Factores de Atracción para la Inversión Empresarial en Países Latinoamericanos: Una Revisión Sistemática de Literatura
| Páginas | 1-19 |
| Fecha | 01 Noviembre 2025 |
| Fecha de publicación | 01 Noviembre 2025 |
| Autor | María Eugenia Solis-Ruilova,Luis Tonon-Ordóñez |
| Materia | Derecho Internacional |
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 1
Cómo citar: Solis-Ruilova, M. E. & Tonon-Ordóñez, L. (2025). Attraction Factors for Business Investment in Latin
American countries: A Systematic Literature Review. DICERE Revista De Derecho Y Estudios Internacionales, 2(2),
01-19. https://doi.org/10.33324/dicere.v2i2.876
Attraction Factors for Business Investment in Latin American
countries: A Systematic Literature Review
Factores de Atracción para la Inversión Empresarial en Países
Latinoamericanos: Una Revisión Sistemática de Literatura
Original
Abstract Resumen
Foreign direct investment is an option
considered by companies with clear ex-
pansion plans, whether in search of new
markets or aiming to improve their results
through lower costs and, often, with en-
hanced product or service quality. For this
reason, these companies view Latin America
as a viable option. The objective of this study
was to identify the factors of foreign direct
investment in Latin American countries from
a business perspective, thorugh of the PRIS-
MA 2020 method. This study is divided into
ve criteria: economic, political, social, en-
vironmental, and geographical factors. The
factors studied proved to be important de-
pending on each company's specic goals.
La inversión extranjera directa es una
opción que consideran las empresas con
planes de expansión denidos, ya sea para
acceder a nuevos mercados o para mejo-
rar sus resultados mediante la reducción
de costos y, a menudo, con una mayor cal-
idad de productos o servicios. Por ello, estas
empresas ven a Latinoamérica como una
opción viable. El objetivo de este estudio
fue identificar los factores de la inversión
extranjera directa en países latinoameri-
canos desde una perspectiva empresarial,
utilizando la metodología PRISMA 2020. Este
estudio se divide en cinco criterios: factores
económicos, políticos, sociales, ambientales
y geográcos. La importancia de los facto-
res estudiados dependió de los objetivos
especícos de cada empresa.
María Eugenia Solis-Ruilova,
Facultad de Ciencias de la Administración, Universidad de Cuenca, Cuenca, Ecuador.
Luis Tonon-Ordóñez,
Facultad de Ciencias de la Administración, Universidad de Cuenca, Cuenca, Ecuador.
DOI: https://doi.org/10.33324/dicere.v2i2.876
Recibido: 31-12-2024 Revisado: 30-06-2025 Aceptado: 28-10-2025 Publicado: 30-11-2025
ltonon@uazuay.edu.ec
marusr1999@es.uazuay.edu.ec
https://orcid.org/0000-0003-2360-9911
https://orcid.org/0000-0002-2454-9351
2Solis-Ruilova, M. E & Tonon-Ordóñez, L.
Introduction
The factors attracting foreign direct in-
vestment (FDI) in Latin American countries
are a topic that is dispersed in the literature.
Even among authors, some reach common
ground while others encounter conflicting
results. The PRISMA method, as outlined by
Page et al. (2021), was employed to create a
record of articles related to the topic, which
were then screened to develop of the stated
objectives.
In the early studies of FDI, Stephen Hym-
er is identied as a key gure, according to
Vélez (2017). In his theories, Hymer (1960) ex-
amined companies and their relationships
with both domestic and foreign markets.
His work aimed to explain why rms seek to
expand beyond their domestic markets. In
subsequent research, Hymer (1976) expand-
ed his ideas on multinationals and FDI. Hym-
er’s work laid the foundation for Dunning's
studies (1988, 1994) on the OLI paradigm and
the four motivations that theoretically seek
to explain companies’ investment decisions.
