Japanese firms during the lost two decades : the recovery of zombie firms and entrenchment of reputable firms

Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan...

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Bibliographic Details
Main Author Nakamura, Jun-ichi (Author)
Format Electronic eBook
LanguageEnglish
Published Tokyo, Japan : Springer, [2017]
SeriesSpringerBriefs in economics.
SpringerBriefs in economics. Development Bank of Japan research series.
Subjects
Japan > Economic conditions > 21st century.
Japan.
2000-2099
elektronické knihy
electronic books
Online AccessFull text
ISBN9784431559160
9784431559184
ISSN2191-5504
2367-0967
Physical Description1 online resource (viii, 73 pages) : illustrations

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Table of Contents:
  • 1 Introduction
  • 1.1 The Lost Two Decades of the Japanese Economy: Still a Puzzle
  • 1.2 Zombie Firm Hypothesis and Its Limitations
  • 1.3 Purpose and Outline of the Book
  • References
  • 2 Evolution and Recovery of Zombie Firms: Japan's Experience
  • 2.1 Background on the Controversy Over Evergreen Lending and Secular Stagnation
  • 2.2 Identification of Zombie Firms
  • 2.3 Evolution and Recovery of Zombie Firms by Three Categories of Financial Support
  • 2.4 Empirical Framework to Analyze How Zombie Firms Recovered
  • 2.5 Descriptive Statistics
  • 2.6 Estimation Results for the Entire Sample Period
  • 2.7 Estimation for the Sub-periods
  • 2.8 Estimation of the Sub-periods by Industry
  • 2.9 Concluding Remarks
  • References
  • 3 Sluggish Reallocation of Productive Resources after the Recovery of Zombie Firms
  • 3.1 Framework of the Decomposition Analyses of Changes in Aggregated ROA
  • 3.2 Result of the Decomposition Analyses of Changes in Aggregated ROA
  • 3.3 Weak Demand of Productive Resources from Healthy Firms
  • 3.4 Concluding Remarks
  • References
  • 4 Investment Behavior of Reputable Firms after the Recovery of Zombie Firms: "Conservatism" and the "Pseudo Financial Constraint Effect"
  • 4.1 Introduction
  • 4.2 Literature Review
  • 4.3 Methodology
  • 4.4 Explanatory Variables
  • 4.5 Descriptive Statistics
  • 4.6 Estimation Results and Interpretation
  • 4.7 Concluding Remarks
  • References
  • 5 Final Remarks
  • 5.1 Main Findings of the Book: Unified View for the Lost Two Decades of Japan
  • 5.2 Policy Implications and Remaining Issues
  • References.

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