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Zombies: Who are they and how do firms become zombies?

ABSTRACT Inefficient and uncompetitive companies operating in the economy are a significant impediment to sustainable economic growth. This article contributes to the knowledge on so-called zombie firms. Using a Czech sample from 2003 to 2015, this research detected zombie firms and firms with negative equity, and investigated the process of zombie firms’ genesis and symptoms appearing in financial management before the company became a zombie. The results show that zombie firms are most often located in metropolitan areas, they are smaller companies, and most likely they are middle-aged companies. Negative development of firm financial performance significantly increases probability to become a zombie firm.