For their part, Galaso et al. (2018) di-
vided the Latin American countries into two
groups: Argentina, Brazil, Chile, Colombia,
Costa Rica, Mexico, Panama, Peru, and Uru-
guay, which are considered open econo-
mies with locational advantages for com-
1
panies seeking natural resources, market
access, and efciency. On the other hand,
countries such as Bolivia, Ecuador, El Sal-
vador, Guatemala, Honduras, Nicaragua,
Paraguay, and Venezuela are considered
smaller economies, with greater instabili-
ty and more closed markets, and they also
need to build relationships with other coun-
tries to foster trust.
In this regard, the majority of FDI is con-
centrated in Brazil, Mexico, Colombia, Peru,
and Argentina (Jančovič & Gresš, 2021).
Nevertheless, according to Castellanos et
al. (2021), Chile is not far behind in attract-
ing FDI in Latin America. Before investing in
Latin America, companies evaluate several
factors, as Luque (2019) mentioned citing an
example from an interview with a business-
man from the Chinese company ICBC. This
businessman decided to invest in Argentina
for the following reasons: Brazil is more reg-
ulated, Mexico has signicant competition,
and the other countries represent smaller
markets that are less attractive for invest-
ment.
Companies' decisions to invest abroad
are made with a long-term perspective.
According to Contractor et al. (2020), these
decisions are approached from a holistic
Keywords Palabras clave
International Economic Relations, Transna-
tional Corporation, Globalization, Foreign In-
vestment, Markets.
Relaciones económicas internacionales,
Corporaciones transnacionales, Globaliza-
ción, Inversión extranjera, Mercados.
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 3
Theoretical Framework
Foreign investment, according to Dan-
iels et al. (2018), refers to the ownership of
foreign property in exchange for a nancial
return. The latter is the focus of this article. In
this regard, Hill (2021) states that it involves
a company's investment in facilities to pro-
duce or sell a good or service in a foreign
country. Additionally, García et al. (2020)
dene it as an operation that entails a long-
term relationship between a natural or legal
person and a company abroad.
Foreign direct investment (FDI) is
classied into horizontal and vertical types.
According to Krugman et al. (2016), horizon-
tal FDI occurs when a company invests in a
foreign subsidiary that engages in the same
production activities as its parent company
in the home country. On the other hand, ver-
tical FDI occurs when a company invests in
a foreign subsidiary that engages in differ-
ent but complementary activities to those of
the parent company, transferring part of the
production from the home country to these
subsidiaries. Cherif and Dreger (2018) state
that both forms of FDI are used to describe
the behavior of multinationals. Conversely,
vertical FDI, according to Bengoa et al. (2020),
is more prevalent in Latin American countries
when it is possible to minimize costs in a part
of the production process or in inputs.
Theoretically, Dunning (1994) developed
the models that companies rely on when
deciding to invest abroad. He identied
four motivations or reasons: market-seek-
2
ing, resource-seeking, effciency-seeking,
and strategic asset-seeking. According to
Bezuidenhout et al. (2021), market-seeking
focuses on the pursuit of market size and
growth; the GDP per capita of the target
country, to assess the purchasing power of
the population; consumer preferences; and
access to regional and global markets. This
is the strategy most commonly employed
by multinationals.
According to Jančovič and Gresš (2021),
traditionally, the determining factor in this
regard is market size. On the other hand,
Bezuidenhout et al. (2021) stated that re-
source-seeking is not only focused on the
pursuit of natural resources but also on
seeking cheaper or better-qualied labor
and resources that can be obtained at a
lower cost than in the home country. The
same authors noted that efciency-seek-
ing is centered on operational efciency; it
aims for minimal costs during production
and optimizes manufacturing, supply, and
promotional efforts.
Lastly, strategic asset-seeking is under-
stood as companies that utilize FDI to pro-
mote their strategic objectives and maintain
or enhance their overall effectiveness. For in-
stance, if a company is a new multinational
engaging in FDI activities, its motivation will
likely focus on market or resource-seeking.
