Strategic Behavior of Zombie Companies: Differences between Family and Non-Family Companies Listed in Mexico

  • Manuel De la Garza Universidad Autónoma de Tamaulipas, Ciudad Victoria, Mexico
  • Mariana Zerón Universidad Autónoma de Tamaulipas, Ciudad Victoria, Mexico
  • Guadalupe Briano-Turrent Universidad Autónoma de San Luis Potosí, Mexico
Keywords: Family firms, Frim strategy, Logit panel data, Market structure, Zombie firms


Zombie companies have a negative connotation, since they affect the markets where they operate. In order to have a better understanding, an internal approach is used to study their business behavior. This paper aims to analyze the incidence of the type of business strategy in the probability of incurring being a zombie company. To do this, we used a Logit function analysis to evaluate the probability of incurring in the zombie profile. We used a panel data composed by 99 listed companies in the Mexican Stock Exchange during the 2013 at 2017 period. The empirical result shows that the defensive strategy reduces the probability of incurring in the zombie situation; on the other hand, the analytical strategy and proactive strategy show a greater probability of being classified as zombie companies, which, a priori could surprise, however, the Latin American institutional context favors that such behavior is prone to lead to the zombie situation.


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How to Cite
De la Garza, M., Zerón, M., & Briano-Turrent, G. (2022). Strategic Behavior of Zombie Companies: Differences between Family and Non-Family Companies Listed in Mexico. European Journal of Family Business, 12(1), 51-62.
Research Paper