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Gelişmekte Olan Ekonomilerde Zombi Şirketler: Türkiye Örneği

Yıl 2022, Cilt: 5 Sayı: 1, 63 - 72, 01.04.2022
https://doi.org/10.32951/mufider.1051106

Öz

Dünya nüfusundaki büyük artışın neden olduğu artan talep ve teknolojinin yaygınlaşması, küreselleşme, tüketici davranışlarındaki değişiklikler gibi değişen koşullar ile dünya ekonomileri daha rekabetçi ve daha fazla hayatta kalmaya odaklanmaktadır. Ortaya çıkan rekabet ortamı da zombi şirketlerin oluşmasına neden olmaktadır. Zombi şirketlerinin karları düşük, bankalara bağımlılığı yüksek ve borç/toplam aktif oranı yüksek olan firmalardır. Özellikle COVID-19 pandemisi gibi dünyada meydana gelen ani aksamalarla birlikte şirketlerin iflasları ertelenmekte ve özellikle gelişmekte olan ekonomilerde zombi şirketlerin sayısı artmaktadır. Ancak yapılan araştırmalar dikkate alındığında şirketlerin hangi etkenlerle zombi şirketlere dönüştüğü tam olarak ortaya konulamamıştır. Bu nedenle, bu çalışmada gelişmekte olan ekonomilerde şirketlerin zombi şirketlere dönüşme sebepleri ağırlıklı olarak belirtilecek ve bir vaka çalışması olarak SWARA yöntemi ile bu faktörleri gelişmekte olan bir ekonomi için ağırlıklandırılacaktır. Literatür taramasına dayalı olarak sıralanan bu faktörler, gelişmekte olan ekonomiler için genel bir bakış sunmakta ve her ülke kendi özelliklerine göre kendi verilerine göre bir önem sırası oluşturabilecektir. Bu çalışmanın politika yapıcılar için başlangıç aşaması olması beklenmektedir.

