Development Bank of Japan Research Series

Japanese Firms During the Lost Two Decades

The Recovery of Zombie Firms and Entrenchment of Reputable Firms

Authors: Nakamura, Jun-ichi

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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
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eBook $54.99
price for USA in USD (gross)
  • ISBN 978-4-431-55918-4
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $69.99
price for USA in USD
  • ISBN 978-4-431-55916-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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)

Table of contents (5 chapters)

Buy this book

eBook $54.99
price for USA in USD (gross)
  • ISBN 978-4-431-55918-4
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $69.99
price for USA in USD
  • ISBN 978-4-431-55916-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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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
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