Research on State Capitalism and State-Owned Enterprises

Reinventing State Capitalism, Leviathan in Business, Brazil and Beyond , Harvard University Press, April 2014 (w. Sergio G. Lazzarini)

Read the introduction of the book here ; Review in the Schumpeter column (The Economist), June 2014 ; Also, our working paper Leviathan in Business (summary of the intro and first chapters of the book) was featured on The Visible Hand Special Report , The Economist, January 2012.

Online debate on State Capitalism: Aldo Musacchio vs Ian Bremmer

Here is the summary of the book according to ChatGPT

"Reinventing State Capitalism" explores the evolution of state capitalism in the 21st century. The book focuses on the experiences of state-owned enterprises (SOEs) in emerging markets, specifically in China, Brazil, and Russia. Musacchio and Lazzarini argue that state capitalism has undergone a transformation in recent years, moving away from the traditional model of state control over industry and towards a more market-oriented approach.

The book uses case studies of SOEs in the energy, telecommunications, and transportation sectors to illustrate his points. He notes that these enterprises have become more competitive, efficient, and profitable under the new model of state capitalism. However, he also acknowledges that there are challenges to this approach, including the risk of corruption, the potential for political interference, and the need for regulatory frameworks that balance state ownership with market principles.

Throughout the book, the authors provide a nuanced analysis of state capitalism, drawing on a wide range of academic research and empirical evidence. He argues that state capitalism is not a monolithic concept, but rather a diverse set of practices that vary depending on the political and economic context. Musacchio and Lazzarini's book is an important contribution to the study of state capitalism, offering insights into how this economic model is evolving and what the implications are for emerging markets and the global economy.

Special Issue on State Capitalism in International Context (Journal of World Business)

See the entire volume here

Introductory paper [open access] State capitalism in international context: Varieties and variations, Journal of World Business, 2020 (with Mike Wright , Geoffrey Wood, Ilya Okhmatovskiy , Anna Grosman , and Jonathan P. Doh)

Research on State Capitalism and State-Owned Enterprises

"Leviathan as a Financial Godfather: Debt Advantages of Wholly State-Owned Enterprises." Global Strategy Journal. (forthcoming). (with Mauricio Jara-Bertin and Rodrigo Wagner)
“Leviathan as an Inventor: An Extended Agency Model of State-Owned vs. Private Firm Invention in Emerging and Developed Economies.” Journal of International Business Studies 52, 2021.. (with Sergio G. Lazzarini, Luiz F. Mesquita, and L. Felipe Monteiro).
“Going the Distance: The Foreign Investment Strategies of Sovereign Wealth Funds,” Strategy Science 5, no. 1 (2020): 39-54 (with Pedro Makhoul and Sergio G. Lazzarini)
“A Principals-Principals Perspective Of Hybrid Leviathans: Cross-Border Acquisitions By State-Owned MNEs.” Journal of Management (2019) 45(7): 2751–2778 (with Victor Z. Chen and Sali Li)... earlier version published as "Hybrid Leviathans Overseas: Government-Private Shareholder Conflicts in Cross-Border Acquisitions," Academy of Management Proceedings 2016-1 (2016). (with Victor Z. Chen and Sali Li)
"State-Owned Multinationals in International Competition" (with Felipe Monteiro and Sergio G. Lazzarini), in Robert Grosse and Klaus E. Meyer (eds.) The Oxford Handbook of Management in Emerging Markets, Oxford University Press, 2019.
“State Ownership Reinvented? Explaining Performance Differences between State-Owned and Private Firms,” Corporate Governance: An International Review (July 2018) 26 (4): 255-272 (with Sergio G. Lazzarini)
"State-Owned Enterprises as Multinationals: Theory and Research Directions" in Alvaro Cuervo-Cazurra (Ed.), State-Owned Multinationals: Governments in Global Business, Palgrave, 2018
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002-09. World Development 66 (February 2015) (with Sergio G. Lazzarini, Rodrigo Bandeira de Mello, and RosileneMarcon)
“New Varieties of State Capitalism: Strategic and Governance Implications” Academy of Management Perspectives 29(1) (February, 2015): 115–131 (with Sergio G. Lazzarini and Ruth Aguilera)
“Governments as Owners: State Owned Multinational Companies” Journal of International Business Studies 45-8 (October/November 2014): 919-942 (With Alvaro Cuervo-Cazurra, Andrew Inkpen, and Kannan Ramaswamy.)
"Leviathan as a Minority Shareholder: Firm-level Implications of Equity Purchases by the State." Academy of Management Journal 56-6 (December 2013): 1775-1801. (With Carlos F. K. V. Inoue and Sergio G. Lazzarini.)
"In Strange Company: The Puzzle of Private Investment in State-Controlled Firms." Cornell International Law Journal 46-3 (2013). (With Mariana Parglendler and Sergio G. Lazzarini.)

