Arbeitspapier
Who funds zombie firms: Banks or non-banks?
Analyses of zombie firms have emphasised the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper provides the first analysis of that sort using Finnish data. Surprisingly, the results show quite clearly that there is no connection between zombie survival and bank financing; this result is robust to various measurement and specification issues. Instead, a role is found for owners (i.e. equity funders) in keeping zombies alive in the (often correct) anticipation of the firm recovering.
- ISBN
-
978-952-323-431-4
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Research Discussion Papers ; No. 2/2023
- Klassifikation
-
Wirtschaft
Intertemporal Firm Choice: Investment, Capacity, and Financing
Money Supply; Credit; Money Multipliers
- Thema
-
zombie firms
banks
credit constraints
firm-level data
panel data
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Tuuli, Saara
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
05.03.2025, 16:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Tuuli, Saara
- Bank of Finland
Entstanden
- 2023
Ähnliche Objekte (12)
Banks' equity stakes in borrowing firms: A corporate finance approach
Payments remain fundamental for banks and central banks
Bank runs, liquidity and credit risk
Macroeconomic aspects of systemic bank restructuring
Bank capital, capital regulation and lending
Bank safety under Basel II capital requirements
Competitive deposit rates and bank service charges
Why is equity capital expensive for opaque banks?
Measuring exchange market pressure and central bank intervention
The effect of TLTRO-II on bank lending
Fiscal-monetary policy coordination and central bank independence
Banks and the Finnish credit cycle 1986-1995
Banks' equity stakes in borrowing firms: A corporate finance approach
Payments remain fundamental for banks and central banks
Bank runs, liquidity and credit risk
Macroeconomic aspects of systemic bank restructuring
Bank capital, capital regulation and lending
Bank safety under Basel II capital requirements
Competitive deposit rates and bank service charges
Why is equity capital expensive for opaque banks?
Measuring exchange market pressure and central bank intervention
The effect of TLTRO-II on bank lending
Fiscal-monetary policy coordination and central bank independence
Banks and the Finnish credit cycle 1986-1995
Banks' equity stakes in borrowing firms: A corporate finance approach
Payments remain fundamental for banks and central banks
Bank runs, liquidity and credit risk
Macroeconomic aspects of systemic bank restructuring
Bank capital, capital regulation and lending
Bank safety under Basel II capital requirements
Competitive deposit rates and bank service charges
Why is equity capital expensive for opaque banks?
Measuring exchange market pressure and central bank intervention
The effect of TLTRO-II on bank lending
Fiscal-monetary policy coordination and central bank independence