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

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.

Numerical estimation of Carbonate properties using a digital rock physics workflow

Digital rock physics combines modern imaging with advanced numerical simulations to analyze the physical properties of rocks -- In this paper we suggest a special segmentation procedure which is applied to a carbonate rock from Switzerland -- Starting point is a CTscan of a specimen of Hauptmuschelkalk -- The first step applied to the raw image data is a nonlocal mean filter -- We then apply different thresholds to identify pores and solid phases -- Because we are aware of a nonneglectable amount of unresolved microporosity we also define intermediate phases -- Based on this segmentation determine porositydependent values for the pwave velocity and for the permeability -- The porosity measured in the laboratory is then used to compare our numerical data with experimental data -- We observe a good agreement -- Future work includes an analytic validation to the numerical results of the pwave velocity upper bound, employing different filters for the image segmentation and using data with higher resolution