Araştırma Makalesi
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ZOMBİ ŞİRKETLER LİTERATÜRÜNÜN BİBLİYOMETRİK DEĞERLENDİRMESİ: 2006–2025 DÖNEMİ EĞİLİMLERİ

Yıl 2025, Cilt: 6 Sayı: 12, 229 - 248, 26.12.2025

Öz

Bu çalışmanın amacı, zombi şirketler üzerine yapılmış araştırmaları bibliyometrik yöntemle incelemektir. Zombi şirketler, iflasın eşiğinde olmalarına rağmen faaliyetlerini sürdüren işletmeler olarak tanımlanmaktadır. Çalışmada, Scopus ve Web of Science veri tabanlarında “zombie firm”, “zombie firms”, “zombie company”, “zombie companies”, “zombie enterprise” ve “zombie enterprises” anahtar kelimeleri kullanılarak tarama yapılmıştır. Analiz, 2006–2025 yıllarını kapsayan son 20 yılı içermektedir. Elde edilen bulgular, bu alandaki ilk çalışmanın 2006 yılında yayımlandığını ve son yirmi yıl içerisinde toplam 194 çalışmanın gerçekleştirildiğini göstermektedir. Bu sonuçlar, konunun hâlen araştırmaya açık olduğunu ve akademik ilginin devam ettiğini ortaya koymaktadır.

Destekleyen Kurum

Malatya Turgut Özal Üniversitesi Bilimsel Araştırma Projeleri Koordinasyon Birimi

