부산대학교 도서관

Purpose: To investigate whether the shareholder concentration and the board composition influence the export of Brazilian listed firms from 2010 to 2017. Originality/value: The study contributes to the literature on exports and corporate governance by highlighting that companies with good governance practices, measured by the board composition and ownership/control structure, might increase their exports. This research can serve as a guide for companies to structure their boards in order to positively influence exports and improve performance. In addition, the study raises the question of what would be the 'optimal level' of firms' shareholding concentration in order to improve the decision-making process involved in choosing to expand borders through export. Design/methodology/approach: The study performed logistic regression (logit model) and regression with the censored dependent variable (tobit model). Propensity to export and intensity of export were used as dependent variables. The logit regressions involved a sample of 307 exporting and non-exporting companies, and the tobit regressions involved a sample of 61 exporting firms. Findings: We found a positive relationship between board independence and exports, that is, the greater presence of independent members on the board, the higher the export level of firms. We also found that there is a non-monotonic relationship between shareholder concentration and level of exports. In summary, the study suggests that some corporate governance mechanisms may act as antecedents for firms' export practices. KEYWORDS Export. Brazilian companies. Shareholder concentration. Composition of the board. Corporate governance. Objetivo: Investigar se a concentracao acionaria e a composicao do conselho de administracao influenciaram o nivel de exportacao de firmas brasileiras, no periodo de 2010 a 2017. Originalidade/valor: O estudo contribui para a literatura sobre exportacoes e governanca corporativa ao evidenciar que empresas com boas praticas de governanca, mensuradas pela composicao do conselho de administracao e estrutura de propriedade/controle, conseguem elevar suas exportacoes. Esta pesquisa pode servir como orientacao para as empresas estruturarem seus conselhos, a fim de influenciar positivamente as exportacoes e melhorar o desempenho. Alem disso, o estudo suscita a reflexao sobre qual deveria ser o 'nivel otimo' de concentracao acionaria das firmas, de modo a melhorar o processo decisorio envolvido na escolha de expandir fronteiras por meio da exportacao. Design/metodologia/abordagem: Utilizaram-se dois metodos de regressao: regressao logistica (modelo logit) e regressao com variavel dependente censurada (modelo tobit). As variaveis dependentes foram: propensao a exportar e intensidade de exportacao. As regressoes logit envolveram uma amostra de 307 empresas, composta por firmas exportadoras e nao exportadoras. As regressoes tobit envolveram uma amostra de 61 empresas exportadoras. Resultados: Constatou-se que ha uma relacao positiva entre independencia do conselho e exportacoes, isto e, quanto maior a presenca de membros independentes no conselho, maior o nivel de exportacao das firmas. Constatou-se ainda que ha uma relacao nao monotonica entre concentracao acionaria e nivel de exportacoes. Em suma, o estudo sugere que alguns mecanismos de governanca corporativa podem atuar como antecedentes das praticas de exportacao das firmas. PALAVRAS-CHAVE Exportacao. Empresas brasileiras. Concentracao acionaria. Composicao do conselho de administracao. Governanca corporativa.
1. INTRODUCTION In recent decades, export studies have been based on companies' perspectives from productivity and have failed to consider the role of corporate governance (CG) mechanisms. The literature lacks [...]