Author Archives: grosmana

State Capitalism and the Firm Conference, Boston, 2019

State Capitalism and the Firm
Sunday, 11th August 2019, 08:30-19:00 Northeastern University, Raytheon Amphitheater at the Egan Research Center 120 Forsyth St, Boston, MA 02115
This mini-conference organized by Northeastern University, Loughborough University London, and Brandeis University, brings together scholars from a variety of academic disciplines to explore how capitalism works today. It will examine new forms of state capitalism that often cross the boundaries that traditionally separated state enterprises and private businesses. This separation was reflected in prior research focused on the antecedents and consequences of nationalization and privatization of companies. However, the distinction between state and private, between political logic and market logic becomes blurry when we consider some of the companies that raised to prominence during the last 10-20 years. Such hybrid organizations can be found all over the world, but they play a particularly prominent role in emerging economies. During this mini-conference, topics will be addressed, such as the internationalization of state-owned firms, state-owned business groups, investment strategies of sovereign wealth funds, the effect of state ownership on innovation patterns, and several others.
The conference is free but space is limited, please register here:
The keynote speakers at the event are leading scholars in State Capitalism, starting with Professor Ruth V. Aguilera, most known for her scholarly contribution to the development of theories of comparative corporate governance.
Professor Yasheng Huang, MIT, undeniably one of the top scholars on China’s State Capitalism will do another keynote at the event.
Also speaking at the conference is Professor Christopher Marquis, Cornell, Associate Editor ASQ Journal, known for his top research on CSR. Professor William L. Megginson, University of Oklahoma, an American economist who is most known for his earlier works on privatization will share with us his latest research on state capitalism from a financial economics perspective.
If you are interested in the recent developments of State Capitalism in Brazil, Professor Aldo Musacchio will chair a panel with an industry speaker from BNDES on the impact of development banks on Brazilian economy.
The conference also includes a preview of the forthcoming OUP Handbook on State Capitalism and the Firm, and presentations by selected contributors, on state-owned multinationals, state CSR, state innovation, hybrid governance, regional views on Latin America, East Asia and Eastern Europe etc.



Research visit to LUISS University, Rome, Italy

In November 2018, I visited LUISS University, the department of Business & Management, led by Professor Alessandro Zattoni. I enjoyed very much my stay at LUISS, a fantastic research environment and a vibrant student community, and as part of the research visit, I gave a  Research Seminar on ‘Independent Directors and Share Repurchases’. I hope this is a start of future fruitful research collaborations. IMG-20181108-WA0007IMG_20181108_175952_207IMG_20181108_175952_204IMG_20181108_175952_206


The Effects of CEO turnover under conditions of complexity

In June 2018, I visited Higher School of Economics in St Petersburg, Russia. As part of this research collaboration, Dr Aleksandrova and myself presented our joint paper with Prof Mickiewicz and Prof. Liu on “The Effects of CEO Turnover under Conditions of Complexity” during a research seminar organized on June, 13th, 2018. Further details can be found this press release.

Anna Grosman (Loughborough University)
Tomasz Mickiewicz (Aston University)
Xiaohui Liu (University of Birmingham),
Ekaterina Aleksandrova (Higher School of Economics)

Abstract. We investigate why sometimes the new CEO brings a positive effect to the firm, and sometimes the short-term effect is negative. We posit that while both effects are present simultaneously, which one will dominate is contingent on complexity. We see the latter as an overarching heuristic concept that helps us to reconcile the phenomena that have not been integrated into one theory before. We argue that CEO turnover is unlikely to be positive in the short run and under conditions of complexity, precisely organizational complexity (related to larger firms or part of business groups), relational complexity (associated with firms with state or foreign ownership), or environmental complexity (for firms in high-tech industries or engaging in international trading). We stress bounded rationality and cognitive limitations.

Strategic Management Society Extension – State Capitalism

On September 21, 2018, Loughborough University London will host the extension of Strategic Management Society Conference on State Capitalism, funded by the Society for Advancement of Management Studies.

The theme of this extension is linked to the theme of the main conference, Strategies in the Era of De-Globalization. The rapid expansion of state-owned firms from emerging economies has been perceived as a potential threat by incumbents in advanced economies. Populist politicians have presented state-owned firms as rapacious acquirers that need to be stopped. The corruption scandals associated with the relationships between the state and state-owned firms also contributed to the perceived risks associated with the expansion of state-affiliated companies. As a result, state-affiliated companies that became important players in the globalization process also emerged as the central targets for the protectionists’ initiatives.


During this extension, we will be holding a paper development workshop session. If you are working on a paper about state capitalism and would like to receive feedback on your paper during this workshop, please email your proposal by August 1, 2018 to the extension organizers Anna Grosman (, Ilya Okhmatovskiy ( and Mike Wright ( Your proposal should follow the SMS proposal format. After reviewing the proposals, we will get back to all authors by August 15, 2018 and invite the authors of accepted proposals to submit full papers by September 1, 2018. This PDW is especially relevant for scholars who are interested in submitting their manuscripts to the Special Issue of Journal of World Business on “State Capitalism in International Context.”

More details can be found on

To register for the event, please follow the link

Global world state capitalism

Extension organisers

Anna GrosmanLoughborough University London

Ilya OkhmatovskiyUniversidade Nova de Lisboa

Mike WrightImperial College London


Alvaro Cuervo-CazurraNortheastern University

Jonathan DohVillanova University

Anna GrosmanLoughborough University London

Aldo MusacchioBrandeis University

Pei SunFudan University

Geoff WoodUniversity of Essex



An exciting guest lecture not to be missed! CEO and Founder of Azoomee, Douglas Lloyd | 3rd May, 1-2pm | LDN.1.03 |

azoomee-teaserAs part of Small Business Finance Module I am lecturing, I am hosting CEO and Founder of Azoomee, Douglas Lloyd.

Azoomee is an app designed to provide safe TV shows, games and audiobooks for children. Since its inception, the company has raised over £2.3m and recently raised £800,000 via Crowdcube (77% over its target).

Douglas has 12 years’ experience working in corporate finance and private equity in London, Paris and New York. Prior to Azoomee, Douglas co-founded, funded and built VB Research, a digital media business focusing on the renewable energy and cyber security sectors.

This guest lecture is open to all current students, staff and alumni.


The Good, the Great and the Independent: The Impact of Board Composition on Blockholder Appropriation


I will present the paper “The Good, the Great and the Independent: The Impact of Board Composition on Blockholder Appropriation ” co-authored with Ruth Aguilera (Northeastern University) and Mike Wright (Imperial College) at a research seminar hosted by the UCL SSEES Centre for Comparative Studies of Emerging Economies.

Wednesday 25 January 2017, 12:30-14:00.

Location: UCL SSEES, 16 Taviton Street, London, WC1H 0BW. Room: 431

Convenor: Dr Elodie Douarin

Lunch refreshments will be provided. All Welcome.