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Zombies, Again? The COVID-19 Business Support Programs in Japan

Citations

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Cited by:

  1. Li, Xinyu & Wang, Huacheng & Li, Rong, 2023. "A hidden channel of “blood transfusion”: Internal capital market subsidies and zombie firms," The British Accounting Review, Elsevier, vol. 55(6).
  2. Acebo, Enrique & Gutiérrez-López, Cristina & Abad-González, Julio & Miguel-Dávila, José-Ángel, 2026. "Lazarus, come forth! Public loan guarantees and the recovery of zombie firms," Economic Modelling, Elsevier, vol. 154(C).
  3. Telegdy, Álmos, 2024. "The effects of enterprise relief grants during COVID-19," Economics Letters, Elsevier, vol. 234(C).
  4. Telegdy, Álmos, 2024. "Subsidized working capital loans and firm growth in times of crisis," Economics Letters, Elsevier, vol. 245(C).
  5. Ren, Meixu & Zhao, Jinxuan & Zhao, Jingmei, 2023. "The crowding-out effect of zombie companies on fixed asset investment: Evidence from China," Research in International Business and Finance, Elsevier, vol. 65(C).
  6. Srivastava, Pranjal & Saurav, Sumit & Mishra, Abinash, 2025. "Does government ownership differently impact expected left-tail and volatility risk of bank stock? Evidence from options market," Journal of Corporate Finance, Elsevier, vol. 94(C).
  7. Yuji Honjo & Yunosuke Iwaki & Masatoshi Kato, 2025. "Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms," Small Business Economics, Springer, vol. 64(4), pages 1877-1900, April.
  8. Miho Takizawa, 2025. "Firm entry and exit dynamics in Japan: institutions, policies, and empirical insights," The Japanese Economic Review, Springer, vol. 76(3), pages 667-687, July.
  9. Kongphop WONGKAEW & Yukiko SAITO, 2023. "CEO Age, Firm Exit and Zombification amidst the COVID-19 Pandemic," Discussion papers 23080, Research Institute of Economy, Trade and Industry (RIETI).
  10. Nakamura, Jun-ichi, 2023. "A 50-year history of “zombie firms” in Japan: How banks and shareholders have been involved in corporate bailouts?," Japan and the World Economy, Elsevier, vol. 66(C).
  11. Manabu Furuta, 2025. "Assessing the Effectiveness of COVID-19 Support Policies on Firm Performance: Evidence from Japanese SMEs," Discussion Papers 2518, Graduate School of Economics, Kobe University.
  12. Byron Graham & Karolis Matikonis, 2025. "SME crisis management and performance: leveraging algorithm supported induction to unravel complexity," Journal of Computational Social Science, Springer, vol. 8(3), pages 1-33, August.
  13. Linlin Fan & Tingfeng Tang & Gongyan Yang, 2023. "Administrative reform and the disposal of zombie enterprises: evidence from China," Small Business Economics, Springer, vol. 61(4), pages 1845-1869, December.
  14. Masato Oikawa & Koichiro Onishi, 2025. "Impact of financial support expansion on restaurant entries and exits during the COVID-19 pandemic," Small Business Economics, Springer, vol. 64(2), pages 645-689, February.
  15. Fukuda, Akira & Yamamoto, Isamu, 2025. "Ex-ante and ex-post evaluation of zombie firms arising from the EAS program during the COVID-19 pandemic: A study of Japanese SMEs," Japan and the World Economy, Elsevier, vol. 74(C).
  16. Haimann, Michael & Kaserer, Christoph & Ljubicic, Kristian, 2023. "Cui bono? Large-scale evidence on the impact of COVID-19 policy measures on listed firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 228-243.
  17. Bi, Chao & Wang, Jinghua, 2026. "Curbing zombie firms: Evidence from China's fair competition review system," Economic Modelling, Elsevier, vol. 162(C).
  18. Tomoyuki Yagi & Kakuho Furukawa & Jouchi Nakajima, 2022. "Productivity Trends in Japan - Reviewing Recent Facts and the Prospects for the Post-COVID-19 Era -," Bank of Japan Working Paper Series 22-E-10, Bank of Japan.
