Japanese Firms During the Lost Two Decades The Recovery of Zombie Firms and Entrenchment of Reputable Firms /

• Main Author: Nakamura, Jun-ichi (Author)
• Corporate Author: SpringerLink (Online service)
• Format: Electronic eBook
• Language: English
• Published: Tokyo : Springer Japan : Imprint: Springer, 2017.
• Series: SpringerBriefs in Economics,
• Subjects: Business.; Corporate governance.; Finance.; Business and Management.; Corporate Governance.; Finance, general.

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...

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.