Long shadows of the walking dead on economic activity

IF 2 Q2 ECONOMICS Central Bank Review Pub Date : 2023-12-01 DOI:10.1016/j.cbrev.2023.100140
N. Nergiz Dincer, Pelin Pektekin, Ayça Tekin-Koru
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引用次数: 0

Abstract

This paper presents the panorama of zombie firms in the Turkish economy, which are highly inefficient, highly indebted firms that have low or sometimes negative productivity, and provides an analysis of the impact of these firms on economic activity for the period 2012–2015. Our results suggest that the number of zombie firms in Türkiye has increased. The share of these firms in sales and employment has also increased, but at a lower rate. These firms are mainly found in low-technology manufacturing and transportation and distribution services. The paper also shows that healthy firms increase total factor productivity, employment growth, and the investment-to-capital ratio in the economy in a robust manner. The sales of zombie firms have no distorting effect on the economic activity of healthy firms. However, capital sunk into zombie firms has a differential impact on the performance of healthy firms. When the share of zombie capital in a sector increases, the TFP growth of manufacturing firms decreases, while the employment growth of medium-sized service firms increases.

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行尸走肉对经济活动的长期影响
本文介绍了土耳其经济中 "僵尸企业 "的全貌,这些企业效率低下、负债累累、生产率低下,有时甚至为负数,本文还分析了这些企业在 2012-2015 年期间对经济活动的影响。我们的研究结果表明,土耳其僵尸企业的数量有所增加。这些企业在销售额和就业人数中所占的比例也有所增加,但增幅较低。这些企业主要分布在低技术制造业以及运输和分销服务业。本文还表明,健康企业能有力地提高全要素生产率、就业增长和经济中的投资资本比。僵尸企业的销售对健康企业的经济活动没有扭曲效应。然而,沉淀在僵尸企业中的资本对健康企业的绩效有不同程度的影响。当僵尸资本在一个行业中所占比例增加时,制造业企业的全要素生产率增长会下降,而中型服务业企业的就业增长会增加。
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来源期刊
Central Bank Review
Central Bank Review ECONOMICS-
CiteScore
5.10
自引率
0.00%
发文量
9
审稿时长
69 days
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