Zombie firms: a systematic review and future research directions

Samik Shome () and Sushma Verma ()
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Samik Shome: Nirma University
Sushma Verma: Vivekanand Education Society’s Institute of Management Studies and Research

Management Review Quarterly, 2025, vol. 75, issue 3, No 13, 2309-2368

Abstract: Abstract The present study systematically reviews literature on zombie firms using a hybrid approach integrating framework-based review with bibliometric and content analysis. A total of 132 relevant articles identified from the Scopus and Web of Science databases were evaluated for developing a state-of-the-art review. In order to gain more meaningful insights into zombie research and firm zombification, the theories, contexts, characteristics, and methodology framework is adopted to synthesize the existing literature. Bibliometric and content analysis helped in exploring the developmental trend, key themes of the research domain, and the research hot spots. Four research clusters were identified using bibliographic coupling. The study also provides directions for further research on the zombie phenomenon. Research results provide comprehensive insights and would be relevant for academicians and policymakers alike.

Keywords: Zombie firms; Hybrid review; TCCM framework; Bibliometric analysis; Content analysis (search for similar items in EconPapers)
JEL-codes: G01 G18 G32 G33 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11301-024-00435-y

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