Export behavior and board independence in Colombian family firms: The reverse causality relationship

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• 作者：Herná ; n Herrera-Echeverri^a ; ¹ ; ^{hherrer2@eafit.edu.co" class="auth_mail" title="E-mail the corresponding author} ; Jose Galli Geleilate^b ; ² ; ^{jgeleila@fiu.edu" class="auth_mail" title="E-mail the corresponding author} ; Sandra Gaitan-Riañ ; o^c ; ³ ; ^{sgaitanr@eafit.edu.co" class="auth_mail" title="E-mail the corresponding author} ; Jerry Haar^d ; ⁴ ; ^{haarj@fiu.edu" class="auth_mail" title="E-mail the corresponding author} ; Nidia Soto-Echeverry^e ; ⁵ ; ^{nidiase@supersociedades.gov.co" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Export behavior ; Family firms ; Corporate boards ; Colombia
• 刊名：Journal of Business Research
• 出版年：2016
• 出版时间：June 2016
• 年：2016
• 卷：69
• 期：6
• 页码：2018-2029
• 全文大小：465 K

文摘

In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), one may find insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards' composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A “virtuous cycle” was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.