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The impact of zombie companies on the performance of healthy companies and economies in selected countries of Central and Eastern Europe

The main goal of this paper is to analyze the impact of zombie companies on the
performance of healthy companies, economies, and economic sentiment (ESI) in
selected countries of Central and Eastern Europe between 2008 and 2016. Zombie companies are companies whose sustainability is uncertain and whose competitiveness is very limited, and such companies can potentially transfer losses to the companies they are associated with. In this paper, they are defined as
companies with negative return on assets, negative net investments and interest
rates coverage below 1.5. The results of the panel model with fixed effects
show that the market congestion by zombie companies has a negative effect on
productivity and profit per employee, a positive impact on investments and no
impact on employment growth of healthy companies. Dynamic panel model results
suggest that market congestion by zombie companies does not have a significant
impact on the GDP of selected countries of Central and Eastern Europe while
there is a positive relation with ESI. By analyzing the zombie companies issue
in the Central and Eastern Europe countries, and their impact on ESI in general
this paper contributes to the existing body of literature.