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 a joint research project 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 just published a book on this topic called Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond (Harvard University Press, 2014).
You can read the introductory chapter of the book here and follow our updates in our Facebook page. Please also see the article in the Schumpeter column of The Economist about our book. A previous study was also cited in a special issue of The Economist on state capitalism; the paper mentioned in the article was recently published in Academy of Management Journal.
Insper Metricis: Supporting the Emerging Field of Impact Investing
As part of Insper's Center for Public Policy, we just created Insper Metricis: an initiative to support the measurement of socio-environmental impact in the emerging field of impact investing. We have also developed guidelines to help investors and entrepreneurs develop robust measurment plans. In addition, we wrote an article on how universities can help promote the field of impact investment, published in a recent report by the World Economic Forum; and a research paper on how impact investors try to balance financial and social performance.
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)
"Brazil Barons Become Five Slaughterhouse Billionaires" Bloomberg/Washington Post, December 15, 2014. Link
"Petrobras' scandal: Brazil's energy giant under pressure" BBC, November 24, 2014. Link
"Scandal over Brazilian oil company adds turmoil to the Presidential race", New York Times, October 10, 2014. Link
"Brazil's Petrobras: Tarred by corruption", Financial Times, August 10, 2014. Link
"Assessing Brazil's BNDES," beyondbrics (Financial Times), June 6, 2014. Link
"Brazil faces problem of ‘white elephant cities’ after World Cup," Financial Times, May 25, 2014. Link
"Wal-Mart’s everyday low prices fail to stir Brazilians: Retail," Bloomberg, April 23, 2014. Link
"Grand visions fizzle in Brazil," New York Times, April 13, 2014. Link
"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)
“New Varieties of State Capitalism: Strategic and Governance Implications” (with Aldo Musacchio and Ruth Aguilera). And earlier version is available here
“State Ownership and Firm-level Performance” (with Aldo Musacchio) .
"Does Competitive Advantage Imply Superior Efficiency? A Productivity-based View of the Firm" (with Guilherme Fowler Monteiro).
"Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993" (with Aldo Musacchio and Claudia Bruschi). Download
or Differential Competencies? An Experimental Investigation on the Determinants
of Firm Boundaries” (with Luiz Mesquita, Sylvia Saes and Leandro Pongeluppe).
“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). Download
“On the Co-Evolution of Public and Private Entrepreneurship” (with Sandro Cabral, Peter Klein, and Anita M. McGahan).
Sergio G. Lazzarini