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A Panel Study of eZombief SMEs in Japan: Identification, Borrowing and Investment Behavior

  • Kentaro Imai

    ()

    (Graduate School of Economics, Osaka University)

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    We estimated the extent to which ezombief SMEs existed in Japan by using panel data set of firms and investigated borrowing and investment functions of ezombief SMEs. We found that 5%`13% of SMEs are ezombief firms. As for borrowing behavior, ezombief firms did not succeed in reducing their loans. A fall in land value of SMEs induced an increase in borrowing of ezombief 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 ezombief firm, but rather ever-greening of loans increased investment in less productive and profitable projects.

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    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 13-16.

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    Length: 26 pages
    Date of creation: Jul 2013
    Date of revision:
    Handle: RePEc:osk:wpaper:1316
    Contact details of provider: Web page: http://www.econ.osaka-u.ac.jp/
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    1. Taizo Motonishi & Hirshi Yoshikawa, 1999. "Causes of the Long Stagnation of Japan During the 1990s: Financial or Real?," NBER Working Papers 7351, National Bureau of Economic Research, Inc.
    2. Alan Ahearne & Naoki Shinada, 2005. "Zombie firms and economic stagnation in Japan," International Economics and Economic Policy, Springer, vol. 2(4), pages 363-381, December.
    3. Ogawa, K. & Suzuki, K., 1995. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," ISER Discussion Paper 0373, Institute of Social and Economic Research, Osaka University.
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    5. Berglof, Erik & Roland, Gerard, 1997. "Soft budget constraints and credit crunches in financial transition," European Economic Review, Elsevier, vol. 41(3-5), pages 807-817, April.
    6. Sakai, Koji & Uesugi, Iichiro & Watanabe, Tsutomu, 2008. "Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms," PIE/CIS Discussion Paper 354, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    7. Ricardo J. Caballero & Takeo Hoshi & Anil K. Kashyap, 2006. "Zombie Lending and Depressed Restructuring in Japan," NBER Working Papers 12129, National Bureau of Economic Research, Inc.
    8. Ogawa, Kazuo & Kitasaka, Shin-ichi & Yamaoka, Hiroshi & Iwata, Yasuharu, 1996. "Borrowing Constraints and the Role of Land Asset in Japanese Corporate Investment Decision," Journal of the Japanese and International Economies, Elsevier, vol. 10(2), pages 122-149, June.
    9. Takeo Hoshi, 2006. "Economics Of The Living Dead," The Japanese Economic Review, Japanese Economic Association, vol. 57(1), pages 30-49.
    10. Shin-ichi Fukuda & Jun-ichi Nakamura, 2010. "Why Did "Zombie" Firms Recover in Japan?," CIRJE F-Series CIRJE-F-751, CIRJE, Faculty of Economics, University of Tokyo.
    11. Takeo Hoshi & Anil K. Kashyap, 2004. "Japan's Financial Crisis and Economic Stagnation," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 3-26, Winter.
    12. Nagahata, Takashi & Sekine, Toshitaka, 2005. "Firm investment, monetary transmission and balance-sheet problems in Japan: an investigation using micro data," Japan and the World Economy, Elsevier, vol. 17(3), pages 345-369, August.
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