  19. Chakrabarti, Prasenjit & Kaur, Jasmeet, 2024. "Zombie-lending during the pandemic in India: Did the Central Bank reduce credit misallocation concerns of forbearance?," Journal of Policy Modeling, Elsevier, vol. 46(1), pages 153-170.
  20. Tomohito HONDA & Arito ONO & Iichiro UESUGI & Yukihiro YASUDA, 2023. "Anatomy of Out-of-court Debt Workouts for SMEs," Discussion papers 23088, Research Institute of Economy, Trade and Industry (RIETI).
  21. Shen, Yu & Ren, Meixu & Zhao, Jingmei, 2023. "Bank competition and zombie company: Empirical evidence from China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 297-318.
  22. Tsuruta, Daisuke, 2024. "Bank credit to SMEs in Japan: Evidence from normal times, the global financial crisis, and the COVID-19 crisis," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
  23. Morikawa, Masayuki, 2026. "Performance of firms using COVID-19-related support policies: Ex-post evaluation," International Review of Economics & Finance, Elsevier, vol. 109(C).
  24. Yoshibumi Makabe & Tomoyuki Yagi, 2024. "Firms' Interest Payment Burden and Productivity under a Low Interest Rate Environment," Bank of Japan Working Paper Series 24-E-20, Bank of Japan.
  25. Tsuruta, Daisuke, 2025. "Does SME policy enhance the adjustment of trade credit? Evidence from a revision of the Subcontract Act in Japan," Japan and the World Economy, Elsevier, vol. 74(C).
  26. Li, Zhongtian & Jia, Jing, 2026. "Do the walking dead eat and Drink? Zombie firms and bribery expenditures," The British Accounting Review, Elsevier, vol. 58(4).
  27. Daisuke TSURUTA, 2026. "Credit Allocation for SMEs in an Aging Economy: Evidence from the COVID-19 and Global Financial Crises in Japan," Discussion papers 26039, Research Institute of Economy, Trade and Industry (RIETI).
  28. Martins, Ana & Pereira dos Santos, João & Pozzobon, Fernando, 2025. "Sailing Through Troubled Waters: Evidence from Support Discontinuities to Firms in Times of Crisis," IZA Discussion Papers 18136, IZA Network @ LISER.
  29. Ana Martins & João Pereira dos Santos & Fernando Pozzobon, 2025. "Sailing through Troubled Waters: Evidence from the APOIAR Program," GEE Papers 190, Gabinete de Estratégia e Estudos, Ministério da Economia, revised May 2025.
  30. Tsuruta, Daisuke, 2026. "Do financial and real factors matter for small business recovery following default? Evidence from Japan," Economic Modelling, Elsevier, vol. 162(C).
  31. Daisuke TSURUTA, 2024. "Determinants and Consequences of Bank Borrowings of Small Businesses: Is the COVID-19 crisis special?," Discussion papers 24007, Research Institute of Economy, Trade and Industry (RIETI).
  32. Daisuke Tsuruta, 2025. "Credit allocation and public credit guarantee schemes for small businesses: evidence from Japan," Applied Economics, Taylor & Francis Journals, vol. 57(50), pages 8267-8290, October.
  33. Yunguo Lu & Jing Liang & Xiaojun Yu & Lin Zhang, 2026. "Correction: Environmental regulation and the proliferation of zombie firms: evidence from China," Journal of Regulatory Economics, Springer, vol. 69(1), pages 1-1, December.
  34. Kleimeier, Stefanie & Hoffmann, Arvid O.I. & Broihanne, Marie-Hélène & Plotkina, Daria & Göritz, Anja S., 2023. "Determinants of individuals’ objective and subjective financial fragility during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 153(C).
  35. Kotone Yamada & Yukio Minoura & Jouchi Nakajima & Tomoyuki Yagi, 2023. "Corporate Finance Facility and Resource Allocation: Research Trends and Developments during the Spread of COVID-19," Bank of Japan Working Paper Series 23-E-1, Bank of Japan.
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