Decisive Factors of Business Dynamism in Latin America: An Approach from the New Institutional Economy Perspective

Abstract

In recent years, the business sector has experienced significant dynamism worldwide, a fact that has sparked interest from different fields: academically, politically and socially, and a series of questions have been raised about the different factors that drive business growth. In this context, the New Institutional Economy has been taken as a reference in order to explain the behavior of this phenomenon based on the analysis of both formal and informal institutions of companies. The objective of this research is to analyze the factors that influence business dynamism. In order to fulfill the objective, the applied methodology was based on the application of statistical techniques of multivariate analysis, specifically, hierarchical cluster analysis. The main results show that the factors affect each of the contexts that are analyzed at different scale.