Kasahara, Hiroyuki; Sawada, Yasuyuki; Suzuki, Michio - 2023
study aims to examine whether the capital injections primarily benefited high-productivity firms or were misallocated to … struggling "zombie" firms. The empirical results suggest that banks, post-injection, increased lending to both high-productivity … non-zombie firms and low-productivity zombie firms. While the former is in line with conventional theories that prioritize …