Credit Access and Zombie Firms: A Study on State-Owned, Private, and Foreign-Invested Firms in A Transition Economy

被引：2

作者：

Nam Hoang Vu ^{[1
]}

Linh Hai Bui ^{[1
,2
]}

Tam Minh Tran ^{[1
]}

Huong Thanh Ha ^{[1
]}

Lam Dang Nguyen ^{[3
]}

机构：

[1] Foreign Trade Univ, Fac Int Econ, Hanoi, Vietnam

[2] Ctr Appl Econ & Business Res, Hanoi, Vietnam

[3] Bloomsburg Univ, Zeigler Coll Business, Bloomsburg, PA USA

来源：

INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION | 2023年 / 46卷 / 12期

关键词：

Credit access; foreign-invested firms; state-owned enterprises; transition economies; Vietnam; zombie firms; CAPITAL STRUCTURE; CORPORATE-FINANCE; METHOD BIAS; PERFORMANCE; LEVERAGE; IDENTIFICATION; DETERMINANTS; CONSTRAINTS; OWNERSHIP; IMPACT;

D O I：

10.1080/01900692.2022.2025830

中图分类号：

C93 [管理学]; D035 [国家行政管理]; D523 [行政管理]; D63 [国家行政管理];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ; 1204 ; 120401 ;

摘要：

The existence of zombie firms is one of the more notable problems in many transition economies since these companies can hamper sustainable economic development. This paper examines the impact of credit access on the existence and recovery of zombie firms. Using a comprehensive dataset comprising a large number of firms operating in Vietnam during the period from 2006 to 2015, we find that having access to credit reduces the likelihood that a firm is a zombie. We also find that credit access is only useful for firms to escape from being zombies up to a certain threshold. While access to credit reduces the likelihood of private domestic firms being zombies, the study finds that it has no significant effect on state-owned and foreign invested firms. Moreover, the impact of credit access is only detected when firms borrow from formal sources of credit.

引用

页码：833 / 846

页数：14

共 43 条

[1] On the performance of Chinese state-owned and private enterprises: the view from foreign-invested enterprises
Wilkinson, Barry
Eberhardt, Markus
Millington, Andrew
[J]. JOURNAL OF GENERAL MANAGEMENT, 2006, 32 (01) : 65 - 80
[2] An Exploration of Organizational Assimilation Among State-Owned, Private-Owned, and Foreign-Invested Enterprises in China
Zeng, Cheng
Croucher, Stephen M.
Kelly, Stephanie
Chen, Hui
[J]. COMMUNICATION RESEARCH REPORTS, 2018, 35 (01) : 58 - 67
[3] State-owned firms and private debt
Picard, Pierre M.
Rusli, Ridwan D.
[J]. JOURNAL OF PUBLIC ECONOMIC THEORY, 2018, 20 (05) : 672 - 702
[4] Institutional duality and political strategies of foreign-invested firms in an emerging economy
Zhang, Yanlong
Zhao, Wei
Ge, Jianhua
[J]. JOURNAL OF WORLD BUSINESS, 2016, 51 (03) : 451 - 462
[5] Cooperative innovation and crises: Foreign subsidiaries, state-owned enterprises, and domestic private firms
Garcia-Sanchez, Antonio
Rama, Ruth
[J]. SCIENCE AND PUBLIC POLICY, 2022, 49 (06) : 915 - 927
[6] Ownership structure, strategic controls and export intensity of foreign-invested firms in transition economies
Igor Filatotchev
Johannes Stephan
Björn Jindra
[J]. Journal of International Business Studies, 2008, 39 : 1133 - 1148
[7] Ownership structure, strategic controls and export intensity of foreign-invested firms in transition economies
Filatotchev, Igor
Stephan, Johannes
Jindra, Bjoern
[J]. JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2008, 39 (07) : 1133 - 1148
[8] Financing the R&D investment of Chinese firms: state-owned versus private firms
Kim, Yun Jung
Quan, Mei
[J]. APPLIED ECONOMICS, 2024, 56 (12) : 1347 - 1362
[9] Observations on the organizational commitment of Chinese employees: comparative studies of state-owned enterprises and foreign-invested enterprises
Wang, YY
[J]. INTERNATIONAL JOURNAL OF HUMAN RESOURCE MANAGEMENT, 2004, 15 (4-5): : 649 - 669
[10] When Do State-Owned Firms Crowd Out Private Investment?
Buehler S.
Wey S.
[J]. Journal of Industry, Competition and Trade, 2014, 14 (3) : 319 - 330

← 1 2 3 4 5 →