Skip to main content
SpringerLink
Log in

Zombie firms: a systematic review and future research directions

  • Original Paper
  • Published:
Management Review Quarterly Aims and scope Submit manuscript

Abstract

The present study systematically reviews literature on zombie firms using a hybrid approach integrating framework-based review with bibliometric and content analysis. A total of 132 relevant articles identified from the Scopus and Web of Science databases were evaluated for developing a state-of-the-art review. In order to gain more meaningful insights into zombie research and firm zombification, the theories, contexts, characteristics, and methodology framework is adopted to synthesize the existing literature. Bibliometric and content analysis helped in exploring the developmental trend, key themes of the research domain, and the research hot spots. Four research clusters were identified using bibliographic coupling. The study also provides directions for further research on the zombie phenomenon. Research results provide comprehensive insights and would be relevant for academicians and policymakers alike.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1

Source: Author’s compilation

Fig. 2

Source: Author’s compilation

Fig. 3

Source: Author’s compilation. Note: Data is considered till December 2023

Fig. 4
Fig. 5

Similar content being viewed by others

Data availability

We do not analyse or generate any datasets, because our work proceeds within a theoretical approach.

References

  • Acharya VV, Eisert T, Eufinger C, Hirsch C (2019) Whatever it takes: the real effects of unconventional monetary policy. Rev Financ Stud 32(9):3366–3411

    Article  Google Scholar 

  • Acharya VV, Crosignani M, Eisert T, Eufinger C (2020) Zombie credit and (dis-) inflation: evidence from Europe (No w27158). Nat Bureau Econ Res. 45:65. https://doi.org/10.3386/w27158

    Article  Google Scholar 

  • Adalet McGowan M, Andrews D, Millot V (2018) The walking dead? Zombie firms and productivity performance in OECD countries. Econ Policy 33(96):685–736

    Article  Google Scholar 

  • Ahearne AG, Shinada N (2005) Zombie firms and economic stagnation in Japan. IEEP 2(4):363–381

    Article  Google Scholar 

  • Altman E (2021) Covid-19 and the credit cycle: 2020 revisited and 2021 outlook. J Credit Risk. https://doi.org/10.21314/JCR.2021.012

    Article  Google Scholar 

  • Altman EI, Dai R, Wang W (2021) Global zombies. Available at SSRN 3970332

  • Álvarez L, García-Posada M, Mayordomo S (2023) Distressed firms, zombie firms and zombie lending: a taxonomy. J Bank Financ 149:106762

    Article  Google Scholar 

  • Anh NTT, Hung DQ, Vu NH, Tuan BA (2021) Does lowering entry cost counter the persistence of zombie firms? Int J Bus Global 27(3):333–354

    Article  Google Scholar 

  • Aria M, Cuccurullo C (2017) bibliometrix: an R-tool for comprehensive science mapping analysis. J Informet 11(4):959–975

    Article  Google Scholar 

  • Asanuma D (2015) An examination on the zombie theory: an agent-based-approach. Int Bus Manag 9(5):719–725

    Google Scholar 

  • Azevedo N, Mateus M, Pina Á (2022) Bank credit allocation and productivity: stylised facts for Portugal. Stud Econ Financ 39(4):644–674

    Article  Google Scholar 

  • Babu NBV, Fernandes S, Panda R (2022) A review of green purchase with reference to individual consumers and organizational consumers: a TCCM approach. Clean Responsib Consum 8(2):00097

    Google Scholar 

  • Bahoo S, Alon I, Paltrinieri A (2020) Sovereign wealth funds: past, present and future. Int Rev Financ Anal 67:101418

    Article  Google Scholar 

  • Bajaj V, Kumar P, Singh VK (2022) Linkage dynamics of sovereign credit risk and financial markets: a bibliometric analysis. Res Int Bus Financ 59:101566

    Article  Google Scholar 

  • Baker HK, Kumar S, Pandey N (2021) Five decades of the journal of consumer affairs: A bibliometric analysis. J Consum Aff 55(1):293–331. https://doi.org/10.1111/joca.12347

    Article  Google Scholar 

  • Banerjee R, Hofmann B (2018) The rise of zombie firms: causes and consequences. BIS Quarter Rev Spetember

  • Banerjee R, Hofmann B (2022) Corporate zombies: anatomy and life cycle. Econ Policy 37(112):757–803

    Article  Google Scholar 

  • Bartolini M, Bottani E, Grosse EH (2019) Green warehousing: systematic literature review and bibliometric analysis. J Clean Prod 226(20):242–258. https://doi.org/10.1016/j.jclepro.2019.04.055

    Article  Google Scholar 

  • Binh TQ, Thi P, Uyen M, Thuan NT (2020) Zombie companies in Vietnam: the empirical insight and experiences from Asian and European companies. Acad Account Financ Stud J 24(1):1–9

    Google Scholar 

  • Blažková I, Dvouletý O (2022) Zombies: Who are they and how do firms become zombies? J Small Bus Manage 60(1):119–145

    Article  Google Scholar 

  • Bowman J (2022) The life-cycle dynamics of zombie companies amongst listed firms in China. China World Econ 30(5):185–205

    Article  Google Scholar 

  • Boyack KW, Klavans R (2010) Co-citation analysis, bibliographic coupling, and direct citation: which citation approach represents the research front most accurately? J Am Soc Inform Sci Technol 61(12):2389–2404. https://doi.org/10.1002/asi.21419

