Jiang, Xinfeng; Li, Sihai; Song, Xianzhong - In: China Journal of Accounting Research 10 (2017) 4, pp. 341-357
Drawing on social exchange theory, this study uses data on China's Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are "stiff but deathless." We find that these enterprises are able to "linger breathlessly" due to government support in the form...