Advanced search
Publication Cover
Applied Economics Letters Volume 30, 2023 - Issue 14
Submit an article Journal homepage
251
Views
1
CrossRef citations to date
0
Altmetric
Research Article

How do zombie firms affect the financialization of normal firms?

Yong QiSchool of Business Administration, Northeastern University, Shenyang, ChinaView further author information
,
Simeng LyuSchool of Business Administration, Northeastern University, Shenyang, ChinaCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-7689-7876View further author information
ORCID Icon,
Shuo YangSchool of Business Administration, Northeastern University, Shenyang, ChinaView further author information
&
Shaoyu DongSchool of Business Administration, Northeastern University, Shenyang, ChinaView further author information
Pages 1940-1945 | Published online: 13 Jun 2022

References

  • Barradas, R., and S. Lagoa. 2017. “Financialization and Portuguese Real Investment: A Supportive or Disruptive Relationship?” Journal of Post Keynesian Economics 40 (3): 413–439. doi:10.1080/01603477.2017.1286940.
  • Caballero, R. J., T. Hoshi, and A. K. Kashyap. 2008. “Zombie Lending and Depressed Restructuring in Japan.” American Economic Review 98 (5): 1943–1977. doi:10.1257/aer.98.5.1943.
  • Dai, Y., J. Zhang, Y. Zeng, and Y. Pan. 2009. “Social Capital and Firms’ Debt Financing.” China Industrial Economics, (8): 99–108 doi:10.19581/j.cnki.ciejournal.2009.08.010.
  • Demir, F. 2009. “Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets.” Journal of Development Economics 88 (2): 314–324. doi:10.1016/j.jdeveco.2008.04.002.
  • Feng, L., H. Lang, and T. Pei. 2022. “Zombie Firms and Corporate Savings: Evidence from Chinese Manufacturing Firms.” International Review of Economics & Finance 79: 551–564. doi:10.1016/j.iref.2022.02.008.
  • Fukuda, S.-I., and J.-I. Nakamura. 2011. “Why Did ‘Zombie’ Firms Recover in Japan?” The World Economy 34 (7): 1124–1137. doi:10.1111/j.1467-9701.2011.01368.x.
  • Geng, Y., W. Liu, and Y. Wu. 2021. “How Do Zombie Firms Affect China’s Industrial Upgrading?” Economic Modelling 97: 79–94. doi:10.1016/j.econmod.2021.01.010.
  • Hu, Y., X. Wang, and J. Zhang. 2017. “The Motivation for Financial Asset Allocation: Reservoir or Substitution?——Evidence from Chinese Listed Companies.” Economic Research Journal 52 (1): 181–194.
  • Huang, S., and Y. Chen. 2017. “The Distribution Features and Classified Disposition of China’s Zombie Firms.” China Industrial Economics, (3): 24–43. doi:10.19581/j.cnki.ciejournal.2017.03.002.
  • Kane, E. J. 1987. “Dangers of Capital Forbearance: The Case of the FSLIC and “Zombie” S&Ls.” Contemporary Economic Policy 5 (1): 77–83. doi:10.1111/j.14657287.1987.tb00247.x.
  • Keynes, J. M. 1936. The General Theory of Interest, Employment and Money. London: MacMillan.
  • Levinsohn, J., and A. Petrin. 2003. “Estimating Production Functions Using Inputs to Control for Unobservables.” The Review of Economic Studies 70 (2): 317–341. doi:10.1111/1467-937X.00246.
  • Nie, H., T. Jiang, Y. Zhang, and M. Fang. 2016. “Current Situation, Causes and Countermeasures of Zombie Firms in China.” Macroeconomic Management, (9): 63–68+88. doi:10.19709/j.cnki.11-3199/f.2016.09.017.
  • Tan, Y., Z. Tan, Y. Huang, and T. W. Wing. 2017. “The Crowding-out Effect of Zombie Firms: Evidence from China’s Industrial Firms.” Economic Research Journal 52 (5): 175–188.
  • Tori, D., and O. Onaran. 2018. “The Effects of Financialization on Investment: Evidence from Firm-level Data for the UK.” Cambridge Journal of Economics 42 (5): 1393–1416. doi:10.1093/cje/bex085.
  • Wang, H., Y. Cao, Q. Yang, and Y. Zheng. 2017. “Does the Financialization of Non-financial Enterprises Promote or Inhibit Corporate Innovation.” Nankai Business Review 20 (1): 155–166.
  • Wang, X., G. Fan, and L. Hu (2019). China's Provincial Marketization Index Report (2018). Social sciences academic press.
  • Yu, M., Y. M. Guo, D. Wang, and X. Gao. 2021. “How Do Zombie Firms Affect Debt Financing Costs of Others: From Spillover Effects Views.” Pacific-Basin Finance Journal 65: 101471. doi:10.1016/j.pacfin.2020.101471.
  • Yu, X. L., F. Wu, K. Wan, and T. Y. Chang. 2021. “Zombie Firms and Corporate Innovation: A Double Distortion Effect-Empirical Evidence from China.” Applied Economics Letters 1–6. doi:10.1080/13504851.2021.1991563.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Order Reprints Request Corporate Permissions

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

Request Academic Permissions

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.

Supercharge Your Next Research Paper: Research and write your next paper with Jenni AI.

Related research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.