Proje Numarası

24Y06

Kaynakça

  • Acharya, V. V., Eisert, T., Eufinger, C., Hirsch, C. (2019) Whatever It Takes: The Real Effects Of Unconventional Monetary Policy, The Review of Financial Studies, Volume;3, Issue; 9, p;3366-3411.
  • Ahearne, A.G., Shinada, N. (2005) Zombie Firms and Economic Stagnation in Japan, International Economics & Economic Policy, Volume;2, Issue;4, p;363–381. https://doi.org/10.1007/s10368-005-0041-1
  • Albuquerque, B., Iyer, R. (2024) The Rise Of The Walking Dead: Zombie Firms Around The World, Journal of International Economics, Volume; 152, 104019.
  • Altman, E. I., Dai, R., Wang, W. (2022) Global Zombies, Available at https://ssrn.com/abstract= 3970332, SSRN.
  • Aria, M., Cuccurullo, C. (2017) Bibliometrix: An R-tool for Comprehensive Science Mapping Analysis. Journal of Informetrics, Volume;11, Issue;4, p;959-975.
  • Banerjee, R., Hofmann, B. (2018) The Rise of Zombie Firms: Causes And Consequences, BIS Quarterly Review, p; 67-78. Retrieved from https://www.bis.org/publ/qtrpdf/ r_qt1809g.htm
  • Banerjee, R., Hofmann, B. (2022) Corporate Zombies: Anatomy and Life Cycle, Economic Policy, Volume;37, Issue;112, p;757-803.
  • Blažková, I., Dvouletý, O. (2020) Zombies: Who Are They and How Do Firms Become Zombies?, Journal of Small Business Management, p;1-27. https://doi.org/10.1080/00472778.2019.1696100
  • Bowman, J. (2022) Financial Conditions and Zombie Companies: International Evidence. Centre for Applied Macroeconomic Analysis, p;1-24.
  • Caballero, R.J., Hoshi, T., Kashyap, A. K. (2008) Zombie Lending and Depressed Restructuring in Japan, The American Economic Review, Volume;98, Issue;5, p;1943-1977. https://doi.org/10.1257/aer.98.5.1943
  • Cagle, M. (2020) A Mapping Analysis Of Blockchain Applications Within The Field Of Auditing. Muhasebe Bilim Dünyası Dergisi, Volume; 22, Issue; 4, 695-724.
  • Chang, Q., Zhou, Y., Liu, G., Wang, D., Zhang, X. (2021) How Does Government Intervention Affect The Formation Of Zombie Firms?, Economic Modelling, Volume;94, p;768-779.
  • Çakı, Ş. S., Özbiltekin, M. (2022). Gelişmekte Olan Ekonomilerde İş Ortamında Zombi Şirketler: Türkiye Örneği. Muhasebe ve Finans İncelemeleri Dergisi, Volume: 5, Issue: 1, p;63-72.
  • De Martiis, A., Peter, F. J. (2023) When Companies Don’t Die: Analyzing Zombie Firms İn A Low İnterest Rate Environment. Aussenwirtschaft, Volume;73, Issue;1, p;67–86
  • Fang, J., Gozgor, G., Lau, C.-K. M., Wu, W., Yan, C. (2020) Listed Zombie Firms and Top Executive Gender: Evidence From an Emerging Market, Pacific-Basin Finance Journal, Volume;62, p;1-17. https://doi.org/10.1016/j.pacfin.2020.101357
  • Favara, G., Minoiu, C., Perez, A. (2022) Zombie Lending to U.S. firms. Available at https://ssrn.com/ abstract=4065886, SSRN
  • Fukuda, S.-I., Kasuya, M., Nakajima, J. (2006) Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies under Financial Distress, Journal of the Asia Pacific Economy, Volume;11, Issue;4, p;482-501. https://doi.org/10.1080/13547860600924138
  • Hoshi, T., Kashyap, A. (2010) Will the U.S. Bank Recapitalization Succeed? Eight Lessons From Japan, Journal of Financial Economics, Volume;97, p;398–417. doi: 10.3386/w14401.
  • Kane, E. J. (1987) Dangers of Capital Forbearance: The Case Of The FSLIC and ‘Zombie’ S&Ls. Contemporary Economic Policy, Volume;5, Issue;1, p;77–83. doi: https://doi.org/10.1111/ j.1465-7287.1987.tb00247.x.
  • Kaplan, Z., Aksoy, E.E. (2024) Zombi Şirketlerin Sektör Verimliliği Üzerine Etkisi ve Türkiye Uygulaması, Verimlilik Dergisi, Volume;58, Issue; 3, p;413-428.
  • Linnenluecke, MK, Marrone, M., & Singh, AK (2020) Conducting Systematic Literature Reviews and Bibliometric Analyses, Australian Management Journal, Volume; 45, Issue;2, p;175-194.
  • McGowan, M. A., Andrews, D., Millot, V. (2017) The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries, OECD Economics Department Working Papers No; 1372, Volume;4.
  • McGowan, M. A., Andrews, D., Millot, V. (2017) Insolvency Regimes, Zombie Firms and Capital Reallocation, OECD Economics Department Working Papers No; 1399, p;1-55.
  • Özkan, Ö. (2023) Denetimde Rotasyon Çalışmalarının R Programı ile Bibliyometrik Analizi, Denetimde Yeni Trendler: Teori ve Uygulamalar, p;99-120). Özgür Yayın Dağıtım Ltd. Şti.
  • Pickering, C., Byrne, J. (2014) The Benefits of Publishing Systematic Quantitative Literature Reviews For Phd Candidates And Other Early-Career Researchers, Higher Education Research & Development, Volume;33, Issue;3, p;534-548.
  • Ren, M., Zhao, J., & Zhao, J. (2023) Why İs İt Difficult For Chinese Companies To Operate Across Regions in China?—Evidence From Zombie Companies. International Review of Financial Analysis, Volume: 87, 102569.
  • Strateji ve Bütçe Başkanlığı (2025) Türkiye Cumhuriyeti 11. Kalkınma Planı., https://www.sbb.gov.tr/wp-content/uploads/2022/07/On_Birinci_Kalkinma_Plani-2019-2023.pdf, Access Date;24.08.2025.
  • Storz, M., Koetter, M., Setzer,R., Westphal, A. (2017) Do We Want These Two To Tango? On Zombie Firms And Stressed Banks In Europe, Working Paper Series 2104, European Central Bank.
  • Şahin, A. (2021) Zombi Şirketlerin Risk Düzeyi ile İlişkili Olan Finansal Özellikleri: ISO 1000 Firmaları ile Bir İnceleme. Journal of Yasar University, Volume;16, Issue; 61, p; 278-297. https://doi.org/ 10.19168/jyasar.781737.
  • Şahin, B. C. (2024) Research Notes in Economics Zombie Firms, Firm-Bank Relationship and Spillover, TCMB No: 2024 -10
  • Tan, Y., Huang, Y., Woo, W. (2016) Zombie Firms And The Crowding-Out Of Private İnvestment In 1q China, Asian Economic Papers, Volume;15, p; 32–55. doi: 10.2139/ssrn.2798894.
  • Upadhyay, A. P., Baag, P. K. (2024) Surviving Beyond Expiry: A Systematic Literature Review Of Zombie Firms, China Accounting and Finance Review, Volume; 26, Issue; 1, p;31-54.
  • 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, Volume; 36, Issue; 3, p; 408–420. https://doi.org/10.1016/j.emj.2017.05.005
  • Ünlü, S. (2021) Sanayi Politikalarında Zihniyet Dönüşümü: Zombi Şirketleri Üzerinden Bir Analiz (Yüksek Lisans Tezi). İstanbul Ticaret Üniversitesi, Sosyal Bilimler Enstitüsü,