    Article  Google Scholar 

  • Broz T, Ridzak T (2017) Lending activity and credit supply in Croatia during the crisis. J Policy Model 39(6):1102–1116

    Article  Google Scholar 

  • Bu J, Du J, Pi J (2023) Do zombie firms affect healthy firms’ exporting? Evidence from China. Econ Trans Inst Change. https://doi.org/10.1111/ecot.12395

    Article  Google Scholar 

  • Caballero RJ, Hoshi T, Kashyap AK (2008) Zombie lending and depressed restructuring in Japan. Am Econ Rev 98(5):1943–1977

    Article  Google Scholar 

  • Cai G, Zhang X, Yang H (2022) Fiscal stress and the formation of zombie firms: evidence from China. China Econ Rev 71:101720

    Article  Google Scholar 

  • Callon M, Courtial JP, Laville F (1991) Co-word analysis as a tool for describing the network of interactions between basic and technological research: the case of polymer chemsitry. Scientometrics 22:155–205

    Article  Google Scholar 

  • Carreira C, Teixeira P, Nieto-Carrillo E (2022) Recovery and exit of zombie firms in Portugal. Small Bus Econ 59(2):491–519. https://doi.org/10.1007/s11187-021-00483-8

    Article  Google Scholar 

  • Chakma R, Paul J, Dhir S (2021) Organizational ambidexterity: a review and research agenda. IEEE Trans Eng Manag 71:121–137

    Article  Google Scholar 

  • Chang YW, Huang MH, Lin CW (2015) Evolution of research subjects in library and information science based on keyword, bibliographical coupling, and co-citation analyses. Scientometrics 105(3):2071–2087. https://doi.org/10.1007/s11192-015-1762-8

    Article  Google Scholar 

  • Chang Q, Zhou Y, Liu G, Wang D, Zhang X (2021) How does government intervention affect the formation of zombie firms? Econ Modell 94:768–779

    Article  Google Scholar 

  • Chao AC, Phillips FY (2023) The Chinese zombie firm: dilemma and resolution. Econ Res-Ekonomska Istraživanja 36(3):2153718

    Article  Google Scholar 

  • Chen C, Xu J (2023) Product competition and firm overcapacity: evidence from China. Emerg Markets Finance Trade 59(7):2038–2055

    Article  Google Scholar 

  • Ciampi F, Giannozzi A, Marzi G, Altman EI (2021) Rethinking SME default prediction: a systematic literature review and future perspectives. Scientometrics 126:2141–2188

    Article  Google Scholar 

  • Cobo MJ (2011) Scimat, software tool for the analysis of the evolution of scientific knowledge. University of Granada, Granada

    Google Scholar 

  • Connelly BL, Certo ST, Ireland RD, Reutzel CR (2011) Signaling theory: a review and assessment. J Manag 37(1):39–67

    Google Scholar 

  • Cumming D, Kumar S, Lim WM, Pandey N (2022) Mapping the venture capital and private equity research: a bibliometric review and future research agenda. Small Bus Econ 2022:1–49

    Google Scholar 

  • de la Garza Cárdenas MH (2021) Are zombie companies in Mexico the same as in the rest of the world? Revista Brasileira de Gestão de Negócios 23:635–653

    Google Scholar 

  • de la Garza Cárdenas MH, Félix MZ, Turrent GDCB (2022) Strategic behavior of zombie companies: differences between family and non-family companies listed in Mexico. Eur J Fam Bus 12(1):51–62

    Google Scholar 

  • da Silva A, Gonçalves A (2022) How zombie firms affect healthy firms: the case of Portuguese trade sector. Revista Galega De Econ 31(3):1–18

    Google Scholar 

  • Dai X, Qiao X, Song L (2019) Zombie firms in China’s coal mining sector: identification, transition determinants and policy implications. Resour Policy 62:664–673

    Article  Google Scholar 

  • Dai Y, Li X, Liu D, Lu J (2021) Throwing good money after bad: Zombie lending and the supply chain contagion of firm exit. J Econ Behav Organ 189:379–402

    Article  Google Scholar 

  • Decker RA, Haltiwanger J, Jarmin RS, Miranda J (2017) Declining dynamism, allocative efficiency, and the productivity slowdown. Am Econ Rev 107(5):322–326

    Article  Google Scholar 

  • Decker RA, Haltiwanger JC, Jarmin RS, Miranda J (2018) Changing business dynamism and productivity: shocks vs. responsiveness, finance and economics discussion series 2018–007. Washington: Board of Governors of the Federal Reserve System.

