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  • Book
  • © 2017

Japanese Firms During the Lost Two Decades

The Recovery of Zombie Firms and Entrenchment of Reputable Firms

Authors:

  1. Jun-ichi Nakamura

    1. Research Institute of Capital Formation, Development Bank of Japan Research Institute of Capital Formation, Chiyoda-ku, Tokyo, Japan

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  • Is the first book focusing on a behavioral problem of firms in good standing
  • Presents in-depth academic research integrated with the author's practical experience in the banking business
  • Gives useful insights regarding unexplained phenomena in the corporate finance literature, such as investment–cash flow sensitivity and zero leverage
  • Includes supplementary material: sn.pub/extras

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

Part of the book sub series: Development Bank of Japan Research Series (BRIEFSDBJRS)

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Table of contents (5 chapters)

  1. Front Matter

    Pages i-viii
    PDF

  2. Introduction

    • Jun-ichi Nakamura
    Pages 1-6

  6. Final Remarks

    • Jun-ichi Nakamura
    Pages 69-73
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About this book

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, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
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Keywords

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Authors and Affiliations

  • Research Institute of Capital Formation, Development Bank of Japan Research Institute of Capital Formation, Chiyoda-ku, Tokyo, Japan

    Jun-ichi Nakamura

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Bibliographic Information

  • Book Title: Japanese Firms During the Lost Two Decades

  • Book Subtitle: The Recovery of Zombie Firms and Entrenchment of Reputable Firms

  • Authors: Jun-ichi Nakamura

  • Series Title: SpringerBriefs in Economics

  • DOI: https://doi.org/10.1007/978-4-431-55918-4

  • Publisher: Springer Tokyo

  • eBook Packages: Business and Management, Business and Management (R0)

  • Copyright Information: Development Bank of Japan 2017

  • Softcover ISBN: 978-4-431-55916-0Published: 10 August 2016

  • eBook ISBN: 978-4-431-55918-4Published: 02 August 2016

  • Series ISSN: 2191-5504

  • Series E-ISSN: 2191-5512

  • Edition Number: 1

  • Number of Pages: VIII, 73

  • Number of Illustrations: 14 illustrations in colour

  • Topics: Corporate Governance, Finance, general

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Buy it now

eBook USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

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