Why has Japan's lost decade become the lost two decades? This book
attempts to provide a novel perspective on causes of stagnant
productivity growth of the Japanese corporate sector during the
lost two decades. Exploiting the corporate financial dataset
compiled by the Development Bank of Japan, it shows empirical
evidence that an excessive conservative financial policy of firms
in good standing were responsible for sluggish reallocation of
productive resources after the recovery of "zombie" firms. The
questions taken up in the book include: How can "zombie" firms be
properly identified only on the basis of financial data? Why did a
majority of "zombie" firms eventually recover? Why did the
productivity and profitability of the corporate sector as a whole
remain low even after the recovery of "zombie" firms? Why did firms
in good standing stick to an excessive conservative financial
policy and seem reluctant to invest for innovation? What can be the
effective prescription to revitalize these firms in good standing?
Supported by both in-depth data analyses and rich anecdotal
evidence, this book is highly recommended to readers who seek a
convincing and comprehensive explanation of Japan's lost two
decades from the financial and corporate behavioral points of view.
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