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

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

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

Öz

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.

Anahtar Kelimeler

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

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