In organizational studies, there is a strong belief that understanding the history of an organization is important to understand its current situation (e.g., Kipping & Üsdiken, 2014). However, little research exists on the pressure of the past in corporate finance policies. In this project, we first investigate whether the precautionary measures (e.g., maintaining a high cash balance and low leverage ratio) taken at the founding of a company are driven by the economic outlook at the moment of founding. Further, we explore whether there is a persistent component in these precautionary measures. Next, we will study whether former zombie companies bear long lasting consequences of having had a zombie status in the past, by focusing on their profitability, investments and employment after being recovered from their zombie status in different ways. Finally, we will study the persistence of corporate finance policies (e.g., capital structure, working capital management) in group companies.