Kaynakça

  • Akhbari, M., Ainina, M. F., & Larsen, J. E. (2020). Another Look at the Relationship between Portfolio Returns and Market Multiples. Business and Economics Research Journal, 11(3), 671-680.
  • Al Monitor, Sept. 26, 2020. “How Turkey’s ‘zombie’ companies keep afloat”. Retrieved from: http://mustafasonmez.net/how-turkeys-zombie-companies-keep-afloat-al-monitor-sept-26-2020
  • Álvarez Román, L., Garcia-Posada, M., & Mayordomo, S. (2021). Distressed firms, zombie firms and zombie lending: a taxonomy. Available at SSRN 3949415.
  • Andrews, D., & Petroulakis, F. (2019). Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe.
  • Andrews, D., M. Adalet McGowan and V. Millot (2017). Confronting the zombies: Policies for productivity revival. OECD Economic Policy Papers, No. 21, OECD Publishing, Paris, https://doi.org/10.1787/f14fd801-en.
  • Banerjee, R., & Hofmann, B. (2018). The rise of zombie firms: causes and consequences. BIS Quarterly Review Spetember.
  • Becker, M. (2021). Zombie Companies in the Corona Pandemic or the phenomenon of covertly over-indebted companies in Germany (No. 4/2021). IUCF Working Paper.
  • Blažková, I., & Dvouletý, O. (2020). Zombies: Who are they and how do firms become zombies?. Journal of Small Business Management, 1-27.
  • Carreira, C., Teixeira, P., & Nieto-Carrillo, E. (2021). Recovery and exit of zombie firms in Portugal. Small Business Economics, 1-29.
  • Chang, Q., Zhou, Y., Liu, G., Wang, D., & Zhang, X. (2021). How does government intervention affect the formation of zombie firms?. Economic Modelling, 94, 768-779.
  • De Martiis, A., & Peter, F. J. (2021). When Companies Don't Die: Analyzing Zombie and Distressed Firms in a Low Interest Rate Environment. Available at SSRN 3890788.
  • De Martiis, A., Heil, T., & Peter, F. J. (2021). Are you a Zombie? A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants. A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants (January 29, 2021).
  • Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic. Journal of Financial Stability, 53, 100837.
  • Ellul, A., Erel, I., & Rajan, U. (2020). The COVID-19 Pandemic Crisis and Corporate Finance.
  • Fischer, F. B. (2021). Zombie Firms, Corporate Restructuring and Relationship Banking: Credit Guidance as a Key to Tackle Zombie Lending?. Accounting, Economics, and Law: A Convivium.
  • Ghasemi, P., Mehdiabadi, A., Spulbar, C., & Birau, R. (2021). Ranking of Sustainable Medical Tourism Destinations in Iran: An Integrated Approach Using Fuzzy SWARA-PROMETHEE. Sustainability, 13(2), 683.
  • Gourinchas, P. O., Kalemli-Özcan, Ṣ., Penciakova, V., & Sander, N. (2021). Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’ (No. w29293). National Bureau of Economic Research.
  • Jiang, X., Li, S. & Song, X. (2017). The mystery of zombie enterprises “stiff but deathless”. China Journal of Accounting Research, 10, 341-357.
  • Jordà, Ò., Kornejew, M., Schularick, M., & Taylor, A. M. (2020). Zombies at large? Corporate debt overhang and the macroeconomy (No. w28197). National Bureau of Economic Research.
  • Keršuliene, V., Zavadskas, E. K., & Turskis, Z. (2010). Selection of rational dispute resolution method by applying new step‐wise weight assessment ratio analysis (SWARA). Journal of business economics and management, 11(2), 243-258.
  • Kistak, S. March, 23, 2020. “Stock market falls, zombie companies and coronavirus: Op-ed”. Retrieved from: https://www.hurriyetdailynews.com/stock-market-falls-zombie-companies-and-coronavirus-op-ed-153178.
  • Koutroumpis, P., Leiponen, A., & Thomas, L. D. (2020). Small is big in ICT: The impact of R&D on productivity. Telecommunications Policy, 44(1), 101833.
  • Krugman, P. (2020). Arguing with zombies: Economics, politics, and the fight for a better future. WW Norton & Company.
  • Li, J., Hu, J., & Yang, L. (2021). Can Trade Facilitation Prevent the Formation of Zombie Firms? Evidence from the China Railway Express. China & World Economy, 29(1), 130-151.
  • Liang, J. (2017). Can “Zombie Enterprises” Find Self-Help Road through Technological Innovation?. Chinese Studies, 6(03), 173.
  • Majumdar, A., Shaw, M., & Sinha, S. K. (2020). COVID-19 debunks the myth of socially sustainable supply chain: A case of the clothing industry in South Asian countries. Sustainable Production and Consumption, 24, 150-155.
  • McGowan, M. A., Andrews, D., & Millot, V. (2017a). The walking dead?: Zombie firms and productivity performance in OECD countries.
  • McGowan, M. A., Andrews, D., & Millot, V. (2017b). Insolvency regimes, zombie firms and capital reallocation.
  • Nakamura, J. I., & Fukuda, S. I. (2012). " What happened to" Zombie" Firms in Japan?: Reexamination for the lost two decades"(in Japanese) (No. CIRJE-J-244). CIRJE, Faculty of Economics, University of Tokyo.
  • Parry, R., & Zhao, J. (2021). Zombie companies in China: policies of creative destruction and their implementation. Corporate and Business Law Journal.
  • Petkova, A. (2021). Effects and Consequences of Zombie Lending. Nauchni trudove, (4), 145-156.
  • ŞAHİN, A. (2021). Zombi Şirketlerin Risk Düzeyi ile İlişkili Olan Finansal Özellikleri: İSO 1000 Firmaları ile Bir İnceleme. Journal of Yaşar University, 16(61), 278-297.
  • San-Jose, L., Urionabarrenetxea, S., & García-Merino, J. D. (2021). Zombie firms and corporate governance: What room for maneuver do companies have to avoid becoming zombies?. Review of Managerial Science, 1-28.
  • Saraji, M. K., Mardani, A., Köppen, M., Mishra, A. R., & Rani, P. (2021). An extended hesitant fuzzy set using SWARA-MULTIMOORA approach to adapt online education for the control of the pandemic spread of COVID-19 in higher education institutions. Artificial Intelligence Review, 1-26.
  • Seyf, A. (2021). Productivity Slowdown and Inequality: Killing Two Birds with One Stone!. In Economic Policies for a Post-Neoliberal World (pp. 133-177). Palgrave Macmillan, Cham.
  • Shen, G., & Chen, B. (2017). Zombie firms and over-capacity in Chinese manufacturing. China Economic Review, 44, 327-342.
  • Urionabarrenetxea, S., Garcia-Merino, J. D., San-Jose, L., & Retolaza, J. L. (2018). Living with zombie companies: Do we know where the threat lies?. European Management Journal, 36(3), 408-420.
  • Yu, M., Guo, Y. M., Wang, D., & Gao, X. (2021). How do zombie firms affect debt financing costs of others: From spillover effects views. Pacific-Basin Finance Journal, 65, 101471.
  • Zhang, D., & Zhao, W. Z. (2021). The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit. Contemporary Finance & Economics, (3), 124.
  • 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.
  • Zoller-Rydzek, B., & Keller, F. (2020). COVID-19: guaranteed loans and zombie firms. CESifo Economic Studies, 66(4), 322-364.

