Versão em Português



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).  



"Leviathan as a Capitalist" (Schumpeter column, The Economist)


What should one make of the revival of state capitalism? Opinions vary wildly. Some praise it as a superior form of capitalism while others treat it as a mere way-station on the road to proper capitalism. "Reinventing State Capitalism", a new book by Aldo Musacchio of Harvard Business School and Sergio Lazzarini of Insper, a Brazilian university, sheds fresh light on the question... Read the article (The Economist, June 19, 2014)


"Downfall of Andre Steves Stands out in Brazil Scandal," New York Times, January 6, 2016. Link

"Petrobras CEO's Challenges Aren't Going Away," Wall Street Journal, January 5, 2016.  Link

"The Professor at the Heart of Brazil's Meltdown", Bloomberg, December 10, 2015.  Link

"How long can Brazil's scandal go?", Bloomberg, December 1, 2015.  Link

"Arrest brings Odebrecht into the spotlight", Financial Times, July 30, 2015.  Link

"Eletrobrás ruling exposes impact of Brazil’s heavy hand", Financial Times,  July 7, 2015.  Link

"Petrobras puts chief's pragmatism to test as woes mount" Financial Times, April 24, 2015.  Link

"Petrobras's oil bonanza: blessing or curse?" BBC, April 22, 2015. Link

"BNDES: Lender of first resort for Brazil’s tycoons" Financial Times, January 11, 2015.  Link

"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

"As growth ebbs, Brazil powers up its bulldozers" New York Times, June 21, 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)

"State Ownership Reinvented? Examining Performance Gaps between State-Owned and Private Firms" (with Aldo Musacchio).

"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).

"Can Trust Induce External Exchanges to be Internalized? An Experimental Study of Buyer and Supplier Distinct Capabilities" (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).

"Does Competitive Advantage Imply Superior Efficiency? An Extension of the Resource-Based View" (with Guilherme Fowler Monteiro).

"Turnover and Institutional Logics" (with Paul Ferreira, Aldo Musacchio and Claudia Bruschi).

"Estimating Costs at the Bottom of the Pyramid: Data from Logistical Services in Brazilian Slums" (with Luiz Fernando Andreotti Turatti, André Luís de Castro Moura Duarte, Lars Meyer Sanches, Nobuiuki Costa Ito, Leandro Simões Pongeluppe, and Gustavo do Nascimento Pistili).

"On the Co-evolutionary Aspects of Public and Private Entrepreneurship" (with Sandro Cabral, Peter Klein, and Anita M. McGahan).

"Sourcing from the Base of the Pyramid: Pricing Innovations when Markets Do not Exist" (with Dirk Boehe and Leandro Pongeluppe).

"The Strength of Churning Ties: Tie Portfolios, Tie Interdependence, and the Dynamics of Interorganizational Relationships" (with Todd Zenger and Dan Elfenbein).



Prof. Sergio G. Lazzarini  
Insper Institute of Education and Research

Rua Quatá 300
04546-042 São Paulo, SP, Brazil