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Sergio G. Lazzarini

Bio: Sergio G. Lazzarini is an academic researcher from Insper. The author has contributed to research in topics: Corporate governance & Competitive advantage. The author has an hindex of 30, co-authored 136 publications receiving 4392 citations. Previous affiliations of Sergio G. Lazzarini include Washington University in St. Louis & University of Washington.


Papers
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Journal ArticleDOI
TL;DR: In this article, the authors introduce the concept of netchain analysis, which is a set of networks comprised of horizontal ties between firms within a particular industry or group, which are sequentially arranged based on vertical ties among firms in different layers.
Abstract: This paper introduces the concept of netchain analysis. A netchain is a set of networks comprised of horizontal ties between firms within a particular industry or group, which are sequentially arranged based on vertical ties between firms in different layers. Netchain analysis interprets supply chain and network perspectives on inter-organisational collaboration with particular emphasis on the value creating and coordination mechanism sources. We posit that sources of value and coordination mechanisms correspond to particular and distinct types of interdependencies: pooled, sequential, and reciprocal. It is further argued that the recognition and accounting of these simultaneous interdependencies is crucial for a more advanced understanding of complex inter-organisational relations. The paper concludes with an analysis of a set of netchain configuration examples, including buyer-supplier relationships, information technology induced interorganization collaborations, and the introduction of the "macrohiera...

736 citations

Journal ArticleDOI
TL;DR: In this paper, the authors analyze the new varieties of state capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes, and discuss how the current theoretical perspectives conceptualize state-owned enterprises' strategic behavior.
Abstract: We analyze the new varieties of state capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize state-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of state capitalism—wholly owned state-owned enterprises, the state as a majority investor, the state as a minority investor, and the state as a strategic supporter of specific sectors—and survey each type within the different theoretical perspectives. Last, we examine firm performance for each type of state capitalism relative to private firms and contingent on country-level institutional contingencies. This article contributes to existing debates on comparative capitalisms and the current role of the state.

290 citations

Journal ArticleDOI
TL;DR: In this article, the authors integrate resource-based view, transaction-cost economics, and institutional theory to model how collaboration efforts among SMEs immersed in weak infrastructure and institutional environments help them achieve a host of collective efficiencies and greater access to global markets.
Abstract: We integrate resource-based-view, transaction-cost economics, and institutional theory to model how collaboration efforts among SMEs immersed in weak infrastructure and institutional environments help them achieve a host of collective efficiencies and greater access to global markets. Using a survey database from 232 Argentine furniture SMEs, we find that while vertical ties yield manufacturing productivity along the supply chain, horizontal ties enable the access to collective resources and joint product innovation. These collective efficiencies, in turn, serve as competitive currencies for SMEs to access global markets. We discuss implications for theory and practice.

281 citations

Book
22 Apr 2014
TL;DR: A detailed quantitative assessment of Brazil's economic performance from 1976 to 2009 is presented in this paper, where the authors examine how these models of state capitalism influence corporate investment and performance and conclude that the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant.
Abstract: The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism "analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called "national champions"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.

243 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined the effect of minority state ownership on firms' returns on assets and on the capital expenditures of financially constrained firms with investment opportunities, finding that minority stakes are less affected by the "agency distortions" commonly found for full-fledged state ownership.
Abstract: In many countries, firms face institutional "voids" that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism that may address those voids: minority state ownership. Minority stakes are less affected by the "agency distortions" commonly found for full-fledged state ownership. Using panel data from publicly traded firms in Brazil, where the government holds minority stakes through its development bank, we find a positive effect of those stakes on firms' returns on assets and on the capital expenditures of financially constrained firms with investment opportunities. However, these positive effects are substantially reduced when minority stakes are allocated to business group affiliates and as local institutions develop. Therefore, we shed light on the firm-level implications of minority state ownership, a topic that has received scant attention in the strategy literature. [ABSTRACT FROM AUTHOR]

238 citations


Cited by
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Posted Content
TL;DR: Deming's theory of management based on the 14 Points for Management is described in Out of the Crisis, originally published in 1982 as mentioned in this paper, where he explains the principles of management transformation and how to apply them.
Abstract: According to W. Edwards Deming, American companies require nothing less than a transformation of management style and of governmental relations with industry. In Out of the Crisis, originally published in 1982, Deming offers a theory of management based on his famous 14 Points for Management. Management's failure to plan for the future, he claims, brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to stay in business, protect investment, ensure future dividends, and provide more jobs through improved product and service. In simple, direct language, he explains the principles of management transformation and how to apply them.