  • Deegan C, Rankin M, Tobin J (2002) An examination of the corporate social and environmental disclosures of BHP from 1983–1997: a test of legitimacy theory. Account Auditing Accountability J 15(3):312–343

    Article  Google Scholar 

  • Deng M, Wang J (2022) Why do zombie firms seldom die or resurrect? The effect of government subsidies on the survival duration of China’s zombie firms. Economics 16(1):212–228

    Article  Google Scholar 

  • Dewatripont M, Maskin E (1995) Credit and efficiency in centralized and decentralized economies. Rev Econ Stud 62(4):541–555

    Article  Google Scholar 

  • Ding Y, Cronin B (2011) Popular and/or prestigious? Measures of scholarly esteem. Inf Process Manage 47(1):80–96. https://doi.org/10.1016/j.ipm.2010.01.002

    Article  Google Scholar 

  • Donthu N, Kumar S, Mukherjee D, Pandey N, Lim WM (2021) How to conduct a bibliometric analysis: an overview and guidelines. J Bus Res 133:285–296

    Article  Google Scholar 

  • Du W, Li M (2019) Can environmental regulation promote the governance of excess capacity in China’s energy sector? The market exit of zombie enterprises. J Clean Prod 207:306–316

    Article  Google Scholar 

  • El Ghoul S, Fu Z, Guedhami O (2021) Zombie firms: prevalence, determinants, and corporate policies. Financ Res Lett 41:101876

    Article  Google Scholar 

  • Ellegaard O, Wallin JA (2015) The bibliometric analysis of scholarly production: How great is the impact? Scientometrics 105:1809–1831. https://doi.org/10.1007/s11192-015-1645-z

    Article  Google Scholar 

  • Fahimnia B, Sarkis J, Davarzani H (2015) Green supply chain management: a review and bibliometric analysis. Int J Prod Econ 162:101–114

    Article  Google Scholar 

  • Fan L, Tang T, Yang G (2023) Administrative reform and the disposal of zombie enterprises: evidence from China. Small Bus Econ 61(4):1845–1869

    Article  Google Scholar 

  • Fang J, Gozgor G, Lau CKM, Wu W, Yan C (2020) Listed zombie firms and top executive gender: evidence from an emerging market. Pac Basin Financ J 62:101357. https://doi.org/10.1016/j.pacfin.2020.101357

    Article  Google Scholar 

  • Fischer FB (2021) Zombie firms, corporate restructuring and relationship banking: credit guidance as a key to tackle Zombie lending? Account Econ Law: A Convivium. https://doi.org/10.1515/ael-2020-0065

    Article  Google Scholar 

  • Feng L, Lang H, Pei T (2022) Zombie firms and corporate savings: evidence from Chinese manufacturing firms. Int Revi Econ Finance 79:551–564

    Article  Google Scholar 

  • Foglia M (2022) Non-performing loans and macroeconomics factors: the Italian case. Risks 10(1):21

    Article  Google Scholar 

  • Fuad A, Lee YCG, Hsu CY (2020) Bibliometric analysis of bioscience trends journal (2007–2017): knowledge dynamics and visualization. Libr Philos Pract 1:1–18

    Google Scholar 

  • Fuhrer LM, Ramelet MA, Tenhofen J (2021) Firms’ participation in the Swiss COVID-19 loan programme. Swiss J Econ Stat 157:1–22

    Article  Google Scholar 

  • Fukao K (2013) Explaining Japan’s unproductive two decades. Asian Econ Policy Rev 8(2):193–213

    Article  Google Scholar 

  • Fukuda SI, Nakamura JI (2011) Why did ‘zombie’ firms recover in Japan? World Econ 34(7):1124–1137

    Article  Google Scholar 

  • Fukuda A (2020) The effects of M&A on corporate performance in Japan: DID Analysis in the era of corporate governance reform. Japan World Econ 55:101013

    Article  Google Scholar 

  • Fusco F, Marsilio M, Guglielmetti C (2020) Co-production in health policy and management: a comprehensive bibliometric review. BMC Health Serv Res 20:1–16

    Article  Google Scholar 

  • Geng Y, Liu W, Wu Y (2021) How do zombie firms affect China’s industrial upgrading? Econ Model 97:79–94

    Article  Google Scholar 

  • Goodell JW, Kumar S, Lim WM, Pattnaik D (2021) Artificial intelligence and machine learning in finance: identifying foundations, themes, and research clusters from bibliometric analysis. J Behav Exp Financ 32:100577. https://doi.org/10.1016/j.jbef.2021.100577

    Article  Google Scholar 

  • Goto Y, Wilbur S (2019) Unfinished business: Zombie firms among SME in Japan’s lost decades. Jpn World Econ 49:105–112

    Article  Google Scholar 

  • Gouveia AF, Osterhold C (2018) Fear the walking dead. OECD Productivity Working Papers.

  • Guo X, Ye J, Su W, Luo D, Jin X (2022) Do zombie firms crowd out healthy firms and slow their growth? Evidence from China. Develop Policy Rev 40(6):e12623

    Article  Google Scholar 

  • Haimann M, Kaserer C, Ljubicic K (2023) Cui bono? large-scale evidence on the impact of COVID-19 policy measures on listed firms. Q Rev Econ Finance 89:228–243

    Article  Google Scholar 

  • Han S, You W, Nan S (2019) Zombie firms, external support and corporate environmental responsibility: evidence from China. J Clean Prod 212:1499–1517

    Article  Google Scholar 

  • Han S, Li G, Lubrano M, Xun Z (2020) Lie of the weak: inconsistent corporate social responsibility activities of Chinese zombie firms. J Clean Prod 253:119858

    Article  Google Scholar 

  • He Q, Li X, Zhu W (2020) Political connection and the walking dead: evidence from China’s privately owned firms. Int Rev Econ Finance 69:1056–1070