Zombie Companies in Business Environment in Emerging Economies: Case of Turkey

Yıl 2022, Cilt: 5 Sayı: 1, 63 - 72, 01.04.2022
https://doi.org/10.32951/mufider.1051106

Öz

World economies are becoming more competitive and more focused on survival with increasing demand caused by huge increase in population of the world and changing conditions such as widespread use of technology, globalization, changes in consumer behaviour i.e. The emerging competitive environment also causes the formation of zombie companies. Zombie companies have low profits, high dependence on banks and high debt to total assets ratio. Especially with the sudden disruptions that occur in the world, such as COVID-19 pandemic, the bankruptcy of the companies is postponed and the number of zombie companies is increasing, especially in emerging economies. However, by considering the researches, it has not been revealed precisely by which factors the companies turned into zombie companies. In line with this reason, this study will be specified weighted the reasons why companies turn into zombie companies in emerging economies and as a case study, with the SWARA method, will weighted these factors for an emerging economy. These factors, which are listed based on the literature review, give an overview for emerging economies, and each country will be able to create an order of importance based on its own data in line with its own characteristics. This study is expected to be the initial stage for policy makers.

Kaynakça

  • Akhbari, M., Ainina, M. F., & Larsen, J. E. (2020). Another Look at the Relationship between Portfolio Returns and Market Multiples. Business and Economics Research Journal, 11(3), 671-680.
  • Al Monitor, Sept. 26, 2020. “How Turkey’s ‘zombie’ companies keep afloat”. Retrieved from: http://mustafasonmez.net/how-turkeys-zombie-companies-keep-afloat-al-monitor-sept-26-2020
  • Álvarez Román, L., Garcia-Posada, M., & Mayordomo, S. (2021). Distressed firms, zombie firms and zombie lending: a taxonomy. Available at SSRN 3949415.
  • Andrews, D., & Petroulakis, F. (2019). Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe.
  • Andrews, D., M. Adalet McGowan and V. Millot (2017). Confronting the zombies: Policies for productivity revival. OECD Economic Policy Papers, No. 21, OECD Publishing, Paris, https://doi.org/10.1787/f14fd801-en.
  • Banerjee, R., & Hofmann, B. (2018). The rise of zombie firms: causes and consequences. BIS Quarterly Review Spetember.
  • Becker, M. (2021). Zombie Companies in the Corona Pandemic or the phenomenon of covertly over-indebted companies in Germany (No. 4/2021). IUCF Working Paper.
  • Blažková, I., & Dvouletý, O. (2020). Zombies: Who are they and how do firms become zombies?. Journal of Small Business Management, 1-27.
  • Carreira, C., Teixeira, P., & Nieto-Carrillo, E. (2021). Recovery and exit of zombie firms in Portugal. Small Business Economics, 1-29.
  • Chang, Q., Zhou, Y., Liu, G., Wang, D., & Zhang, X. (2021). How does government intervention affect the formation of zombie firms?. Economic Modelling, 94, 768-779.
  • De Martiis, A., & Peter, F. J. (2021). When Companies Don't Die: Analyzing Zombie and Distressed Firms in a Low Interest Rate Environment. Available at SSRN 3890788.
  • De Martiis, A., Heil, T., & Peter, F. J. (2021). Are you a Zombie? A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants. A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants (January 29, 2021).
  • Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic. Journal of Financial Stability, 53, 100837.
  • Ellul, A., Erel, I., & Rajan, U. (2020). The COVID-19 Pandemic Crisis and Corporate Finance.
  • Fischer, F. B. (2021). Zombie Firms, Corporate Restructuring and Relationship Banking: Credit Guidance as a Key to Tackle Zombie Lending?. Accounting, Economics, and Law: A Convivium.
  • Ghasemi, P., Mehdiabadi, A., Spulbar, C., & Birau, R. (2021). Ranking of Sustainable Medical Tourism Destinations in Iran: An Integrated Approach Using Fuzzy SWARA-PROMETHEE. Sustainability, 13(2), 683.
  • Gourinchas, P. O., Kalemli-Özcan, Ṣ., Penciakova, V., & Sander, N. (2021). Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’ (No. w29293). National Bureau of Economic Research.
  • Jiang, X., Li, S. & Song, X. (2017). The mystery of zombie enterprises “stiff but deathless”. China Journal of Accounting Research, 10, 341-357.