9,241 citations

Book
01 Jan 2009

8,216 citations

Posted Content
01 Jan 2012
TL;DR: The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray as discussed by the authors, and a good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan's economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker's Rule.
Abstract: The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

3,447 citations

Journal Article
TL;DR: The Social Psychology of Groups as discussed by the authors is a seminal work in the field of family studies, where the authors introduced, defined, and illustrated basic concepts in an effort to explain the simplest of social phenomena, the two-person relationship.
Abstract: The Social Psychology of Groups. J. W Thibaut & H. H. Kelley. New York: alley, 1959. The team of Thibaut and Kelley goes back to 1946 when, after serving in different units of the armed services psychology program, the authors joined the Research Center for Group Dynamics, first at M.LT and then at the University of Michigan. Their continued association eventuated in appointments as fellows at the Center for Advanced Study in the Behavioral Sciences, 19561957. It is during these years that their collaboration resulted in the publication of The Social Psychology of Groups. The book was designed to "bring order and coherence to present-day research in interpersonal relations and group functioning." To accomplish this aim, the authors introduced, defined, and illustrated basic concepts in an effort to explain the simplest of social phenomena, the two-person relationship. These basic principles and concepts were then employed to illuminate larger problems and more complex social relationships and to examine the significance of such concepts as roles, norm, power, group cohesiveness, and status. The lasting legacy of this book is derived from the fact that the concepts and principles discussed therein serve as a foundation for one of the dominant conceptual frameworks in the field of family studies today-the social exchange framework. Specifically, much of our contemporary thinking about the process of interpersonal attraction and about how individuals evaluate their close relationships has been influenced by the theory and concepts introduced in The Social Psychology of Groups. Today, as a result of Thibaut and Kelley, we think of interpersonal attraction as resulting from the unique valence of driving and restraining forces, rewards and costs, subjectively thought to be available from a specific relationship and its competing alternatives. We understand, as well, that relationships are evaluated through complex and subjectively based comparative processes. As a result, when we think about assessing the degree to which individuals are satisfied with their relationships, we take into consideration the fact that individuals differ in terms of the importance they attribute to different aspects of a relationship (e.g., financial security, sexual fulfillment, companionship). We also take into consideration the fact that individuals differ in terms of the levels of rewards and costs that they believe are realistically obtainable and deserved from a relationship. In addition, as a result of Thibaut and Kelley's theoretical focus on the concept of dependence and the interrelationship between attraction and dependence, there has evolved within the field of family studies a deeper appreciation for the complexities and variability found within relationships. Individuals are dependent on their relationships, according to Thibaut and Kelley, when the outcomes derived from the existing relationship exceed those perceived to be available in competing alternatives. Individuals who are highly dependent on their relationships are less likely to act to end their relationships. This dependence and the stability it engenders may or may not be voluntary, depending on the degree to which individuals are attracted to and satisfied with their relationships. When individuals are both attracted to and dependent on their relationships, they can be thought of as voluntarily participating in their relationship. That is, they are likely to commit themselves to the partner and relationship and actively work for its continuance. Thibaut and Kelley termed those relationships characterized by low levels of satisfaction and high levels of dependence "nonvoluntary relationships. …

1,894 citations

Posted Content
TL;DR: F fuzzy sets allow a far richer dialogue between ideas and evidence in social research than previously possible, and can be carefully tailored to fit evolving theoretical concepts, sharpening quantitative tools with in-depth knowledge gained through qualitative, case-oriented inquiry.
Abstract: In this innovative approach to the practice of social science, Charles Ragin explores the use of fuzzy sets to bridge the divide between quantitative and qualitative methods. Paradoxically, the fuzzy set is a powerful tool because it replaces an unwieldy, "fuzzy" instrument—the variable, which establishes only the positions of cases relative to each other, with a precise one—degree of membership in a well-defined set. Ragin argues that fuzzy sets allow a far richer dialogue between ideas and evidence in social research than previously possible. They let quantitative researchers abandon "homogenizing assumptions" about cases and causes, they extend diversity-oriented research strategies, and they provide a powerful connection between theory and data analysis. Most important, fuzzy sets can be carefully tailored to fit evolving theoretical concepts, sharpening quantitative tools with in-depth knowledge gained through qualitative, case-oriented inquiry. This book will revolutionize research methods not only in sociology, political science, and anthropology but in any field of inquiry dealing with complex patterns of causation.

1,828 citations