    Article  Google Scholar 

  • Hoshi T (2006) Economics of the living dead. Jpn Econ Rev 57(1):30–49

    Article  Google Scholar 

  • Hoshi T, Kashyap AK (2004) Japan’s financial crisis and economic stagnation. J Econ Perspect 18(1):3–26

    Article  Google Scholar 

  • Hoshi T, Kashyap AK (2010) Will the US bank recapitalization succeed? Eight lessons from Japan. J Financ Econ 97(3):398–417

    Article  Google Scholar 

  • Hoshi T, Kashyap A, Scharfstein D (1990) The role of banks in reducing the costs of financial distress in Japan. J Financ Econ 27(1):67–88

    Article  Google Scholar 

  • Hoshi T, Kawaguchi D, Ueda K (2023) Zombies, again? the COVID-19 business support programs in Japan. J Bank & Finance 147:106421

    Article  Google Scholar 

  • Hossain MA, Jahid MIK, Hossain KMA, Walton LM, Uddin Z, Haque MO, Hossain Z (2020) Knowledge, attitudes, and fear of COVID-19 during the Rapid Rise Period in Bangladesh. PLoS ONE 15(9):e0239646

    Article  Google Scholar 

  • Hu G, Wang L, Ni R, Liu W (2020) Which h-index? An exploration within the web of science. Scientometrics 123(3):1225–1233

    Article  Google Scholar 

  • Hyun J (2024) Heterogeneous corporate borrowing behaviours during the COVID-19 pandemic: evidence from Korea. Appl Econ Lett 31(5):484–488

    Article  Google Scholar 

  • Imai K (2016) A panel study of zombie SMEs in Japan: identification, borrowing and investment behavior. J Japan Int Econ 39:91–107

    Article  Google Scholar 

  • Jain J, Walia N, Singh S, Jain E (2021) Mapping the field of behavioural biases: a literature review using bibliometric analysis. Manag Rev Quart 2021:1–33. https://doi.org/10.1007/s11301-021-00215-y

    Article  Google Scholar 

  • James Potter W, Levine‐Donnerstein D (1999) Rethinking validity and reliability in content analysis. J Appl Commun Res 27(3):258–284. https://doi.org/10.1080/00909889909365539

    Article  Google Scholar 

  • Jaskowski M (2015) Should zombie lending always be prevented? Int Rev Econ Financ 40:191–203

    Article  Google Scholar 

  • Jebarajakirthy C, Maseeh HI, Morshed Z, Shankar A, Arli D, Pentecost R (2021) Mobile advertising: a systematic literature review and future research agenda. Int J Consum Stud 45(6):1258–1291

    Article  Google Scholar 

  • Jiang X, Li S, Song X (2017) The mystery of zombie enterprises–“stiff but deathless.” China J Account Res 10(4):341–357

    Article  Google Scholar 

  • Jin L, Pan C, Li Y, Liu X (2022) How can fintech reduce corporate zombification risk? Emerg Mark Financ Trade 58(15):4350–4360

    Article  Google Scholar 

  • Kane EJ (1987) Dangers of capital forbearance: The case of the FSLIC and “Zombie” SandLs. Contemp Econ Policy 5(1):77–83. https://doi.org/10.1111/j.1465-7287.1987.tb00247.x

    Article  Google Scholar 

  • Kelly J, Sadeghieh T, Adeli K (2014) Peer review in scientific publications: benefits, critiques, and a survival guide. Ejifcc 25(3):227

    Google Scholar 

  • Kessler MM (1963) Bibliographic coupling between scientific papers. Am Doc 14(1):10–25

    Article  Google Scholar 

  • Khanra S, Kaur P, Joseph RP, Malik A, Dhir A (2022) A resource-based view of green innovation as a strategic firm resource: present status and future directions. Bus Strateg Environ 31(4):1395–1413. https://doi.org/10.1002/bse.2961

    Article  Google Scholar 

  • Kornai J (1979) Resource-constrained versus demand-constrained systems. Econ J Econ Soc 47:801–819

    Google Scholar 

  • Kornai J, Maskin E, Roland G (2003) Understanding the soft budget constraint. Jof Econ Liter 41(4):1095–1136

    Article  Google Scholar 

  • Krugman P (2009) The return of depression economics and the crisis of 2008. W.W. Norton Company Limited. ISBN 978–0–393–07101–6.

  • Kubátová J, Kročil O (2020) The potential of impact and integral investing for sustainable social development and the role of academia in their dissemination. Sustainability 12(17):6939

    Article  Google Scholar 

  • Kumar S, Pandey N, Lim WM, Chatterjee AN, Pandey N (2021) What do we know about transfer pricing? Insights from bibliometric analysis. J Bus Res 134:275–287

    Article  Google Scholar 

  • Kumar S, Sahoo S, Lim WM, Dana LP (2022) Religion as a social shaping force in entrepreneurship and business: insights from a technology-empowered systematic literature review. Technol Forecast Soc Chang 175:121393

    Article  Google Scholar 

  • Li J, Hu J, Yang L (2021) Can trade facilitation prevent the formation of zombie firms? Evidence from the China railway express. China World Econ 29(1):130–151

    Article  Google Scholar 

  • Li J, Li J, Zhou T (2023) State ownership and zombie firms: evidence from China's 2008 stimulus plan. Econ Transition Inst Change 31(4):853–876

