Encouraged by the forbearance of creditors and exit barriers (e.g., inefficient insolvency regimes), the zombie …. In this paper, we examine the recovery and exit of zombie firms, as well as the determinants of these transitions. Based … productivity levels. Finally, we find that the probability of transition into recovery and exit is relatively small. However …

for positive synergy between policies to promote productivity and inclusive growth. Exit policy should be improved to …