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https://hdl.handle.net/10316/99866
Title: | Giving zombie firms a second chance: An assessment of the reform of the Portuguese insolvency framework | Authors: | Nieto Carrillo, Ernesto Carreira, Carlos Manuel Gonçalves Teixeira, Paulino Marisa Freitas |
Keywords: | Insolvency regimes; Zombie firms; Productivity; Reallocation barriers; Firm exit; Restructuring. | Issue Date: | 19-Apr-2022 | Project: | Project ENtRY (PTDC/EGE-ECO/31117/2017) UIDB/05037/2020 |
Series/Report no.: | CeBER Working paper 2022-02; | Serial title, monograph or event: | CeBER Working paper 2022-02 | Place of publication or event: | https://www.uc.pt/en/uid/ceber/working-paper?key=e471e330 | Abstract: | In most advanced economies productivity growth has been hampered by barriers that allow zombie firms to survive. We examine the effectiveness of institutional reforms in Portugal that were aimed to improve efficiency in insolvency framework. Estimates show that reallocation barriers declined. The reforms appear to have larger and more effective results in zombie recovery than in exit. Firm size plays a major role in tackling zombie-entrenchment. The decline in barriers has also implied a lower distortion in the economy-wide selection process. The new setting seems to be more desirable than forcing zombie exit at all costs. | URI: | https://hdl.handle.net/10316/99866 | Rights: | openAccess |
Appears in Collections: | I&D CeBER - Working Papers |
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File | Description | Size | Format | |
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wp-ceber-2022-2.pdf | Giving zombie firms a second chance: An assessment of the reform of the Portuguese insolvency framework | 1.01 MB | Adobe PDF | View/Open |
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