    Article  Google Scholar 

  • Lim WM, Yap SF, Makkar M (2021) Home sharing in marketing and tourism at a tipping point: what do we know, how do we know, and where should we be heading? J Bus Res 122:534–566

    Article  Google Scholar 

  • Lin JY, Cai F, Li Z (1998) Competition, policy burdens, and state-owned enterprise reform. Am Econ Rev 88(2):422–427

    Google Scholar 

  • Lin R, Liu X, Liang Y (2023) Assessing the impact of COVID-19 on economic recovery: role of potential regulatory responses and corporate liquidity. Environ Sci Pollut Res 30(18):53977–53996

    Article  Google Scholar 

  • Lin SH (2023) The measurement of zombie enterprise under information asymmetry–a case of China’s iron and steel industry. J Appl Econ 26(1):2259245

    Article  Google Scholar 

  • Lin Y, Zhang X (2023) Can investor attention defuse the risk of corporate zombification? empirical evidence from listed companies in China. J Bus Econ Manag 24(2):336–353

    Article  Google Scholar 

  • Liu G, Zhang X, Zhang W, Wang D (2019) The impact of government subsidies on the capacity utilization of zombie firms. Econ Model 83:51–64

    Article  Google Scholar 

  • Logarušić M, Raguž Krištić I (2022) The impact of zombie companies on the performance of healthy companies and economies in selected countries of Central and Eastern Europe. Ekonomski pregled 73(2):157–185

    Article  Google Scholar 

  • Lucey BM, Kumar S, Sureka R (2023) Corruption in finance research: the state of art and future research agenda. J Econ Criminol 1:100001

    Article  Google Scholar 

  • MacCoun RJ (1998) Biases in the interpretation and use of research results. Annu Rev Psychol 49(1):259–287

    Article  Google Scholar 

  • Mao Q, Xu J (2024) Zombie firms, misallocation and manufacturing capacity utilization rate: evidence from China. Econ Transition Inst Change

    Google Scholar 

  • Maseda A, Iturralde T, Cooper S, Aparicio G (2022) Mapping women’s involvement in family firms: a review based on bibliographic coupling analysis. Int J Manag Rev 24(2):279–305

    Article  Google Scholar 

  • Mehta N, Pandit A (2018) Concurrence of big data analytics and healthcare: a systematic review. Int J Med Inf 114:57–65

    Article  Google Scholar 

  • Mingers J (2001) Combining IS research methods: towards a pluralist methodology. Inf Syst Res 12(3):240–259

    Article  Google Scholar 

  • Mishra D, Gunasekaran A, Papadopoulos T, Childe SJ (2018) Big Data and supply chain management: a review and bibliometric analysis. Ann Oper Res 270:313–336

    Article  Google Scholar 

  • Moher D, Liberati A, Tetzlaff J, Altman DG (2009) Reprint—preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. Phys Therapy 89(9):873–880. https://doi.org/10.1093/ptj/89.9.873

    Article  Google Scholar 

  • Mongeon P, Paul-Hus A (2016) The journal coverage of Web of Science and Scopus: a comparative analysis. Scientometrics 106:213–228. https://doi.org/10.1007/s11192-015-1765-5

    Article  Google Scholar 

  • Mukherjee D, Kumar S, Pandey N, Lahiri S (2023) Is offshoring dead? A multidisciplinary review and future directions. J Int Manag 29:101017. https://doi.org/10.1016/j.intman.2023.101017

    Article  Google Scholar 

  • Muñoz-Izquierdo N, Mazarío JMJ, Camacho-Miñano MDM (2023) Zombie firms and disclosures in the expanded audit report. Rev Manag Sci 1–37

    Google Scholar 

  • Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J Financ Econ 13(2):187–221

    Article  Google Scholar 

  • Nakamura JI (2023) A 50-year history of “zombie firms” in Japan: how banks and shareholders have been involved in corporate bailouts? Jpn World Econ 66:101188

    Article  Google Scholar 

  • Nehrebecki M (2023) Zombification in Poland in particular during COVID-19 pandemic and low interest rates. Bank i Kredyt 54(2):153–190

    Google Scholar 

  • Nieto-Carrillo E, Carreira C, Teixeira P (2022) Giving zombie firms a second chance: an assessment of the reform of the Portuguese insolvency framework. Econ Anal Policy 76:156–181

    Article  Google Scholar 

  • Niñerola A, Sánchez-Rebull MV, Hernández-Lara AB (2019) Tourism research on sustainability: a bibliometric analysis. Sustainability 11(5):1377. https://doi.org/10.3390/su11051377

    Article  Google Scholar 

  • Nurmi S, Vanhala J, Virén M (2022) Are zombies for real? Evidence from zombie dynamics. Int J Ind Organ 85:102888

    Article  Google Scholar 

  • Osterhold C, Gouveia AF (2020) Productivity, zombie firms and exit barriers in Portugal. Int Product Monitor 38:29–49

    Google Scholar 

  • Palmatier RW, Houston MB, Hulland J (2018) Review articles: purpose, process, and structure. J Acad Mark Sci 46(1):1–5

    Article  Google Scholar 

  • Papava V (2020) Features of the economic crisis under the COVID-19 pandemic and the threat of the Zombie-ing of the economy. Bull Georgian Nat Acad Sci 14(3):128–134

