| Hypotheses | Results | |
|---|---|---|
| Hypothesis 1a | A firm’s zombie status will not reduce its R&D investment. | Accepted |
| Hypothesis 1b | The effect of a firm’s zombie status on its R&D investment will be stronger in industries with a lower share of zombie firms. | Accepted |
| Hypothesis 2a | A firm’s zombie status will not be negatively associated with its innovation output. | Accepted |
| Hypothesis 2b | The effect of a firm’s zombie status on its innovation output will be stronger in industries with a lower share of zombie firms. | Rejected |