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Efficiency among Japanese SME: In the Context of the Zombie Firm Hypothesis and Firm Size<\/p>\n
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The \u201csoft budget problem\u201d, 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 \u201czombie firms\u201d, inefficient firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years.<\/p>\n
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\u2019s 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.<\/p>\n
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*English<\/p>\n
Dear members,<\/p>\n
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This notice is to inform you of the WINPEC (Waseda Institute of Political Economy) Seminar on July 14th.<\/p>\n
<\/p>\n
\u3010TIME\u301125th, July Tuesday, 10:40-12:10<\/p>\n
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\u3010Venue\u3011The meeting room (conference room) #1, BUILDING 3 – Floor 10.<\/p>\n
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\u3010Presenter\u3011<\/p>\n
Prof. Scott Wilbur (Ph.D. Candidate, Political Science and International Relations Program, University of Southern California)<\/p>\n
<\/p>\n
\u3010Title\u3011<\/p>\n
Efficiency among Japanese SME: In the Context of the Zombie Firm Hypothesis and Firm Size<\/p>\n
<\/p>\n
\u3010Abstract\u3011<\/p>\n
The \u201csoft budget problem\u201d, 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 \u201czombie firms\u201d, inefficient firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years.<\/p>\n
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\u2019s 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.<\/p>\n
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\u3010Language\u3011English<\/p>\n
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\u3010Organizer\u3011Prof. Yasuyuki Todo<\/p>\n
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We encourage your participation.<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
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