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Should we fear the walking dead? The role of zombie firms for productivity developments in Portugal
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Productivity growth is slowing down among OECD countries. A recent strand of literature
focuses on the role of unviable firms, so-called “zombie firms”, to explain the slowdown.
Using comprehensive firm-level data, we find that by being unproductive and by obstructing
the rest of the economy through resource misallocation, zombie firms stifle firm performance
in Portugal. This is a precarious finding as the share of zombie firms in Portugal has
risen steadily from 2008 to 2013, exceeding the OECD average. Furthermore, we show that
recent structural reforms in Portugal have potentiated the exit of zombie firms by reducing
policy-induced exit barriers.
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zombie firms labor productivity firm exit