Japanese Firms During the Lost Two Decades
The Recovery of Zombie Firms and Entrenchment of Reputable Firms
Authors: Nakamura, Jun-ichi
Free Preview- 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
Buy this book
- 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.
- Table of contents (5 chapters)
-
-
Introduction
Pages 1-6
-
Evolution and Recovery of Zombie Firms: Japan’s Experience
Pages 7-36
-
Sluggish Reallocation of Productive Resources After the Recovery of Zombie Firms
Pages 37-44
-
Investment Behavior of Reputable Firms After the Recovery of Zombie Firms: “Conservatism” and the “Pseudo Financial Constraint Effect”
Pages 45-68
-
Final Remarks
Pages 69-73
-
Table of contents (5 chapters)
- Download Sample pages 2 PDF (655.1 KB)
- Download Table of contents PDF (86.9 KB)
Recommended for you
Bibliographic Information
- 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
- Development Bank of Japan Research Series
- Copyright
- 2017
- Publisher
- Springer Japan
- Copyright Holder
- Development Bank of Japan
- eBook ISBN
- 978-4-431-55918-4
- DOI
- 10.1007/978-4-431-55918-4
- Softcover ISBN
- 978-4-431-55916-0
- Series ISSN
- 2367-0967
- Edition Number
- 1
- Number of Pages
- VIII, 73
- Number of Illustrations
- 14 illustrations in colour
- Topics
