Zombie firms and corporate financialization: evidence from China

Wu, Yumeng; Haiying, Pan

doi:10.1007/s11846-023-00633-0

Cited by 7 publications

(8 citation statements)

References 28 publications

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“…These findings are compatible with the results in Crits-Christoph et al (2023), since that study did not report any analysis of SARS-CoV-2 content. However, they are somewhat inconsistent with related media articles that emphasized co-mingling of raccoon dog and viral material (Wu 2023;Mueller 2023)-in fact, raccoon dogs are one of the species with the least co-mingling of their genetic material and SARS-CoV-2. The basic finding that SARS-CoV-2 material is not associated with material from susceptible non-human species sold live at the market is largely robust to examining subsets of the samples (such as just those collected on specific dates), and I provide interactive plots to facilitate visualizing the data in different ways.…”

Section: The Low Sars-cov-2 Read Counts Raise Questions About the Con...mentioning

confidence: 88%

“…The Q61 sample that was the focus of the raccoon-dog centered media coverage (Wu 2023;Mueller 2023) preceding the report by Crits-Christoph et al ( 2023) is one of 70 samples collected on January-12-2020 from the west wing of the market. Six of these samples contained SARS-CoV-2 reads, while the other 64 had no SARS-CoV-2 reads (Figure 3).…”

Section: Most Environmental Samples Contain Little or No Sars-cov-2 R...mentioning

confidence: 99%

“…Fifth, my analysis calls into question the consistency of the criteria used to classify environmental samples as positive versus negative. For instance, sample Q61 became the subject of widespread media coverage (Wu 2023;Mueller 2023) because it contains raccoon dog genetic material and was classified as SARS-CoV-2 positive by the Chinese CDC. However, this sample tested negative by RT-qPCR and appears to have been called positive on the basis of containing 1 of ∼200,000,000 reads that mapped to SARS-CoV-2.…”

Section: The Low Sars-cov-2 Read Counts Raise Questions About the Con...mentioning

confidence: 99%

“…At some point after posting their 2022 preprint, the Chinese CDC uploaded raw sequencing data for some environmental samples to the GISAID database, where they were subsequently downloaded and analyzed by another group of scientists. News of this analysis leaked to the media, which published stories emphasizing the co-mingling of genetic material from raccoon dogs and SARS-CoV-2 in one of the samples (Wu 2023;Mueller 2023). The next week, the scientists published their report (Crits-Christoph et al 2023), which described bioinformatic analyses showing that some environmental samples contained genetic material from animals susceptible to SARS-CoV-2, including raccoon dogs.…”

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confidence: 99%

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Association between SARS-CoV-2 and metagenomic content of samples from the Huanan Seafood Market

Bloom

2023

Preprint

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The role of the Huanan Seafood Market in the early SARS-CoV-2 outbreak remains unclear. Recently the Chinese CDC released data from deep sequencing of environmental samples collected from the market after it was closed on January-1-2020 (Liu et al, 2023). Prior to this release, Crits-Christoph et al (2023) analyzed data from a subset of the samples. Both studies concurred that the samples contained genetic material from a variety of species, including some like raccoon dogs that are susceptible to SARS-CoV-2. However, neither study systematically analyzed the relationship between the amount of genetic material from SARS-CoV-2 and different animal species. Here I implement a fully reproducible computational pipeline that jointly analyzes the number of reads mapping to SARS-CoV-2 and the mitochondrial genomes of chordate species across the full set of samples. I validate the presence of genetic material from numerous species, and calculate mammalian mitochondrial compositions similar to those reported by Crits-Christoph et al (2023). However, the number of SARS-CoV-2 reads is not consistently correlated with reads mapping to any non-human susceptible species. For instance, 14 samples have >20% of their chordate mitochondrial material from raccoon dogs, but only one of these samples contains any SARS-CoV-2 reads, and that sample only has 1 of ~200,000,000 reads mapping to SARS-CoV-2. Instead, SARS-CoV-2 reads are most correlated with reads mapping to various fish, such as catfish and largemouth bass. These results suggest that while metagenomic analysis of the environmental samples is useful for identifying animals or animal products sold at the market, co-mingling of animal and viral genetic material is unlikely to reliably indicate whether any animals were infected by SARS-CoV-2.

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Section: The Low Sars-cov-2 Read Counts Raise Questions About the Con...mentioning

confidence: 88%

Section: Most Environmental Samples Contain Little or No Sars-cov-2 R...mentioning

confidence: 99%

Section: The Low Sars-cov-2 Read Counts Raise Questions About the Con...mentioning

confidence: 99%

mentioning

confidence: 99%

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Association between SARS-CoV-2 and metagenomic content of samples from the Huanan Seafood Market

Bloom

2023

Preprint

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“…The distortion of bank credit has seriously interfered with enterprises' investment and operation decisions, resulting in the severe phenomenon of zombie firms and overcapacity (Wang and Zhu, 2020). In addition, there is a lack of an effective market exit mechanism in China, leading to the obstruction of zombie firms in the process of liquidation from the market, thus worsening the problem of zombie firms (Zhang et al, 2020; Wu and Pan, 2023). Hence, how to properly address the problem of corporate zombification is an essential part of achieving high‐quality economic development in China.…”

Section: Introductionmentioning

confidence: 99%

Can common institutional ownership inhibit the formation of zombie firms? Evidence from China

Ding

2024

Asian-Pac Economic Lit

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The survival of zombie firms severely crowds out healthy corporate investment and employment growth, eventually undermining economic growth potential. Hence, how to properly address the problem of corporate zombification is an essential part of achieving high‐quality economic development in China. In recent years, the phenomenon of common institutional ownership has become increasingly widespread in the capital markets and has a significant impact on the strategic decisions of companies. There are currently two views on the corporate governance role of common institutional ownership: the synergistic governance effect and the collusive fraud effect. Using data from Chinese‐listed firms from 2009 to 2021, this paper finds that common institutional ownership can significantly inhibit the formation of zombie firms. The higher the degree of their linkage and the greater the shareholding, the more pronounced the synergistic effect. The findings remained valid after considering the endogeneity issue and conducting robustness tests. Furthermore, the mechanism test suggests that common institutional ownership inhibits the formation of zombie firms by improving internal control quality and reducing agency costs. This paper contributes to the study of how to inhibit the formation of zombie firms by identifying common institutional ownership from the perspective of external governance mechanisms. In addition, this paper enriches the research on the economic consequences of common institutional ownership. Finally, various practical implications for policymakers may be realised, which may help curb the trend of corporate zombification through equity‐based instruments.

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Zombie firms: a systematic review and future research directions

Shome,

Verma

2024

Manag Rev Q

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Zombie firms and corporate financialization: evidence from China

Cited by 7 publications

References 28 publications

Association between SARS-CoV-2 and metagenomic content of samples from the Huanan Seafood Market

Association between SARS-CoV-2 and metagenomic content of samples from the Huanan Seafood Market

Can common institutional ownership inhibit the formation of zombie firms? Evidence from China

Zombie firms: a systematic review and future research directions

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