DO OWNERSHIP CONCENTRATION AND THE BOARD OF DIRECTORS AFFECT EXPORTS?

DIAS, VITOR F. M. B.; CUNHA, MICHELE A.; PEIXOTO, FERNANDA M.; JESUKA, DUTERVAL

doi:10.1590/1678-6971/eRAMF210009

VITOR F. M. B. DIAS

Federal University of Uberlândia (UFU), Uberlândia, MG, Brazil.

Vitor F. M. B. Dias, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Michele A. Cunha, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Fernanda M. Peixoto, Ph.D. from the Center for Graduate Studies and Research in Administration (Cepead), Federal University of Minas Gerais (UFMG); Duterval Jesuka, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU). Vitor F. M. B. Dias is now an investment advisor at the master student at the Chronos Investimentos; Michele A. Cunha is now a professor at the Faculty of Management and Business (Fagen) of UFU; Fernanda M. Peixoto is now a professor at the Fagen-UFU; Duterval Jesuka is now a doctoral student in Business Administration at UFU.

https://orcid.org/0000-0001-6084-5599

MICHELE A. CUNHA

Federal University of Uberlândia (UFU), Uberlândia, MG, Brazil.

Vitor F. M. B. Dias, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Michele A. Cunha, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Fernanda M. Peixoto, Ph.D. from the Center for Graduate Studies and Research in Administration (Cepead), Federal University of Minas Gerais (UFMG); Duterval Jesuka, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU). Vitor F. M. B. Dias is now an investment advisor at the master student at the Chronos Investimentos; Michele A. Cunha is now a professor at the Faculty of Management and Business (Fagen) of UFU; Fernanda M. Peixoto is now a professor at the Fagen-UFU; Duterval Jesuka is now a doctoral student in Business Administration at UFU.

https://orcid.org/0000-0003-1546-0504

FERNANDA M. PEIXOTO Correspondence concerning this article should be addressed to Fernanda M. Peixoto, Avenida João Naves de Avila, 2121, Santa Mônica, Uberlândia, Minas Gerais, Brazil, CEP 38 408-223. E-mail: fmacielpeixoto@gmail.com

Federal University of Uberlândia (UFU), Uberlândia, MG, Brazil.

Vitor F. M. B. Dias, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Michele A. Cunha, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Fernanda M. Peixoto, Ph.D. from the Center for Graduate Studies and Research in Administration (Cepead), Federal University of Minas Gerais (UFMG); Duterval Jesuka, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU). Vitor F. M. B. Dias is now an investment advisor at the master student at the Chronos Investimentos; Michele A. Cunha is now a professor at the Faculty of Management and Business (Fagen) of UFU; Fernanda M. Peixoto is now a professor at the Fagen-UFU; Duterval Jesuka is now a doctoral student in Business Administration at UFU.

https://orcid.org/0000-0002-0969-7567

DUTERVAL JESUKA

Federal University of Uberlândia (UFU), Uberlândia, MG, Brazil.

Vitor F. M. B. Dias, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Michele A. Cunha, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Fernanda M. Peixoto, Ph.D. from the Center for Graduate Studies and Research in Administration (Cepead), Federal University of Minas Gerais (UFMG); Duterval Jesuka, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU). Vitor F. M. B. Dias is now an investment advisor at the master student at the Chronos Investimentos; Michele A. Cunha is now a professor at the Faculty of Management and Business (Fagen) of UFU; Fernanda M. Peixoto is now a professor at the Fagen-UFU; Duterval Jesuka is now a doctoral student in Business Administration at UFU.

https://orcid.org/0000-0002-1245-0979

Correspondence concerning this article should be addressed to Fernanda M. Peixoto, Avenida João Naves de Avila, 2121, Santa Mônica, Uberlândia, Minas Gerais, Brazil, CEP 38 408-223. E-mail: fmacielpeixoto@gmail.com

1
We thank the Research Support Foundation of the State of Minas Gerais (Fapemig) and the Organization of American States (OAS) for their support in carrying out this research.

Vitor F. M. B. Dias, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Michele A. Cunha, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU); Fernanda M. Peixoto, Ph.D. from the Center for Graduate Studies and Research in Administration (Cepead), Federal University of Minas Gerais (UFMG); Duterval Jesuka, master from the Graduate Program in Business Administration, Federal University of Uberlândia (UFU).

Vitor F. M. B. Dias is now an investment advisor at the master student at the Chronos Investimentos; Michele A. Cunha is now a professor at the Faculty of Management and Business (Fagen) of UFU; Fernanda M. Peixoto is now a professor at the Fagen-UFU; Duterval Jesuka is now a doctoral student in Business Administration at UFU.

