Sergio G. Lazzarini
Professor of Organization and Strategy
"Leviathan in Business": The Varieties 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 the manuscript. Please also see the comment in The Economist (Jan 21, 2012) about our project. The paper mentioned in the article is forthcoming at the 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. In an article with Sandro Cabral (UFBA), Sérgio Jurandyr Machado (Ministry of Finance) and Marcelo Barbosa (Vieira, Rezende, Barbosa e Guerreiro Advogados), we offer na actionable proposal to implement impact investments in Brazil. 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)
“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
(To see the list of past publications, please click on the links "CV" above)
"In Strange Company: The Puzzle of Private Investment in State-Controlled Firms" (with Mariana Pargendler and Aldo Musacchio). Download
"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).
“The ‘Guarding the Guardians’ Problem: An Empirical Analysis of Investigations in the Internal Affairs Division of a Police Organization” (with Sandro Cabral). Download
Sergio G. Lazzarini