    Google Scholar 

  • Pardal P, Hurnyak I, Kordonska A (2021) Zombie business strategies: the case of Ukraine. Entrepreneurial Bus Econ Rev 9(1):47–59

    Article  Google Scholar 

  • Paul J, Rosado-Serrano A (2019) Gradual internationalization vs born-global/international new venture models: a review and research agenda. Int Mark Rev 36(6):830–858. https://doi.org/10.1108/IMR-10-2018-0280

    Article  Google Scholar 

  • Paul J, Lim WM, O’Cass A, Hao AW, Bresciani S (2021) Scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR). Int J Consum Stud 45(4):O1–O16

    Article  Google Scholar 

  • Pauly MV (1968) The economics of moral hazard: comment. Am Econ Rev 58(3):531–537

    Google Scholar 

  • Pauly MV (1978) Over insurance and public provision of insurance: The roles of moral hazard and adverse selection. Uncertainty in economics. Academic Press, USA, pp 307–331

    Google Scholar 

  • Pfeffer J, Salancik G (2015) External control of organizations—Resource dependence perspective. Organizational behavior 2., Routledge, USA, pp 373–388

    Google Scholar 

  • Pittway L (2008) Systematic literature reviews. In: Thorpe R, Holt R (eds) Holt R The SAGE dictionary of qualitative management research. SAGE Publications, London

    Google Scholar 

  • Powell KR, Peterson SR (2017) Coverage and quality: a comparison of Web of Science and Scopus databases for reporting faculty nursing publication metrics. Nurs Outlook 65(5):572–578

    Article  Google Scholar 

  • Qi Y, Lyu S, Yang S, Dong S (2022) How do zombie firms affect the financialization of normal firms? Appl Econ Lett 30(14):1940–1945. https://doi.org/10.1080/13504851.2022.2086678

    Article  Google Scholar 

  • Qiao L, Fei J (2022) Government subsidies, enterprise operating efficiency, and “stiff but deathless” zombie firms. Econ Model 107:105728

    Article  Google Scholar 

  • Qiao X, Song L, Fan X (2022) How do zombie firms affect innovation: from the perspective of credit resources distortion. Asian-Pacific Economic Literature 36(1):67–87

    Article  Google Scholar 

  • Qrunfleh S, Vivek S, Merz R, Mathivathanan D (2022) Mitigation themes in supply chain research during the COVID-19 pandemic: a systematic literature review. Benchmarking Int J 30(6):1832–1849

    Article  Google Scholar 

  • Rashid S, Iqbal Khan K, Nasir A, Rashid T (2022) Unveiling living dead: characteristics and consequences of zombie firms. Cogent Bus Manag 9(1):2121240

    Article  Google Scholar 

  • Ren M, Zhao J, Zhao J (2023a) Why is it difficult for Chinese companies to operate across regions in China? —Evidence from zombie companies. Int Rev Financ Anal 87:102569

    Article  Google Scholar 

  • Ren M, Zhao J, Zhao J (2023b) The crowding-out effect of zombie companies on fixed asset investment: Evidence from China. Res Int Bus Financ 65:101979

    Article  Google Scholar 

  • Retolaza JL, San-Jose L, Urionabarrenetxea S, García-Merino D (2016) Linking the moral hazard and leverage in companies. Ramon Llull J Appl Ethics 7:143–166

    Google Scholar 

  • Rey-Martí A, Ribeiro-Soriano D, Palacios-Marqués D (2016) A bibliometric analysis of social entrepreneurship. J Bus Res 69(5):1651–1655

    Article  Google Scholar 

  • Roberts L, Hassan A, Elamer A, Nandy M (2021) Biodiversity and extinction accounting for sustainable development: a systematic literature review and future research directions. Bus Strateg Environ 30(1):705–720

    Article  Google Scholar 

  • Rowell D, Connelly LB (2012) A history of the term “moral hazard.” J Risk Insurance 79(4):1051–1075

    Article  Google Scholar 

  • San-Jose L, Urionabarrenetxea S, García-Merino JD (2022) Zombie firms and corporate governance: what room for maneuver do companies have to avoid becoming zombies. RMS 16(3):835–862. https://doi.org/10.1007/s11846-021-00462-z

    Article  Google Scholar 

  • Schivardi F, Sette E, Tabellini G (2020) Identifying the real effects of zombie lending. Rev Corp Finan Stud 9(3):569–592

    Article  Google Scholar 

  • Schivardi F, Sette E, Tabellini G (2022) Credit misallocation during the European financial crisis. Econ J 132(641):391–423

    Article  Google Scholar 

  • Schlotmann O, Eberhardt F (2020) The costs of Zombification in Europe: why Austrian economics fails and the empirical findings for japan are a misleading guide. Credit Capital Markets-Kredit Und Kapital 53(1):17–42

    Article  Google Scholar 

  • Shao W, Chen Z, Liu H (2022) How do political connections affect the formation of zombie firms? Evidence from Chinese manufacturing listed enterprises. Asian-Pacific Econ Liter 36(2):17–31

    Article  Google Scholar 

  • Sharma D, Taggar R, Bindra S, Dhir S (2020) A systematic review of responsiveness to develop future research agenda: a TCCM and bibliometric analysis. Benchmarking Int J 27(9):2649–2677