Variable description	Variable name in the model	Calculation	Expected signal	Background study	Source
Export intensity	INTEXP	Total export revenue/Total revenue		Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-...	CVM and Economatica
Export propensity	PROPEXP	Dummyvariable with value 1 for exporting companies and 0 for the others		Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-...	CVM and Economatica
Board size	TAMCONS	Number of members on the board of directors	+	Dani et al. (2017)Dani, A. C., Kaveski, I. D. S., Santos, C. A. dos, Leite, A. P. P., & Cunha, P. R. da (2017). Características do conselho de administração e o desempenho empresarial das empresas listadas no novo mercado. Revista de Gestão, Finanças e Contabilidade, 7(1), 29-47. doi:10.18028/rgfc.v7i1.2603 https://doi.org/10.18028/rgfc.v7i1.2603...	CVM
Independent members on the board of directors	CONSINDEP	Percentage of independent members	+	Lu, et al. (2009) eMoura e Beuren (2011)Moura, G. D., & Beuren, I. M. (2011). Conselho de administração das empresas de governança corporativa listadas na BM&F Bovespa: Análise à luz da entropia da informação da atuação independente. Revista de Ciências da Administração, 13(29), 11-37. doi:10.5007/2175-8077.2011v13n29p11 https://doi.org/10.5007/2175-8077.2011v1...	CVM data • Item 12: meeting and administration • Subitem 12.1: administrative structure
Ownership concentration	CONCACIO	Percentage of total shares held by the three largest shareholders.	+	Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-...	CVM data • Item 12: meeting and administration • Subitem 12.5/6: composition and professional experience of the board and the fiscal council
Ownership concentration²	CONCACIO2	square CONCACIO	-	Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-...	CVM data
Performance	ROS	Net profit/Total sales	+	Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-... ,Singla, George e Veliyath (2017)Singla, C., George, R., & Veliyath, R. (2017). Ownership structure and internationalization of Indian firms. Journal of Business Research, 81, 130-143. doi:10.1016/j.jbusres.2017.08.016 https://doi.org/10.1016/j.jbusres.2017.0... e Nam e An (2017)Nam, H. J., & An, Y. (2017). Patent, R&D and internationalization for Korean healthcare industry. Technological Forecasting and Social Change, 117, 131-137. doi:10.1016/j.techfore.2016.12.008 https://doi.org/10.1016/j.techfore.2016....	Economatica
Size	TAM	Logarithm of Total assets	+	Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-... ,Singla et al. (2017)Singla, C., George, R., & Veliyath, R. (2017). Ownership structure and internationalization of Indian firms. Journal of Business Research, 81, 130-143. doi:10.1016/j.jbusres.2017.08.016 https://doi.org/10.1016/j.jbusres.2017.0... e Nam e An (2017)Nam, H. J., & An, Y. (2017). Patent, R&D and internationalization for Korean healthcare industry. Technological Forecasting and Social Change, 117, 131-137. doi:10.1016/j.techfore.2016.12.008 https://doi.org/10.1016/j.techfore.2016....	Economatica
Leverage	ALAV	Total liabilities/net equity	+	Herrera-Echeverri et al. (2016)Herrera-Echeverri, H., Geleilate, J. G., Gaitan-Riaño, S., Haar, J., & Soto-Echeverry, N. (2016). Export behavior and board independence in Colombian family firms: The reverse causality relationship. Journal of Business Research, 69(6), 2018-2029. doi:10.1016/j.jbusres.2015.10.147 https://doi.org/10.1016/j.jbusres.2015.1...	Economatica
Age	IDADE	Years since company foundation.	+	Lu et al. (2009)Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies. Management International Review, 49(4), 455-478. doi:10.1007/s11575-009-0004-9 https://doi.org/10.1007/s11575-009-0004-... eNam e An (2017)Nam, H. J., & An, Y. (2017). Patent, R&D and internationalization for Korean healthcare industry. Technological Forecasting and Social Change, 117, 131-137. doi:10.1016/j.techfore.2016.12.008 https://doi.org/10.1016/j.techfore.2016....	Economatica
Growth rate	CRESC	Current profit - previous profit / previous profit	+	Nam e An (2017)Nam, H. J., & An, Y. (2017). Patent, R&D and internationalization for Korean healthcare industry. Technological Forecasting and Social Change, 117, 131-137. doi:10.1016/j.techfore.2016.12.008 https://doi.org/10.1016/j.techfore.2016....	Economatica
Sector	SECTOR	NAICS sectors - categorical variable subdivided into Commerce, Industry, and Services.	+/-	Palombini e Nakamura (2012)Palombini, V. N., & Nakamura, W. T. (2012). Key factors in working capital management in the Brazilian market. Revista de Administração de Empresas, 52(1), 55-69. doi:10.1590/S0034-75902012000100005 https://doi.org/10.1590/S0034-7590201200...	Economatica

Variable	Observations	Mean	Standard deviation	Minimum	Maximum
PROPEXPORT	2.448	0.3104575	0.4627755	0	1
INTEXP	484	0.3208149	0.2463387	0	0.933
ROS	2.078	-0.04751	1.073691	-5.16394	2.559223
TAM	2.313	5.606148	3.401976	-6.82458	13.17335
ALAV	2.312	1.659132	3.271488	-5.97473	14.3572
CRESC	2.271	-0.1412	2.404634	-7.57836	8.328367
IDADE	2.111	14.53292	9.063427	0	31
CONSINDEP	2.246	1.359305	1.712139	0	11
TAMCONS	2.242	6.504906	2.651938	0	17
CONCACIO	2.188	62.71326	22.92261	0.138775	100
CONCACIO²	2.188	4458.159	2924.262	0.0192585	10,000

