Ex-ante and ex-post evaluation of zombie firms arising from the EAS program during the COVID-19 pandemic: A study of Japanese SMEs

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy Pub Date : 2025-04-05 DOI:10.1016/j.japwor.2025.101308

Akira Fukuda , Isamu Yamamoto

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Abstract

This study provides an ex-ante and ex-post evaluation of the Employment Adjustment Subsidy (EAS) that the Japanese government extended to unprecedented levels during the COVID-19 pandemic. Using unique monthly data from firm-level surveys, we investigate the types of firms that applied for the EAS and the evolution of their subsequent performance. A key contribution of our study is that we provide an ex-post evaluation of the EAS on firm performance for approximately two years during the pandemic. As in previous studies, we confirm that majority of the firms that applied for the EAS were not zombies before the pandemic. However, their subsequent sales were much lower than those of non-applicant firms, even during the economic recovery period. This feature was conspicuous in 2021, specifically for small-scale firms in troubled sectors, unless they received extra support. The results suggest that the initial large-scale subsidy was unsuccessful in preventing the zombification of troubled firms during the pandemic.

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在 COVID-19 大流行期间，对 EAS 计划所产生的僵尸企业进行事前和事后评估：日本中小企业研究

本研究对日本政府在新冠肺炎大流行期间扩大到前所未有的水平的就业调整补贴（EAS）进行了事前和事后评价。我们使用来自公司层面调查的独特月度数据，调查了申请EAS的公司类型及其后续绩效的演变。我们研究的一个关键贡献是，我们对疫情期间大约两年的企业绩效进行了事后评估。与以前的研究一样，我们证实，申请EAS的大多数公司在大流行之前都不是僵尸公司。然而，即使在经济复苏期间，它们的后续销售额也远低于未申请的公司。这一特征在2021年非常明显，特别是对于陷入困境的小型企业，除非它们得到额外的支持。结果表明，最初的大规模补贴未能在大流行期间防止陷入困境的公司僵尸化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Japan and the World Economy ECONOMICS-

CiteScore

2.60

自引率

0.00%

发文量

审稿时长

46 days

期刊介绍： The increase in Japan share of international trade and financial transactions has had a major impact on the world economy in general and on the U.S. economy in particular. The new economic interdependence between Japan and its trading partners created a variety of problems and so raised many issues that require further study. Japan and the World Economy will publish original research in economics, finance, managerial sciences, and marketing that express these concerns.