Working Papers and Papers for Practitioners

Off the Books : Understanding and Mitigating the Fiscal Risks of Infrastructure. Sustainable Infrastructure Series. Washington, DC : World Bank, 2023 (with Matías Herrera Dappe; Vivien Foster; Teresa Ter-Minassian; and, Burak Turkgulu).
"Smoke and Mirrors: Infrastructure State-Owned Enterprises and Fiscal Risks." World Bank Policy Research Working Paper 9970 (2022). (with Matias Herrera Dappe, Carolina Pan, Yadviga V. Semikolenova, Burak Turkgulu, and Jonathan Barboza)
“Infrastructure State-Owned Enterprises: A Tale of Inefficiency and Fiscal Dependence” World Bank Policy Research Working Paper 9969 (2022). (with Matias Herrera Dappe, Carolina Pan, Yadviga V. Semikolenova, Burak Turkgulu, and Jonathan Barboza)
“State-Owned Enterprises as Countercyclical Instruments: Experimental Evidence from the Infrastructure Sector” World Bank Policy Research Working Paper 9971 (2022). (with Matias Herrera Dappe, Carolina Pan, Yadviga V. Semikolenova, Burak Turkgulu, and Jonathan Barboza)
State-Owned Enterprises in Brazil: History and Lessons (OECD Working Paper,, 2014)
Leviathan in Business: Varieties of State Capitalism and their Implications for Economic Performance

LONG OPINION PIECES ON STATE CAPITALISM and STATE-OWNED ENTERPRISE REFORM

Latest article on the Petrobras Corruption Scandal in Brazil, in Foreign Affairs Latin America

Interview with the Ivey Business Journal (mostly on SOEs in China and Canada)

Online debate on State Capitalism: Aldo Musacchio vs Ian Bremmer

**A critical review of Ian Bremmer's book G-Zero in Reuters The great Debate blog

Off the Books : Understanding and Mitigating the Fiscal Risks of Infrastructure

Herrera Dappe, Matías

Foster, Vivien

Musacchio, Aldo

Ter-Minassian, Teresa

Turkgulu, Burak

Washington, DC : World Bank, 2023

Off the Books: Understanding and Mitigating the Fiscal Risks of Infrastructure shows that however governments deliver infrastructure—through direct public provision, state-owned enterprises (SOEs), or public-private partnerships (PPPs), the risk of fiscal surprises is high in both good times and bad. As a result, infrastructure service delivery often ends up costing significantly more than expected, eroding limited fiscal space for productive spending. This book makes a unique contribution by quantifying the magnitude and prevalence of fiscal risks from electricity and transport infrastructure and identifying their root causes across a range of low- and middle-income countries. Drawing on important new sources of evidence and compiling many others, the analysis sheds light on how much is at stake in the good governance of infrastructure sectors. It allows policy makers to weigh the magnitudes of different types of risks and examine how they vary across contexts. Off the Books shows how a deeper understanding of the fiscal risks of infrastructure can help policy makers target reforms to areas where they can be expected to have the greatest impact. It lays out a reform agenda for mitigating the fiscal risks associated with infrastructure based on building government capacity; adopting integrated public investment management and integrated fiscal risk management; improving fiscal and corporate governance of SOEs; and ensuring robust PPP preparation, procurement, and contract management. The book will be of enormous value to policy makers, practitioners, and academics who have an interest in infrastructure and fiscal policy.

Smoldering Embers: Do State-Owned Enterprises Threaten Fiscal Stability in the Caribbean?

Inter-American Development Bank (2022)

(with Reyes-Tagle, Gerardo, Carolina Pan, et al.)

FREE ACCESS

Research on State Capitalism and State-Owned Enterprises

Reinventing State Capitalism, Leviathan in Business, Brazil and Beyond , Harvard University Press, April 2014 (w. Sergio G. Lazzarini)

Special Issue on State Capitalism in International Context (Journal of World Business)

Introductory paper [open access] State capitalism in international context: Varieties and variations, Journal of World Business, 2020 (with Mike Wright , Geoffrey Wood, Ilya Okhmatovskiy , Anna Grosman , and Jonathan P. Doh)

Research on State Capitalism and State-Owned Enterprises

Working Papers and Papers for Practitioners

LONG OPINION PIECES ON STATE CAPITALISM and STATE-OWNED ENTERPRISE REFORM

Smoldering Embers: Do State-Owned Enterprises Threaten Fiscal Stability in the Caribbean?

Fixing State-Owned Enterprises in Latin America: New Policy Solutions to Old Problems

Inter-American Development Bank (2019)

(w. Emilio I. Pineda Ayerbe)