In contrast, the motivation behind strategic
asset-seeking is associated with companies
that already have experience abroad.
viewpoint, involving planning for the initial
entry, subsequent operations, and the prots
generated from that investment. Based on
the analyzed research, there are no specic
factors that companies uniformly seek when
investing in Latin America, as this varies de-
pending on each company's sector and ob-
jectives, as well as its country of origin.
4Solis-Ruilova, M. E & Tonon-Ordóñez, L.
Additionally, to understand companies'
decisions when investing, Dunning's Eclec-
tic Paradigm (1988) is relevant, in which
companies use three types of advantag-
es to determine where it is most benecial
to invest. It is also known as OLI: Ownership
advantages, Location advantages, and In-
ternalization advantages. According to Teix-
eira (2021), ownership advantages refer to
the possession of intangible assets, such as
technology. Location advantages are re-
lated to labor or input costs, as well as the
political, economic, and social conditions
of the destination country. Finally, internal-
ization advantages are based on reducing
transaction costs.
State of the Art
The location of a multinational depends
on the sector to which the company belongs.
In the study by Danes et al. (2023) on the au-
tomotive sector, investment is motivated by
market-seeking and strategic asset-seek-
ing. Kicsi and Burciu (2019) highlight compe-
tition as a determining factor in investment
decisions; thus, the concentration of multi-
nationals in this sector occurs in countries
with barriers that impede the entry of com-
petitors, such as the technical advantages
that manufacturers and distributors have
over smaller industries.
According to Moreno and Espinosa
(2018), companies in the automotive sec-
tor are more attracted to Mexico, Argentina,
and Brazil for their operational plants. Kang
(2018) studied that the factors influencing
FDI in this sector depend on what the com-
pany seeks. Nevertheless, one issue that
poses a problem for the company, which
can be considered a negative factor for at-
tracting FDI, is cultural distance.
In the wind and solar energy sector,
Keeley and Matsumoto (2018) indicate that
factors such as political risk and legislation
are important determinants for this sec-
tor. According to Herrera and Montesdeo-
ca (2019), Latin American countries have
3
become an attractive niche for this sector.
Other important factors in this sector men-
tioned by Keeley and Matsumoto (2018)
include labor costs and the availability of
natural resources.
In the healthcare sector, Machado and
Jardim (2019) studied that the legal factor
is very important when deciding to invest in
the hospital sector in Brazil. Some interview-
ees mentioned that a law could be enacted
requiring the private sector to vaccinate;
thus, it becomes diffcult to calculate the
return on investment, which may result in
failure for the investor. Other factors, such
as corruption, are not considered relevant
by investors.
In the telecommunications sector, Car-
rillo and Michelli (2017) studied the example
of Foxconn, a manufacturer of electronic
components and the main supplier for Ap-
ple. The factors attracting Foxconn to in-
vest in Mexico and Brazil include favorable
labor and immigration policies, the need
for a semi-skilled and low-cost workforce,
and location, as it allows them to expand
their sales to the rest of the continent. An-
other company mentioned by the authors
is Huawei, a network and telecommuni-
cations company, whose attraction factor
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 5
for investing in a location in Mexico was to
capture a larger local market; additionally,
the location of this country was ideal. This
allows the company to continue its goal
of providing its customers with a cheaper
product than others. Additionally, a factor
that interested both companies was Mexi-
co’s proximity to the United States.
Regarding the natural resources sec-
tor, Herrera and Montesdeoca (2019) assert
that Latin America is a destination for the
extraction of resources such as oil and min-
erals; nonetheless, over the years, this sec-
tor has been declining. According to Roncal
(2018), since 2016, Latin America has expe-
rienced a decline in investments related to
the natural resources sector. Additionally,
Spillan and Rahman (2019) consider Peru to
be key for the mining industry.
