Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993

Musacchio, Aldo; Lazzarini, Sérgio G.; Bruschi, Claudia

doi:10.2139/ssrn.2096210

Abstract

References (45)

Download This Paper | Share | Email |Add to Briefcase | Purchase Bound Hard Copy

Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993

Aldo Musacchio

Harvard Business School - Business, Government and the International Economy Unit; National Bureau of Economic Research

Sérgio G. Lazzarini

Insper Institute of Education and Research

June 26, 2012

Abstract:
We study if CEOs and their backgrounds matter for the performance of state-owned enterprises (SOEs) exploiting the fact that these companies had different CEOs (with different backgrounds) in different moments in time. We construct a database of Brazilian SOEs between 1973 and 1993 and make three tests. First, we use variance decomposition to study CEO effects. Second, we look at how much of the variation in performance can be explained by CEOs who switch companies. Third, we test if CEO background and ability matter for performance. We find sizable effects of CEOs on performance, especially for military managers and those who attended top universities.

Number of Pages in PDF File: 40

Keywords: State-owned enterprises, CEOs, military CEOs, bureaucrats, state capitalism

JEL Classification: M51, P51, L33, P27, N56, D22

working papers series

Download This Paper

Date posted: June 30, 2012

Suggested Citation

Musacchio, Aldo, Lazzarini, Sérgio G. and Bruschi, Claudia, Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993 (June 26, 2012). Available at SSRN: http://ssrn.com/abstract=2096210 or http://dx.doi.org/10.2139/ssrn.2096210

Contact Information

Aldo Musacchio (Contact Author) Harvard Business School - Business, Government and the International Economy Unit ( email ) Soldiers Field Road Boston, MA 02163 United States HOME PAGE: http://www.people.hbs.edu/amusacchio/
National Bureau of Economic Research ( email ) 1050 Massachusetts Avenue Cambridge, MA 02138 United States HOME PAGE: http://www.nber.org/people/aldo_musacchio
Sérgio Giovanetti Lazzarini Insper Institute of Education and Research ( email ) R Quata 300 Sao Paulo, 04542-030 Brazil 55-11-45042387 (Phone) HOME PAGE: http://www.sergiolazzarini.insper.edu.br/indexelazza.html
No contact information is available for Claudia Bruschi

Abstract

References (45)

Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993

Aldo Musacchio

Sérgio G. Lazzarini

Claudia Bruschi

Date posted: June 30, 2012

Suggested Citation

Contact Information

Aldo Musacchio (Contact Author)

Sérgio Giovanetti Lazzarini