The Walking Dead?: Zombie Firms and Productivity Performance in OECD Countries
This paper explores the extent to which "zombie" firms - defined as old firms that have persistent problems meeting their interest payments - are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the mid-20...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2017
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper explores the extent to which "zombie" firms - defined as old firms that have persistent problems meeting their interest payments - are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the mid-2000s and that the increasing survival of these low productivity firms at the margins of exit congests markets and constrains the growth of more productive firms. Controlling for cyclical effects, cross-country analysis shows that within-industries over the period 2003-2013, a higher share of industry capital sunk in zombie firms is associated with lower investment and employment growth of the typical non-zombie firm and less productivity-enhancing capital reallocation. Besides limiting the expansion possibilities of healthy incumbent firms, market congestion generated by zombie firms can also create barriers to entry and constrain the post-entry growth of young firms. Finally, we link the rise of zombie firms to the decline in OECD potential output growth through two key channels: business investment and multi-factor productivity growth |
| Beschreibung: | 1 Online-Ressource (45 Seiten) |
| DOI: | 10.1787/180d80ad-en |
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| spelling | Adalet McGowan, Müge Verfasser aut The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries Müge Adalet McGowan, Dan Andrews and Valentine Millot = Les Morts-Vivants ? : Entreprises Zombies et Productivité dans les Pays de l'OCDE / Müge Adalet McGowan, Dan Andrews et Valentine Millot Les Morts-Vivants ? Paris OECD Publishing 2017 1 Online-Ressource (45 Seiten) txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper explores the extent to which "zombie" firms - defined as old firms that have persistent problems meeting their interest payments - are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the mid-2000s and that the increasing survival of these low productivity firms at the margins of exit congests markets and constrains the growth of more productive firms. Controlling for cyclical effects, cross-country analysis shows that within-industries over the period 2003-2013, a higher share of industry capital sunk in zombie firms is associated with lower investment and employment growth of the typical non-zombie firm and less productivity-enhancing capital reallocation. Besides limiting the expansion possibilities of healthy incumbent firms, market congestion generated by zombie firms can also create barriers to entry and constrain the post-entry growth of young firms. Finally, we link the rise of zombie firms to the decline in OECD potential output growth through two key channels: business investment and multi-factor productivity growth Economics Industry and Services Andrews, Dan ctb Millot, Valentine ctb https://doi.org/10.1787/180d80ad-en Verlag kostenfrei Volltext |
| spellingShingle | Adalet McGowan, Müge The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries Economics Industry and Services |
| title | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries |
| title_alt | Les Morts-Vivants ? |
| title_auth | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries |
| title_exact_search | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries |
| title_exact_search_txtP | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries |
| title_full | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries Müge Adalet McGowan, Dan Andrews and Valentine Millot = Les Morts-Vivants ? : Entreprises Zombies et Productivité dans les Pays de l'OCDE / Müge Adalet McGowan, Dan Andrews et Valentine Millot |
| title_fullStr | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries Müge Adalet McGowan, Dan Andrews and Valentine Millot = Les Morts-Vivants ? : Entreprises Zombies et Productivité dans les Pays de l'OCDE / Müge Adalet McGowan, Dan Andrews et Valentine Millot |
| title_full_unstemmed | The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries Müge Adalet McGowan, Dan Andrews and Valentine Millot = Les Morts-Vivants ? : Entreprises Zombies et Productivité dans les Pays de l'OCDE / Müge Adalet McGowan, Dan Andrews et Valentine Millot |
| title_short | The Walking Dead? |
| title_sort | the walking dead zombie firms and productivity performance in oecd countries |
| title_sub | Zombie Firms and Productivity Performance in OECD Countries |
| topic | Economics Industry and Services |
| topic_facet | Economics Industry and Services |
| url | https://doi.org/10.1787/180d80ad-en |
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