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Zombie firms: a systematic review and future research directions

Author

Listed:
  • Samik Shome

    (Nirma University)

  • Sushma Verma

    (Vivekanand Education Society’s Institute of Management Studies and Research)

Abstract

The present study systematically reviews literature on zombie firms using a hybrid approach integrating framework-based review with bibliometric and content analysis. A total of 132 relevant articles identified from the Scopus and Web of Science databases were evaluated for developing a state-of-the-art review. In order to gain more meaningful insights into zombie research and firm zombification, the theories, contexts, characteristics, and methodology framework is adopted to synthesize the existing literature. Bibliometric and content analysis helped in exploring the developmental trend, key themes of the research domain, and the research hot spots. Four research clusters were identified using bibliographic coupling. The study also provides directions for further research on the zombie phenomenon. Research results provide comprehensive insights and would be relevant for academicians and policymakers alike.

Suggested Citation

  • Samik Shome & Sushma Verma, 2025. "Zombie firms: a systematic review and future research directions," Management Review Quarterly, Springer, vol. 75(3), pages 2309-2368, September.
    • Handle: RePEc:spr:manrev:v:75:y:2025:i:3:d:10.1007_s11301-024-00435-y
    DOI: 10.1007/s11301-024-00435-y
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    Keywords

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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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