The Role and Impact of Zombie Firms in the Economic System: An Examination of Financial Sustainability and Innovation

Year 2024, Volume: 7 Issue: 3, 894 - 905, 06.01.2025

Sevgi Sumerli Sarıgül , Pınar Avcı

Abstract

Zombie firms, which are financially unsustainable, unable to pay their debts, and continue to survive face issues such as low profit margins, high debt burdens, and weak cash flows. In this context, the aim of this study is to examine the characteristics of these zombie companies, which Are not often adressed in the literature, and to evaluate their roles and impacts on the economic system. To achieve this aim, existing literature on zombie firms in both the world and Turkey has been reviewed, and a case study of a sample company has been analyzed to derive findings.According to the findings, zombie firms are characterized by high debt levels, negative profit profiles, high debt-to-equity ratios, elevated financial risks, and threats to their financial sustainability. It is observed that such companies also face high production costs and incur losses from their operations. Furthermore, the presence of zombie firms tends to increase during economic downturns, reinforced by low interest rates and government support. The findings indicate that zombie companies struggle to adapt to market dynamics and competitive conditions, remaining distant from innovation.Finally, the results of the study provide significant recommendations for both investors and policymakers.

Keywords

Zombie Companies, Economic Impact, Financial Stability, Loss of Productivity, Economic Growth

Ethical Statement

This paper complies with Research and Publication Ethics, has no conflict of interest to declare, and has received no financial support. The article has been checked for spelling and plagiarism/similarity. The article was evaluated by "at least two external referees" and "double blinding" method. The author(s) sent a signed "Copyright Transfer Form" to the journal. There is no need to obtain ethical permission for the current study as per the legislation. The "Declaration Form Regarding No Ethics Permission Required" was sent to the journal by the authors on this subject.

Supporting Institution

No financial support was received for the conduct of the research.

Zombi Şirketlerin Ekonomik Sistemdeki Rolü ve Etkileri: Finansal Sürdürülebilirlik ve Yenilikçilik Üzerine Bir İnceleme

Abstract

Finansal olarak sürdürülebilir olmayan, borçlarını ödeyemeyen ve hayatta kalmaya devam eden zombi işletmeleri düşük kâr marjları, yüksek borç yükü ve zayıf nakit akışı gibi sorunlarla karşı karşıya kalmaktadır. Bu bağlamda çalışmanın amacı, literatürde pek ele alınmayan bu zombi şirketlerinin özelliklerini incelemek ve şirketlerin ekonomik sistem üzerine rollerini ve etkilerini değerlendirmektir. Çalışmanın amacı kapsamında, dünyada ve Türkiye’deki literatürde yer alan çalışmalar irdelenerek ve örnek bir şirket değerlendirilerek bulgulara ulaşılmıştır. Bulgulara göre, zombi şirketleri yüksek borç yüklü, negatif kâr profiline sahip, borç/öz sermaye oranı yüksek, finansal riskleri yüksek ve mali sürdürülebilirliği tehdit altında olan bir şirkettir. Bu tür şirketlerin de ürünlerinin maliyetleri yüksek ve faaliyetlerden zarar elde edildiği görülmektedir. Ayrıca ekonomik durgunluk dönemlerinde zombi şirketlerin varlığı artış gösterirken düşük faiz oranlarının ve devlet desteklerinin sağlanmasıyla pekişmektedir. Bulgular, zombi şirketlerin piyasa dinamiklerine ve rekabet koşullarına uyum sağlamakta zorluk çektiğini ve yenilikçilikten uzak kaldığını işaret etmektedir. Sonuç olarak, çalışmanın bulguları hem yatırımcılar hem de politik yapıcılar için önemli tavsiyeler sunmaktadır.

Keywords

Zombi Şirketleri, Ekonomik Etki, Finansal Stabilite, Verimlilik Kaybı, Ekonomik Büyüme

Ethical Statement

Bu makale Araştırma ve Yayın Etiğine uygundur. Beyan edilecek herhangi bir çıkar çatışması yoktur. Araştırmanın ortaya konulmasında herhangi bir mali destek alınmamıştır. Makale yazım ve intihal/benzerlik açısından kontrol edilmiştir. Makale, “en az iki dış hakem” ve “çift taraflı körleme” yöntemi ile değerlendirilmiştir. Yazar(lar), dergiye imzalı “Telif Devir Formu” belgesi göndermişlerdir. Mevcut çalışma için mevzuat gereği etik izni alınmaya ihtiyaç yoktur. Bu konuda yazarlar tarafından dergiye “Etik İznine Gerek Olmadığına Dair Beyan Formu” gönderilmiştir.

Supporting Institution

Araştırmanın ortaya konulmasında herhangi bir mali destek alınmamıştır.

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