-called “zombie firms”, inefficient firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years.

In this paper, we examine statistical differences in zombie firms among small and medium-sized enterprises (SME), a corporate category that has hitherto received less consideration in the discussion about Japan’s zombie firms. We find that: (1) many zombie firms exist among SME; (2) some zombie firms eventually emerge from zombie status; (3) once a firm becomes a zombie, its probability of exit increases especially among small firms; and (4) economic performance of exiting zombie firms is worse than those of exiting non-zombies.

【使用言語】英語

【招聘教員】　戸堂　康之　先生

現政研セミナーは広くみなさまにひらかれたセミナーです。

皆様の御参加をお待ちしております。

*English

Dear members,

This notice is to inform you of the WINPEC (Waseda Institute of Political Economy) Seminar on July 14th.

【TIME】25th, July Tuesday, 10:40-12:10

【Venue】The meeting room (conference room) #1, BUILDING 3 – Floor 10.

【Presenter】

Prof. Scott Wilbur (Ph.D. Candidate, Political Science and International Relations Program, University of Southern California)

【Title】

Efficiency among Japanese SME: In the Context of the Zombie Firm Hypothesis and Firm Size

【Abstract】

The “soft budget problem”, by which banks loosen their lending stances toward long-term client firms despite worsening business conditions, has been widely discussed in the field of financial studies. In Japan, this problem has attracted attention particularly in connection with so-called “zombie firms”, inefficient firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years.

In this paper, we examine statistical differences in zombie firms among small and medium-sized enterprises (SME), a corporate category that has hitherto received less consideration in the discussion about Japan’s zombie firms. We find that: (1) many zombie firms exist among SME; (2) some zombie firms eventually emerge from zombie status; (3) once a firm becomes a zombie, its probability of exit increases especially among small firms; and (4) economic performance of exiting zombie firms is worse than those of exiting non-zombies.

【Language】English

【Organizer】Prof. Yasuyuki Todo

We encourage your participation.