The measurement of zombie enterprise under information asymmetry–a case of China’s iron and steel industry

References

• Ackerberg, D. A., Caves, K., & Frazer, G. (2015). Identification properties of recent production function estimators. Econometrica, 83(6), 2411–29. https://doi.org/10.3982/ECTA13408
   Web of Science ®Google Scholar
• Adalet McGowan, M., Andrews, D., Millot, V., & Beck, T. (2018). The walking dead? Zombie firms and productivity performance in OECD countries. Economic Policy, 33(96), 685–736. https://doi.org/10.1093/epolic/eiy012
   Web of Science ®Google Scholar
• Andrews, D., & Petroulakis, F. (2019). Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3334840
   Google Scholar
• Antràs, P., & Helpman, E. (2003). Global sourcing (no. w10082). National Bureau of Economic Research.
   Google Scholar
• Aw, B. Y., & Lee, Y. (2014). A model of demand, productivity and foreign location decision among Taiwanese firms. Journal of International Economics, 92(2), 304–316. https://doi.org/10.1016/j.jinteco.2013.12.005
   Web of Science ®Google Scholar
• Bernard, A. B., Redding, S. J., & Schott, P. K. (2007). Comparative advantage and heterogeneous firms. The Review of Economic Studies, 74(1), 31–66. https://doi.org/10.1111/j.1467-937X.2007.00413.x
   Web of Science ®Google Scholar
• Blažková, I., & Dvouletý, O. (2022). Zombies: Who are they and how do firms become zombies? Journal of Small Business Management, 60(1), 119–145. https://doi.org/10.1080/00472778.2019.1696100
   Web of Science ®Google Scholar
• Caballero, R. J., Hoshi, T., & Kashyap, A. K. (2008). Zombie lending and depressed restructuring in Japan. American Economic Review, 98(5), 1943–1977. https://doi.org/10.1257/aer.98.5.1943
   Web of Science ®Google Scholar
• Carreira, C., Teixeira, P., & Nieto-Carrillo, E. (2021). Recovery and exit of zombie firms in Portugal. Small Business Economics, 59(2), 1–29. https://doi.org/10.1007/s11187-021-00483-8
   Web of Science ®Google Scholar
• Deng, M., & Wang, J. (2022). Why do zombie firms seldom die or resurrect? The effect of government subsidies on the survival duration of China’s zombie firms. Economics, 16(1), 212–228. https://doi.org/10.1515/econ-2022-0029
   Google Scholar
• Fukuda, S. I., & Nakamura, J. I. (2011). Why did ‘zombie’ firms recover in Japan? The World Economy, 34(7), 1124–1137. https://doi.org/10.1111/j.1467-9701.2011.01368.x
   Web of Science ®Google Scholar
• García-Herrero, A., Gavilá, S., & Santabárbara, D. (2009). What explains the low profitability of Chinese banks? Journal of Banking & Finance, 33(11), 2080–2092. https://doi.org/10.1016/j.jbankfin.2009.05.005
   Web of Science ®Google Scholar
• Ghironi, F., & Melitz, M. J. (2004). International trade and macroeconomic dynamics with heterogeneous firms (no. w10540). National Bureau of Economic Research.
   Google Scholar
• Helpman, E., Melitz, M. J., & Yeaple, S. R. (2004). Export versus FDI with heterogeneous firms. American Economic Review, 94(1), 300–316. https://doi.org/10.1257/000282804322970814
   Web of Science ®Google Scholar
• He, F., Zhang, Q., Lei, J., Fu, W., & Xu, X. (2013). Energy efficiency and productivity change of China’s iron and steel industry: Accounting for undesirable outputs. Energy Policy, 54, 204–213. https://doi.org/10.1016/j.enpol.2012.11.020
   Web of Science ®Google Scholar
• Imai, K. (2016). A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior. Journal of the Japanese and International Economies, 39, 91–107. https://doi.org/10.1016/j.jjie.2015.12.001
   Web of Science ®Google Scholar
• Jaskowski, M. (2015). Should zombie lending always be prevented? International Review of Economics & Finance, 40, 191–203. https://doi.org/10.1016/j.iref.2015.02.023
   Web of Science ®Google Scholar
• Kobayashi, K., & Inaba, M. (2005). Debt disorganization in Japan. Japan and the World Economy, 17(2), 151–169. https://doi.org/10.1016/j.japwor.2003.12.007
   Web of Science ®Google Scholar
• Kwon, H. U., Narita, F., & Narita, M. (2015). Resource reallocation and zombie lending in Japan in the 1990s. Review of Economic Dynamics, 18(4), 709–732. https://doi.org/10.1016/j.red.2015.07.001
   Web of Science ®Google Scholar
• Levinsohn, J., & Petrin, A. (2003). Estimating production functions using inputs to control for unobservables. The Review of Economic Studies, 70(2), 317–341. https://doi.org/10.1111/1467-937X.00246
   Web of Science ®Google Scholar
• Lu, Y. (2007). Armington substitution elasticity of major imported commodities of China: theory and estimation. Journal of International Trade, 12, 34–37+43.