A BIBLIOMETRIC ASSESSMENT OF THE ZOMBIE FIRMS LITERATURE: TRENDS BETWEEN 2006–2025

Yıl 2025, Cilt: 6 Sayı: 12, 229 - 248, 26.12.2025

Öz

The primary purpose of this study is to conduct a bibliometric analysis of the existing literature on zombie firms. Zombie firms are defined as companies that continue to operate despite being on the verge of bankruptcy. Using the keywords “zombie firm,” “zombie firms,” “zombie company,” “zombie companies,” “zombie enterprise,” and “zombie enterprises,” the Scopus and Web of Science databases were systematically searched. The analysis covers the last twenty years (2006–2025). Findings indicate that the first study on this subject appeared in 2006, and a total of 194 related studies have been published during the last two decades. The results suggest that the topic remains open to further academic inquiry and continues to attract increasing scholarly attention.

Destekleyen Kurum

Malatya Turgut Özal University Scientific Research Projects Coordination Unit

Proje Numarası

24Y06

Kaynakça

  • Acharya, V. V., Eisert, T., Eufinger, C., Hirsch, C. (2019) Whatever It Takes: The Real Effects Of Unconventional Monetary Policy, The Review of Financial Studies, Volume;3, Issue; 9, p;3366-3411.
  • Ahearne, A.G., Shinada, N. (2005) Zombie Firms and Economic Stagnation in Japan, International Economics & Economic Policy, Volume;2, Issue;4, p;363–381. https://doi.org/10.1007/s10368-005-0041-1
  • Albuquerque, B., Iyer, R. (2024) The Rise Of The Walking Dead: Zombie Firms Around The World, Journal of International Economics, Volume; 152, 104019.
  • Altman, E. I., Dai, R., Wang, W. (2022) Global Zombies, Available at https://ssrn.com/abstract= 3970332, SSRN.
  • Aria, M., Cuccurullo, C. (2017) Bibliometrix: An R-tool for Comprehensive Science Mapping Analysis. Journal of Informetrics, Volume;11, Issue;4, p;959-975.
  • Banerjee, R., Hofmann, B. (2018) The Rise of Zombie Firms: Causes And Consequences, BIS Quarterly Review, p; 67-78. Retrieved from https://www.bis.org/publ/qtrpdf/ r_qt1809g.htm
  • Banerjee, R., Hofmann, B. (2022) Corporate Zombies: Anatomy and Life Cycle, Economic Policy, Volume;37, Issue;112, p;757-803.
  • Blažková, I., Dvouletý, O. (2020) Zombies: Who Are They and How Do Firms Become Zombies?, Journal of Small Business Management, p;1-27. https://doi.org/10.1080/00472778.2019.1696100
  • Bowman, J. (2022) Financial Conditions and Zombie Companies: International Evidence. Centre for Applied Macroeconomic Analysis, p;1-24.
  • Caballero, R.J., Hoshi, T., Kashyap, A. K. (2008) Zombie Lending and Depressed Restructuring in Japan, The American Economic Review, Volume;98, Issue;5, p;1943-1977. https://doi.org/10.1257/aer.98.5.1943
  • Cagle, M. (2020) A Mapping Analysis Of Blockchain Applications Within The Field Of Auditing. Muhasebe Bilim Dünyası Dergisi, Volume; 22, Issue; 4, 695-724.
  • Chang, Q., Zhou, Y., Liu, G., Wang, D., Zhang, X. (2021) How Does Government Intervention Affect The Formation Of Zombie Firms?, Economic Modelling, Volume;94, p;768-779.
  • Çakı, Ş. S., Özbiltekin, M. (2022). Gelişmekte Olan Ekonomilerde İş Ortamında Zombi Şirketler: Türkiye Örneği. Muhasebe ve Finans İncelemeleri Dergisi, Volume: 5, Issue: 1, p;63-72.
  • De Martiis, A., Peter, F. J. (2023) When Companies Don’t Die: Analyzing Zombie Firms İn A Low İnterest Rate Environment. Aussenwirtschaft, Volume;73, Issue;1, p;67–86
  • Fang, J., Gozgor, G., Lau, C.-K. M., Wu, W., Yan, C. (2020) Listed Zombie Firms and Top Executive Gender: Evidence From an Emerging Market, Pacific-Basin Finance Journal, Volume;62, p;1-17. https://doi.org/10.1016/j.pacfin.2020.101357
  • Favara, G., Minoiu, C., Perez, A. (2022) Zombie Lending to U.S. firms. Available at https://ssrn.com/ abstract=4065886, SSRN
