A Panel Study of eZombie f SMEs in Japan: Identification, Borrowing and Investment Behavior
We estimated the extent to which ezombie f SMEs existed in Japan by using panel data set of firms and investigated borrowing and investment functions of ezombie f SMEs. We found that 5% `13% of SMEs are ezombie f firms. As for borrowing behavior, ezombie f firms did not succeed in reducing their loans. A fall in land value of SMEs induced an increase in borrowing of ezombie f firms or ever-greening. We also find that the profitability of investment, measured by marginal q and the increment of output, did not increase investment for the ezombie f firm, but rather ever-greening of loans increased investment in less productive and profitable projects.
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