   Google Scholar
• McGowan, M. A., Andrews, D., & Millot, V. (2017). Insolvency regimes, zombie firms and capital reallocation. OECD Economics Department Working Papers, No. 1399. OECD Publishing. https://doi.org/10.1787/5a16beda-en
   Google Scholar
• Melitz, M. J. (2003). The impact of trade on intra‐industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695–1725. https://doi.org/10.1111/1468-0262.00467
   Web of Science ®Google Scholar
• Melitz, M. J., & Ottaviano, G. I. (2008). Market size, trade, and productivity. The Review of Economic Studies, 75(1), 295–316. https://doi.org/10.1111/j.1467-937X.2007.00463.x
   Web of Science ®Google Scholar
• Montali, M. (2018). Zombie Economy in China: A research on Chinese firms’ financial statements (Bachelor’s thesis, Università Ca’Foscari Venezia).
   Google Scholar
• Nie, H. H., Jiang, T., Zhang, Y. X., & Fang, Y. M. (2016). Research report on Chinese zombie enterprises-status quo, reasons and countermeasures. (issue 9). National Academy of Development and Strategy of Renmin University of China.
   Google Scholar
• Oh, I., Lee, J. D., Heshmati, A., & Choi, G. G. (2009). Evaluation of credit guarantee policy using propensity score matching. Small Business Economics, 33(3), 335–351. https://doi.org/10.1007/s11187-008-9102-5
   Web of Science ®Google Scholar
• Olley, G. S., & Pakes, A. (1996). The dynamics of productivity in the telecommunications equipment industry. Econometrica, 64(6), 1263–1297. https://doi.org/10.2307/2171831
   Web of Science ®Google Scholar
• Peek, J., & Rosengren, E. S. (2005). Unnatural selection: Perverse incentives and the misallocation of credit in Japan. American Economic Review, 95(4), 1144–1166. https://doi.org/10.1257/0002828054825691
   Web of Science ®Google Scholar
• Retolaza, J. L., San-Jose, L., Urionabarrenetxea, S., & García-Merino, D. (2016). Linking the moral hazard and leverage in companies. Ramon Llull Journal of Applied Ethics, 7, 143–166. https://raco.cat/index.php/rljae/article/view/310546
   Google Scholar
• Robinson, P. M. (1988). Root-N-Consistent Semiparametric Regression. Econometrica, 56, 931–954. https://doi.org/10.2307/1912705
   Web of Science ®Google Scholar
• Shao, W., Chen, Z., & Liu, H. (2022). How do political connections affect the formation of zombie firms? Evidence from Chinese manufacturing listed enterprises. Asian‐Pacific Economic Literature, 36(2), 17–31. https://doi.org/10.1111/apel.12361
   Web of Science ®Google Scholar
• Shen, G., & Chen, B. (2017). Zombie firms and over-capacity in Chinese manufacturing. China Economic Review, 44, 327–342. https://doi.org/10.1016/j.chieco.2017.05.008
   Web of Science ®Google Scholar
• Tan, Y., Huang, Y., & Woo, W. T. (2016). Zombie firms and the crowding-out of private investment in China. Asian Economic Papers, 15(3), 32–55. https://doi.org/10.1162/ASEP_a_00474
   Web of Science ®Google Scholar
• Urionabarrenetxea, S., Garcia-Merino, J. D., San-Jose, L., & Retolaza, J. L. (2018). Living with zombie companies: Do we know where the threat lies? European Management Journal, 36(3), 408–420. https://doi.org/10.1016/j.emj.2017.05.005
   Web of Science ®Google Scholar
• Wooldridge, J. M. (2009). On estimating firm-level production functions using proxy variables to control for unobservables. Economics letters, 104(3), 112–114. doi:10.1016/j.econlet.2009.04.026
   Web of Science ®Google Scholar
• Wu, Y., & Pan, H. (2023). Zombie firms and corporate financialization: Evidence from China. Review of Managerial Science, 1–23. https://doi.org/10.1007/s11846-023-00633-0
   Web of Science ®Google Scholar
• Yeaple, S. R. (2005). A simple model of firm heterogeneity, international trade, and wages. Journal of International Economics, 65(1), 1–20. https://doi.org/10.1016/j.jinteco.2004.01.001
   Web of Science ®Google Scholar
• Yu, Y., & Lu, T. (2016). China’s nonfinancial corporate debt dynamics. China & World Economy, 24(1), 1–17. https://doi.org/10.1111/cwe.12141
   Web of Science ®Google Scholar