  • Fukuda, S.-I., Kasuya, M., Nakajima, J. (2006) Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies under Financial Distress, Journal of the Asia Pacific Economy, Volume;11, Issue;4, p;482-501. https://doi.org/10.1080/13547860600924138
  • Hoshi, T., Kashyap, A. (2010) Will the U.S. Bank Recapitalization Succeed? Eight Lessons From Japan, Journal of Financial Economics, Volume;97, p;398–417. doi: 10.3386/w14401.
  • Kane, E. J. (1987) Dangers of Capital Forbearance: The Case Of The FSLIC and ‘Zombie’ S&Ls. Contemporary Economic Policy, Volume;5, Issue;1, p;77–83. doi: https://doi.org/10.1111/ j.1465-7287.1987.tb00247.x.
  • Kaplan, Z., Aksoy, E.E. (2024) Zombi Şirketlerin Sektör Verimliliği Üzerine Etkisi ve Türkiye Uygulaması, Verimlilik Dergisi, Volume;58, Issue; 3, p;413-428.
  • Linnenluecke, MK, Marrone, M., & Singh, AK (2020) Conducting Systematic Literature Reviews and Bibliometric Analyses, Australian Management Journal, Volume; 45, Issue;2, p;175-194.
  • McGowan, M. A., Andrews, D., Millot, V. (2017) The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries, OECD Economics Department Working Papers No; 1372, Volume;4.
  • McGowan, M. A., Andrews, D., Millot, V. (2017) Insolvency Regimes, Zombie Firms and Capital Reallocation, OECD Economics Department Working Papers No; 1399, p;1-55.
  • Özkan, Ö. (2023) Denetimde Rotasyon Çalışmalarının R Programı ile Bibliyometrik Analizi, Denetimde Yeni Trendler: Teori ve Uygulamalar, p;99-120). Özgür Yayın Dağıtım Ltd. Şti.
  • Pickering, C., Byrne, J. (2014) The Benefits of Publishing Systematic Quantitative Literature Reviews For Phd Candidates And Other Early-Career Researchers, Higher Education Research & Development, Volume;33, Issue;3, p;534-548.
  • Ren, M., Zhao, J., & Zhao, J. (2023) Why İs İt Difficult For Chinese Companies To Operate Across Regions in China?—Evidence From Zombie Companies. International Review of Financial Analysis, Volume: 87, 102569.
  • Strateji ve Bütçe Başkanlığı (2025) Türkiye Cumhuriyeti 11. Kalkınma Planı., https://www.sbb.gov.tr/wp-content/uploads/2022/07/On_Birinci_Kalkinma_Plani-2019-2023.pdf, Access Date;24.08.2025.
  • Storz, M., Koetter, M., Setzer,R., Westphal, A. (2017) Do We Want These Two To Tango? On Zombie Firms And Stressed Banks In Europe, Working Paper Series 2104, European Central Bank.
  • Şahin, A. (2021) Zombi Şirketlerin Risk Düzeyi ile İlişkili Olan Finansal Özellikleri: ISO 1000 Firmaları ile Bir İnceleme. Journal of Yasar University, Volume;16, Issue; 61, p; 278-297. https://doi.org/ 10.19168/jyasar.781737.
  • Şahin, B. C. (2024) Research Notes in Economics Zombie Firms, Firm-Bank Relationship and Spillover, TCMB No: 2024 -10
  • Tan, Y., Huang, Y., Woo, W. (2016) Zombie Firms And The Crowding-Out Of Private İnvestment In 1q China, Asian Economic Papers, Volume;15, p; 32–55. doi: 10.2139/ssrn.2798894.
  • Upadhyay, A. P., Baag, P. K. (2024) Surviving Beyond Expiry: A Systematic Literature Review Of Zombie Firms, China Accounting and Finance Review, Volume; 26, Issue; 1, p;31-54.
  • 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, Volume; 36, Issue; 3, p; 408–420. https://doi.org/10.1016/j.emj.2017.05.005
  • Ünlü, S. (2021) Sanayi Politikalarında Zihniyet Dönüşümü: Zombi Şirketleri Üzerinden Bir Analiz (Yüksek Lisans Tezi). İstanbul Ticaret Üniversitesi, Sosyal Bilimler Enstitüsü,
Toplam 34 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Ömer Dayan 0000-0000-0000-0000

Ahmet Şit 0000-0002-0257-9023

Metin Ketboğa 0000-0002-0107-3557

Proje Numarası 24Y06
Gönderilme Tarihi 5 Aralık 2025
Kabul Tarihi 19 Aralık 2025
Yayımlanma Tarihi 26 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 6 Sayı: 12

Kaynak Göster

APA Dayan, Ö., Şit, A., & Ketboğa, M. (2025). A BIBLIOMETRIC ASSESSMENT OF THE ZOMBIE FIRMS LITERATURE: TRENDS BETWEEN 2006–2025. Turkish Business Journal, 6(12), 229-248. https://doi.org/10.51727/tbj.1836444

               

                  TBJ
Turkish Business Journal

       ISSN: 2717-848X