    Article  Google Scholar 

  • Sharma K, Trott S, Sahadev S, Singh R (2023) Emotions and consumer behaviour: a review and research agenda. Int J Consumer Stud 47(6):2396–2416. https://doi.org/10.1111/ijcs.12937

    Article  Google Scholar 

  • Shen G, Chen B (2017) Zombie firms and over-capacity in Chinese manufacturing. China Econ Rev 44:327–342

    Article  Google Scholar 

  • Shen Y, Ren M, Zhao J (2023) Bank competition and zombie company: empirical evidence from China. Econ Anal Policy 80:297–318

    Article  Google Scholar 

  • Shin H, Perdue RR (2019) Self-service technology research: a bibliometric cocitation visualization analysis. Int J Hosp Manag 80:101–112

    Article  Google Scholar 

  • Shiraishi M, Yano G (2022) The financial crisis in 2008, the Stimulus package, and distortion of financial intermediation in China: a survival analysis approach. Comp Econ Stud 64(2):280–323

    Article  Google Scholar 

  • Shleifer A, Vishny RW (1994) Politicians and firms. Q J Econ 109(4):995–1025

    Article  Google Scholar 

  • Song Y, Chen X, Hao T, Liu Z, Lan Z (2019a) Exploring two decades of research on classroom dialogue by using bibliometric analysis. Comput Educ 137:12–31. https://doi.org/10.1016/j.compedu.2019.04.002

    Article  Google Scholar 

  • Song J, Su Z, Wang D (2019b) Government Subsidy, Investment and Financing Constraints, and the Formation of Zombie Companies. China Financ Econ Rev 8(3):40–58

    Google Scholar 

  • Sprong N, Driessen PH, Hillebrand B, Molner S (2021) Market innovation: a literature review and new research directions. J Bus Res 123:450–462

    Article  Google Scholar 

  • Storz M, Koetter M, Setzer R, Westphal A (2017) Do we want these two to tango? On zombie firms and stressed banks in Europe

    Google Scholar 

  • Tan Y, Huang Y, Woo WT (2016) Zombie firms and the crowding-out of private investment in China. Asian Econ Papers 15(3):32–55

    Article  Google Scholar 

  • Tripathi M, Kumar S, Sonker SK, Babbar P (2018) Occurrence of author keywords and keywords plus in social sciences and humanities research: a preliminary study. COLLNET J Scientomet Inf Manag 12(2):215–232

    Google Scholar 

  • Upadhyay AP, Baag PK (2023) Surviving beyond expiry: a systematic literature review of zombie firms. China Account Financ Rev. 26(1):31–544

    Article  Google Scholar 

  • Urionabarrenetxea S, Garcia-Merino JD, San-Jose L, Retolaza JL (2018) Living with zombie companies: Do we know where the threat lies? Eur Manag J 36(3):408–420

    Article  Google Scholar 

  • Valderrama-Zurian JC, Navarro-Molina C, Aguilar-Moya R, Melero-Fuentes D, Aleixandre-Benavent R (2017) Trends in scientific research in Online Information Review. Part 2. Mapping the scientific knowledge through bibliometric and social network analyses. arXiv preprint arXiv:1709.07817

  • van Eck N, Waltman L (2010) Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics 84(2):523–538

    Article  Google Scholar 

  • van Eck NJ, Waltman L (2014) Visualizing bibliometric networks. In: Ding Y, Rousseau R, Wolfram D (eds) Measuring scholarly impact. Springer International Publishing, Cham, pp 285–320. https://doi.org/10.1007/978-3-319-10377-8_13

    Chapter  Google Scholar 

  • van Oorschot JA, Hofman E, Halman JI (2018) A bibliometric review of the innovation adoption literature. Technol Forecast Soc Chang 134:1–21. https://doi.org/10.1016/j.techfore.2018.04.032

    Article  Google Scholar 

  • van’t Riet A, Berg M, Hiddema F, Sol K (2001) Meeting patients’ needs with patient information systems: potential benefits of qualitative research methods. Int J Med Inf 64(1):1–14. https://doi.org/10.1016/S1386-5056(01)00185-X

    Article  Google Scholar 

  • Vu NH, Bui LH, Tran TM, Ha HT, Nguyen LD (2023) Credit access and zombie firms: a study on state-owned, private, and foreign-invested firms in a transition economy. Int J Public Adm 46(12):833–846

    Article  Google Scholar 

  • Wang Y, Zhu Y (2021) The financing and investment crowding-out effect of zombie firms on non-zombie firms: Evidence from China. Emerg Markets Finance Trade 57(7):1959–1985

    Article  Google Scholar 

  • Wang H, Kong Y, Shi J (2023) The role of Zombie firms in industrial sustainable development: evidence from Yangtze River Delta Urban agglomerations. Front Green Innov Ind Ecosyst Reconstr Achiev Environ Sustain 335:16648714

    Google Scholar 

  • Weinberg BH (1974) Bibliographic coupling: a review. Inf Storage Retrieval 10(5–6):189–196

    Article  Google Scholar 

  • Woo WT (2019) China’s soft budget constraint on the demand-side undermines its supply-side structural reforms. China Econ Rev 57:101111

    Article  Google Scholar 

  • Wu H, Yang M, Gu J (2021) Are zombie firms more incentivized to financialize? China J Account Res 14(4):100199. https://doi.org/10.1016/j.cjar.2021.05.003

