Using a mixed-method, history-to-theory design, 160 state-owned and 132 private Brazilian firms from 1973 to 1993 are examined. Archival evidence and elite interviews trace shifting coalitions that politicize appointments and heighten the prominence of employment-protection, selectively lowering the probabilities of large layoffs under democratic regimes and recessions. This paper offers a portable lens for comparing state capitalism across contexts.
Authors and affiliations:
● Paul Ferreira (FGV)
● Sergio G. Lazzarini (Insper)
● Aldo Musacchio (Brandeis University)
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