Japanese Firms During the Lost Two Decades: The Recovery of Zombie Firms and Entrenchment of Reputable FirmsSpringer, 2 aug 2016 - 73 pagina's Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view. |
Inhoudsopgave
1 | |
Japans Experience | 7 |
3 Sluggish Reallocation of Productive Resources After the Recovery of Zombie Firms | 37 |
Conservatism and the Pseudo Financial Constraint Effect | 45 |
5 Final Remarks | 69 |
Overige edities - Alles bekijken
Japanese Firms During the Lost Two Decades: The Recovery of Zombie Firms and ... Jun-ichi Nakamura Geen voorbeeld beschikbaar - 2017 |
Japanese Firms During the Lost Two Decades: The Recovery of Zombie Firms and ... Jun-ichi Nakamura Geen voorbeeld beschikbaar - 2016 |
Veelvoorkomende woorden en zinsdelen
accounting additional aggregated analyses bank belonging capital stock cash flow cent Change chapter coefficient compared complete corporate criterion decline dummy effects estimated evergreen lending excluding executives expected explanatory variables external debt position factors Financial institutions finding fixed assets Foreign Fukuda growth healthy firms Hence impact includes increase industries interest investment equation investment rate Japan Japanese economy Japanese firms Lagged less listed lost two decades major manufacturing modified Nakamura natural log Ndklayer negative sign non-manufacturing non-performing loan normalized by capital Notes number of employees observations ownership period positive sign problem productive profitability ratio reallocation recover recovery of zombie refers reform regard relatively reputable firms respectively restructuring sample shareholders shown significance significantly stage stagnation status sub-period substantial suggesting Table takes takes a significantly troubled firms zero zero-leverage zombie firms