    Article  Google Scholar 

  • Wu Y, Pan H (2022) Can pay-performance sensitivity cure zombie firms? Evidence from China. Manag Decis Econ 43(4):1080–1090

    Article  Google Scholar 

  • Wu Y, Pan H (2024) Zombie firms and corporate financialization: evidence from China. Rev Manag Sci 18(4):1077–1099

    Article  Google Scholar 

  • Xu X, Chen X, Jia F, Brown S, Gong Y, Xu Y (2018a) Supply chain finance: a systematic literature review and bibliometric analysis. Int J Product Econ 204:160–173. https://doi.org/10.1016/j.ijpe.2018.08.003

    Article  Google Scholar 

  • Xu X, Chen X, Jia F, Brown S, Gong Y, Xu Y (2018b) Supply chain finance: a systematic literature review and bibliometric analysis. Int J Prod Econ 204:160–173. https://doi.org/10.1016/j.ijpe.2018.08.003

    Article  Google Scholar 

  • Yang Y, Qi Y, Yang S (2021) Can government funding revive zombie enterprises? Evidence from listed Chinese manufacturing enterprises. J Bus Econ Manag 22(6):1633–1654

    Article  Google Scholar 

  • Yang S, Qi Y, Yang Y (2023) Tax incentives and the formation of zombie firms. Appl Econ Lett 30(18):2667–2672

    Article  Google Scholar 

  • Yu D, He X (2020) A bibliometric study for DEA applied to energy efficiency: trends and future challenges. Appl Energy 268:115048

    Article  Google Scholar 

  • Yu M, Guo YM, Wang D, Gao X (2021) How do zombie firms affect debt financing costs of others: from spillover effects views. Pacific-Basin Finance J 65:101471

    Article  Google Scholar 

  • Yu H, Liu X, Zhou Y (2022) The effects of Zombie firms on the financial information transparency of other firms. Emerg Mark Financ Trade 58(9):2474–2492

    Article  Google Scholar 

  • Yu X, Wu F, Wan K, Chang T (2023) Zombie firms and corporate innovation: a double distortion effect—empirical evidence from China. Appl Econ Lett 30(4):456–461

    Article  Google Scholar 

  • Zhang P, Yan F, Du C (2015) A comprehensive analysis of energy management strategies for hybrid electric vehicles based on bibliometrics. Renew Sustain Energy Rev 48:88–104. https://doi.org/10.1016/j.rser.2015.03.093

    Article  Google Scholar 

  • Zhang C, Chen Y, Zhou H (2020) Zombie firms and soft budget constraints in the Chinese stock market. Asian Econ J 34(1):51–77

    Article  Google Scholar 

  • Zhang W, Bo L, Haque M (2022) Why are Chinese zombie enterprises stiff but deathless? Trans Bus Econ 21(1):228

    Google Scholar 

  • Zhang X, Huang B (2022) Does bank competition inhibit the formation of zombie firms? Int Rev Econ Finance 80:1045–1060

    Article  Google Scholar 

  • Zhao J, Wen S, Parry R, Wei C (2021) Eliminating zombie companies through insolvency law in China: striking a balance between market-oriented policies and government intervention. Asia Pacific Law Review 29(2):264–286

    Article  Google Scholar 

  • Zhu H, He F, Wang S, Ye Q, Liang C (2019) Zombie firms and debt accumulation: a theoretical framework and Chinese experience. China & World Economy 27(6):104–126

    Article  Google Scholar 

  • Zmud RW, Shaft T, Zheng W, Croes H (2010) Systematic differences in firm’s information technology signaling: implications for research design. J Assoc Inf Syst 11(3):1

    Google Scholar 

  • Zoller-Rydzek B, Keller F (2020) COVID-19: Guaranteed loans and zombie firms. CESifo Economic Studies 66(4):322–364

    Article  Google Scholar 

  • Zou X, Yue WL, Le Vu H (2018) Visualization and analysis of mapping knowledge domain of road safety studies. Accid Anal Prev 118:131–145

    Article  Google Scholar 

  • Zupic I, Čater T (2015) Bibliometric methods in management and organization. Organiz Res Methods 18(3):429–472. https://doi.org/10.1177/1094428114562629

    Article  Google Scholar 

Download references

Funding

This research study received no funding from any funding agency in the public, commercial, or not-for-profit sectors.

Author information

Authors and Affiliations

  1. Institute of Management, Nirma University, Ahmedabad, Gujarat, India

    Samik Shome

  2. Vivekanand Education Society’s Institute of Management Studies and Research, Mumbai, Maharashtra, India

    Sushma Verma

Authors
  1. Samik Shome
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Sushma Verma
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Samik Shome.

Ethics declarations

Conflict of interest

The authors have no conflicts of interest to declare. All co-authors have seen and agree with the contents of the manuscript and there is no financial interest to report. We certify that the submission is original work and is not under review at any other publication.

Additional information

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Supplementary Information

Below is the link to the electronic supplementary material.

Supplementary file1 (XLSX 31 kb)

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Shome, S., Verma, S. Zombie firms: a systematic review and future research directions. Manag Rev Q (2024). https://doi.org/10.1007/s11301-024-00435-y

Download citation

  • Received:

  • Accepted:

  • Published:

  • DOI: https://doi.org/10.1007/s11301-024-00435-y

Keywords

JEL Classification

Search

Navigation