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).