	PROPEXP	ROS	TAM	ALAV	CRESC	IDADE	CONSINDEP	TAMCONS	CONCACIO	CONCACIO²
PROPEXP	1
ROS	0.0201	1
TAM	0.0970*	0.0751*	1
ALAV	0.0638*	0.0348	0.0844*	1
CRESC	-0.0043	-0.0019	0.0110	-0.1017*	1
IDADE	0.1393*	-0.0198	0.0431*	-0.0548*	-0.0114	1
CONSINDEP	0.1075*	0.0036	0.1205*	0.1205*	-0.027	-0.3076*	1
TAMCONS	0.1099*	0.04	0.2953*	0.1546*	-0.0144	-0.1150*	0.03828*	1
CONCACIO	-0.1690*	0.0460*	-0.1857*	-0.0502*	0.009	-0.0257	-0.3775*	0.2988*	1
CONCACIO²	-0.1945*	0.0543*	-0.2007*	-0.0582*	0.0141	-0.0197	-0.3650*	-0.3078*	0.09811*	1

Dependent variable: PROPEXP or INTEXP	Regression models
Dependent variable: PROPEXP or INTEXP	Model 1A (PROPEXP; general sample)	Model 2A (PROPEXP; general sample)	Model 1B (INTEXP, restricted sample)	Model 2B (INTEXP; restricted sample)
CONSINDEP	0.1574^* ***** p < 0.01. (0.0326)		0.0197** (0.0079)
TAMCONS	0.0086 (0.0215)		0.0147^* ***** p < 0.01. (0.0054)
CONCACIO		0.0634^* ***** p < 0.01. (0.0129)		0.0013 (0.0037)
CONCACIO²		-0.0007^* ***** p < 0.01. (0.0001)		-0.0001 (0.0001)
ROS	0.0647 (0.0492)	0.0909^* * p < 0.1, (0.0496)	0.0039^* * p < 0.1, (0.0018)	0.0044^* ***** p < 0.01. (0.0014)
TAM	0.0026 (0.0164)	0.0116 (0.0116)	0.0006 (0.0039)	0.0080^ p < 0.05, (0.0039)
ALAV	0.0310^ p < 0.05, (0.0156)	0.0368^ p < 0.05, (0.0154)	-0.0003^* * p < 0.1, (0.0001)	-0.0002 (0.0002)
CRESC	0.0002 (0.0214)	0.0105 (0.0215)	-0.0013 (0.0014)	-0.0017 (0.0013)
IDADE	0.0321^* ***** p < 0.01. (0.0063)	0.0217^* ***** p < 0.01. (0.0059)	0.0725^* ***** p < 0.01. (0.0164)	0.0051^* ***** p < 0.01. (0.0157)
DIND	0.5288^* ***** p < 0.01. (0.1639)	0.6741^* ***** p < 0.01. (0.1646)	-0.0497 (0.0367)	-0.0771^ p < 0.05, (0.0373)
DSERV	-0.4159^ p < 0.05, (0.1837)	-0.3762^ p < 0.05, (0.1836)	-0.0918^ p < 0.05, (0.0453)	-0.1313^* ***** p < 0.01. (0.1836)
Cons	-1.7044^* ***** p < 0.01. (0.2499)	-2.5638^* ***** p < 0.01. (0.4217)	0.0046 (0.0709)	0.1822 (0.1297)
N	1862	1847	455	452

[1] Correspondence concerning this article should be addressed to Fernanda M. Peixoto, Avenida João Naves de Avila, 2121, Santa Mônica, Uberlândia, Minas Gerais, Brazil, CEP 38 408-223. E-mail: fmacielpeixoto@gmail.com

Brasil

Brasil

DO OWNERSHIP CONCENTRATION AND THE BOARD OF DIRECTORS AFFECT EXPORTS?¹ 1 We thank the Research Support Foundation of the State of Minas Gerais (Fapemig) and the Organization of American States (OAS) for their support in carrying out this research.

ABSTRACT

Purpose:

Originality/value:

Design/methodology/approach:

Findings:

Brasil

Brasil

DO OWNERSHIP CONCENTRATION AND THE BOARD OF DIRECTORS AFFECT EXPORTS?1 1 We thank the Research Support Foundation of the State of Minas Gerais (Fapemig) and the Organization of American States (OAS) for their support in carrying out this research.

ABSTRACT

Purpose:

Originality/value:

Design/methodology/approach:

Findings:

DO OWNERSHIP CONCENTRATION AND THE BOARD OF DIRECTORS AFFECT EXPORTS?¹ 1 We thank the Research Support Foundation of the State of Minas Gerais (Fapemig) and the Organization of American States (OAS) for their support in carrying out this research.