Sergio G. Lazzarini
Professor of Organization and Strategy
"Leviathan in Business": The Varieties and Implications of State Capitalism
Despite the wave of privatization and liberalization of the 1990s in several countries, evidence indicates that governments remain involved in myriad industries and activities not only as majority investors through state-owned enterprises, but also as minority investors through various channels such as development banks, pension funds, sovereign wealth funds, and many others. In this article with Aldo Musacchio (Harvard Business School), we present evidence on those various forms of "state capitalism" and then discuss implications for the performance of countries and firms. We also have a forthcoming book on the topic called Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond (Harvard University Press, forthcoming 2014).
Click here to download a preliminary manuscript. Please also see the comment in The Economist (Jan 21, 2012) about our project. The paper mentioned in the article was recently published in Academy of Management Journal.
Impact Investments: A Proposal
We have witnessed an increased interest of private investors to support projects with proven social impact. The so-called impact investments aim at providing capital to innovative projects where social impact is measured and assured. We have worked with actors in this field to develop pilot studies in impact investing and have developed some preliminary guidelines to support those pilot studies. In an article with Sandro Cabral (UFBA), Sérgio Jurandyr Machado (Ministry of Finance) and Marcelo Barbosa (Vieira, Rezende, Barbosa e Guerreiro Advogados), we also offer na actionable proposal focused on education. You can access here a ppt presentation in English or a research report in Portuguese.
Owners and their Connections: the "Small World" of Corporate Networks
The book The Small Worlds of Corporate Governance (MIT Press, 2012), edited by Bruce Kogut, consolidates the result of years of research by an international group, of which I was part, mapping the owners of companies in several countries. The idea is to examine how corporate networks responded to various shocks affecting local ownership relations (such as the wave of privatization and liberalization of the 1990s). A more specific analysis for the Brazilian case is presented in my book Capitalism of Ties (in Portuguese, Capitalismo de Laços: Os Donos do Brasil e suas Conexões, Campus/Elsevier, 2011).
IN THE MEDIA (SELECTED)
"A bank that may be too big for Brazil," Washington Post, December 14, 2013. Link
“La plus grande boucherie du monde,” Le Point, October 25, 2013. Link
"World Cup Billionaire Stirs Brazil Protests Over Stadiums", Bloomberg, July 7, 2013. Link
"Eike Batista, Brazil's fallen billionaire", BBC News, July 11, 2013. Link
"Brazil: the creaking champions", Financial Times, April 21, 2013. Link
"What capitalists should know about state-owned enterprises", Forbes, February 22, 2013. Link
"A bank too big to be beautiful" Financial Times, September 23, 2012. Link
"Eike Batista: the Salesman of Brazil" The Economist, May 26, 2012. Link
"State capitalism is not all the same" The Economist, January 21, 2012. Link
(For media coverage in Brazil please check my site in Portuguese).
(To see the list of past publications, please click on the links "CV" above)
"Leviathan in Business: Varieties of State Capitalism and Implications for Economic Performance" (with Aldo Musacchio). Download
"Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993" (with Aldo Musacchio and Claudia Bruschi). Download
"What Do Development Banks Do? Evidence from Brazil, 2002-2009" (with Aldo Musacchio, Rodrigo Bandeira de Mello, and Rosilene Marcon). Download
or Differential Competencies? An Experimental Investigation on the Determinants
of Firm Boundaries” (with Luiz Mesquita and Sylvia Saes).
“Private Scope in Public-Private Partnerships: Institutional and Experience Determinants” (with Bertrand Quelin, Sandro Cabral, and Ilze Kivleniece).
“The Best of Both Worlds? Impact Investors and their Role in the Financial versus Social Performance Debate” (with Sandro Cabral, Luciana Ferreira, Leandro Pongeluppe and Angelica Rotondaro).
“On the Co-Evolution of Public and Private Entrepreneurship” (with Sandro Cabral, Peter Klein, and Anita M. McGahan).
Sergio G. Lazzarini