산업 특성에 따른 한계기업의 결정요인 분석

초록

This study analyzes the determinants of zombie firms according to industrial characteristics, focusing on industries with a high proportion of zombie firms among publicly listed companies in Korea. The analysis utilizes NICE Information Service data from 2000 to 2024 and employs a random-effects panel logit model to identify factors associated with zombie firm status across industries. The explanatory variables are classified into internal and external factors. Internal factors reflect profitability, stability, and activity, while external factors represent market and financial environments. Specifically, operating profit margin, debt ratio, total asset turnover, real GDP growth rate, and changes in the base interest rate are included in the analysis. Prior to the empirical analysis, the status of zombie firms across industries was examined. The results indicate that the proportion of zombie firms was highest in manufacturing, followed by information and communication, and wholesale and retail trade. Accordingly, the analysis focuses on these three industries. The results show that both internal and external factors are significantly associated with zombie firm status in the manufacturing and wholesale and retail trade industries. In contrast, most variables, except profitability, are not statistically significant in the information and communication industry. This finding suggests that the influence of traditional financial ratios may be relatively limited in this industry. The results further confirm that the key determinants of zombie firms differ across industries and imply that policy responses should take industry-specific characteristics into account. This study contributes to the literature by moving beyond the conventional approach of identifying average determinants across all firms and empirically demonstrating industry-level heterogeneity in the determinants of zombie firms. It also provides policy implications by highlighting the need for tailored policy responses that reflect industry-specific characteristics.

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