| Caballero et al. (2008) | Japan | Listed firm (1981–2002) | Interest payments criterion | Investment rate, Δlog (employment), and productivity | Non-zombie (1/0), industry zombie percentage, sales growth | Fixed effects |
| McGowan et al. (2018) | 9 OECD countries | All types of firms (2003–2013) | Interest coverage ratio criterion, Age>=10yrs | Investment rate, Δlog (employment), level of multifactor productivity | Non-zombie (1/0), industry zombie share | Fixed effects |
| Geng et al. (2021) | China | All state-owned enterprises (SOEs) and non-SOEs (1998–2007) | Profitability criterion+Evergreen lending criterion +Interest payments criterion | The level of industrial upgrading is measured by the change in the share of high-tech industries in a province’s total industrial output | The proportion of zombie firm assets in an industry | Fixed effects (Bartik method) |
| European Commission (2018) | 19 European Union countries | Non-financial firms in the manufacturing and services sectors (2008–2013) | Interest coverage ratio criterion | Investment rate, ΔLog(Employment), labor productivity, multifactor productivity | Non-zombie (1/0), industry zombie share | Fixed effects |
| Qiao & Fei (2022) | China | All types of firms (1998–2013) | Negative profits for at least three consecutive years | Enterprise operating efficiency | Government subsidy amount, zombie (1/0) | Two-stage endogeneity test (2SLS) |
| Chang et al. (2021) | China | Listed firms (2008–2016) | Negative net profits (except for non-recurring gains and losses) for three consecutive years | Zombie firm (1/0) | Degree of government intervention (0–10) | Probit estimation |
| Liu et al. (2019) | China | Listed firm (2007–2016) | Profitability criterion+Evergreen lending criterion +Interest payments criterion | Capacity utilization increment | Subsidy to Zombie(1/0), amount of subsidy to zombie | Fixed effects, random effect, mixed effect |
| Goto & Wilbur (2019) | Japan | SMEs (2009–2014) | Profitability criterion+Evergreen lending criterion +Interest payments criterion | Zombie (1/0) | ROA (Return on assets), Zombie dummy (t–1), Log(capital) | Fixed effect panel logit model |
| Nurmi et al. (2020) | Finland | All types of firms (1999–2017) | Interest coverage ratio criterion | Probability of exiting the zombie status | Productivity, employment, capital intensity, age | Discrete-time proportional hazard duration model |
| Baek et al. (2021) | Korea | All types of firms (2012–2019) | Interest coverage ratio criterion | Recovery of zombie to non-zombie firm (1/0) | Start-up (1/0), R&D/sales, research department (1/0), government R&D support (1/0) | Panel probit model |
| Kam & Jung (2018) | Korea | SMEs (2013–2014) | Interest coverage ratio criterion | Project success (1/0), sales growth (1/0) | Zombie (1/0), zombie (1/0)×project success (1/0) | Logit model |
| Lee et al. (2023) | Korea | All types of firms (2017–2019) | Interest coverage ratio criterion | Recovery of zombie to non-zombie firm (1/0) | Product innovation (1/0), service innovation (1/0), business process innovation (1/0) | Propensity score matching |