  • Jordà, Ò., Kornejew, M., Schularick, M., & Taylor, A. M. (2020). Zombies at large? Corporate debt overhang and the macroeconomy (No. w28197). National Bureau of Economic Research.
  • Keršuliene, V., Zavadskas, E. K., & Turskis, Z. (2010). Selection of rational dispute resolution method by applying new step‐wise weight assessment ratio analysis (SWARA). Journal of business economics and management, 11(2), 243-258.
  • Kistak, S. March, 23, 2020. “Stock market falls, zombie companies and coronavirus: Op-ed”. Retrieved from: https://www.hurriyetdailynews.com/stock-market-falls-zombie-companies-and-coronavirus-op-ed-153178.
  • Koutroumpis, P., Leiponen, A., & Thomas, L. D. (2020). Small is big in ICT: The impact of R&D on productivity. Telecommunications Policy, 44(1), 101833.
  • Krugman, P. (2020). Arguing with zombies: Economics, politics, and the fight for a better future. WW Norton & Company.
  • Li, J., Hu, J., & Yang, L. (2021). Can Trade Facilitation Prevent the Formation of Zombie Firms? Evidence from the China Railway Express. China & World Economy, 29(1), 130-151.
  • Liang, J. (2017). Can “Zombie Enterprises” Find Self-Help Road through Technological Innovation?. Chinese Studies, 6(03), 173.
  • Majumdar, A., Shaw, M., & Sinha, S. K. (2020). COVID-19 debunks the myth of socially sustainable supply chain: A case of the clothing industry in South Asian countries. Sustainable Production and Consumption, 24, 150-155.
  • McGowan, M. A., Andrews, D., & Millot, V. (2017a). The walking dead?: Zombie firms and productivity performance in OECD countries.
  • McGowan, M. A., Andrews, D., & Millot, V. (2017b). Insolvency regimes, zombie firms and capital reallocation.
  • Nakamura, J. I., & Fukuda, S. I. (2012). " What happened to" Zombie" Firms in Japan?: Reexamination for the lost two decades"(in Japanese) (No. CIRJE-J-244). CIRJE, Faculty of Economics, University of Tokyo.
  • Parry, R., & Zhao, J. (2021). Zombie companies in China: policies of creative destruction and their implementation. Corporate and Business Law Journal.
  • Petkova, A. (2021). Effects and Consequences of Zombie Lending. Nauchni trudove, (4), 145-156.
  • ŞAHİN, A. (2021). Zombi Şirketlerin Risk Düzeyi ile İlişkili Olan Finansal Özellikleri: İSO 1000 Firmaları ile Bir İnceleme. Journal of Yaşar University, 16(61), 278-297.
  • San-Jose, L., Urionabarrenetxea, S., & García-Merino, J. D. (2021). Zombie firms and corporate governance: What room for maneuver do companies have to avoid becoming zombies?. Review of Managerial Science, 1-28.
  • Saraji, M. K., Mardani, A., Köppen, M., Mishra, A. R., & Rani, P. (2021). An extended hesitant fuzzy set using SWARA-MULTIMOORA approach to adapt online education for the control of the pandemic spread of COVID-19 in higher education institutions. Artificial Intelligence Review, 1-26.
  • Seyf, A. (2021). Productivity Slowdown and Inequality: Killing Two Birds with One Stone!. In Economic Policies for a Post-Neoliberal World (pp. 133-177). Palgrave Macmillan, Cham.
  • Shen, G., & Chen, B. (2017). Zombie firms and over-capacity in Chinese manufacturing. China Economic Review, 44, 327-342.
  • Urionabarrenetxea, S., Garcia-Merino, J. D., San-Jose, L., & Retolaza, J. L. (2018). Living with zombie companies: Do we know where the threat lies?. European Management Journal, 36(3), 408-420.
  • Yu, M., Guo, Y. M., Wang, D., & Gao, X. (2021). How do zombie firms affect debt financing costs of others: From spillover effects views. Pacific-Basin Finance Journal, 65, 101471.
  • Zhang, D., & Zhao, W. Z. (2021). The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit. Contemporary Finance & Economics, (3), 124.
  • 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.
  • Zoller-Rydzek, B., & Keller, F. (2020). COVID-19: guaranteed loans and zombie firms. CESifo Economic Studies, 66(4), 322-364.
Toplam 41 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Ş. Sertaç Çakı 0000-0003-1354-9628

Melisa Özbiltekin 0000-0002-1356-3203

Yayımlanma Tarihi 1 Nisan 2022
Gönderilme Tarihi 30 Aralık 2021
Kabul Tarihi 6 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 5 Sayı: 1

Kaynak Göster

APA Çakı, Ş. S., & Özbiltekin, M. (2022). Zombie Companies in Business Environment in Emerging Economies: Case of Turkey. Muhasebe Ve Finans İncelemeleri Dergisi, 5(1), 63-72. https://doi.org/10.32951/mufider.1051106



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