Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship

Hernan Herrera-Echeverri (), Jose Galli Geleilate (), Sandra Gaitan-Riaño (), Jerry Haar () and Nidia Soto-Echeverry ()
Authors registered in the RePEc Author Service: Sandra Constanza Gaitan Riaño ()

No 14971, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: 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), we provide 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.

Keywords: export behavior; family firms; corporate boards; Colombia (search for similar items in EconPapers)
JEL-codes: F20 G39 J12 (search for similar items in EconPapers)
Pages: 40
Date: 2016-05-02
New Economics Papers: this item is included in nep-bec
References: Add references at CitEc
Citations: View citations in EconPapers (13)

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Journal Article: Export behavior and board independence in Colombian family firms: The reverse causality relationship (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000122:014971

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