On the other hand, several companies
have directed a signicant portion of their
investments to Mexico, having identied
various attractive factors for FDI, according
to the study by Sandler et al. (2019). Import-
ant factors include low costs, market size,
efciency, regulations, and abundant nat-
ural resources in the country. In the same
context, Ruppert and Bertella (2018) argue
that the main attraction factors in develop-
ing countries, such as those in Latin Ameri-
ca, are low production costs and access to
natural resources.
According to Urata and Baek (2023),
they do not view geographical distance as
a problem, as it is more cost-effective for
them to invest rather than export to reduce
expenses. For Guzmán and Lugo (2023),
market size, lower production and trans-
portation costs, and special tax regimes
are factors that companies consider when
investing in Mexico. Furthermore, cross-bor-
der countries are also an important factor
for FDI from Latin American companies, as
they reduce transportation costs and facil-
itate greater commercial communication,
according to Valenzuela and Fuenzalida
(2020).
Methodology
In the development of this study, the
PRISMA 2020 method was applied, in accor-
dance with Page et al. (2021), to conduct the
literature review, ensuring a systematic and
transparent selection of the sources ana-
lyzed. The databases consulted included
Scopus, Web of Science, Scielo, and Dialnet.
The search was conducted in all languages
to ensure a broader perspective. The key-
words used were: "foreign direct investment,"
"Latin America," "companies," "multinational",
based on the objectives of the investiga-
tion. Subsequently, an inclusion and exclu-
4
sion analysis was conducted based on the
context of the article; titles, abstracts, and
introductions were reviewed. It is shown in
gure 1.
6Solis-Ruilova, M. E & Tonon-Ordóñez, L.
Image 01
Results of the PRISMA Method
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 7
Results of Review
According to the study by Amorim and
Menezes (2022), it was not until 1980 that
Latin American countries signed their rst
agreements for foreign investments. In Lat-
in American countries, according to Bruhn
et al. (2020), the intensity of participation by
multinational companies depends on the
absorption capacity of these developing
economies. This work identies the factors
that companies consider when deciding to
invest in Latin America, which will be grouped
into ve categories: economic, political, so-
cial, environmental, and geographical.
5.1. Economic Factors
In terms of economic factors, accord-
ing to Teixeira (2021), the market size of Latin
American countries is an important variable
influencing foreign direct investment (FDI).
Saavedra and Flores (2017) and Frick and
Rodríguez (2023) also emphasize its signi-
cance for various companies looking to ex-
pand their markets in Latin America. Martí et
al. (2017) suggest that in developing econ-
omies, such as those in Latin America, FDI is
primarily driven by market-seeking behav-
ior. Infrastructure in terms of transportation,
communication, education, health, basic
services, housing, security, and industry is
another important factor when deciding to
invest. Bhattacharya et al. (2023) argue that
good infrastructure is an attractive factor
for countries in Latin America. Nonetheless,
Teixeira (2021) noted mixed results regard-
ing this factor, as a good transportation and
communication infrastructure often incurs
higher costs for the investor; therefore, this
factor depends on the investor's objectives.
5
In monetary terms, monetary freedom
is, according to Singh & Gal (2020), an es-
sential component of attracting FDI to Latin
America. On the other hand, Saavedra and
Flores (2017) point out that currency insta-
bility is an element affecting FDI, as frequent
fluctuations in the value of the currency
against others can pose a greater risk for
the investor. Furthermore, according to
Jančovič & Gresš (2021), inflation rates,
which are often linked to currency instability,
are also a determinant of investment; nev-
ertheless, this depends on what the compa-
ny seeks when investing. Research by Cacay
et al. (2024) indicates that the inflation vari-
able lacks signicance for companies, while
for Saavedra and Flores (2017), it was found
to be a relevant variable for FDI inflows in
Latin America.
Another relevant factor is the openness
of the countries’ economies, as suggest-
ed by Singh & Gal (2020), since this leads
to trade liberalization. Notwithstanding, Dal
& Loan (2017) state that a country's trade
openness attracts more multinationals for
export due to incentives in terms of taxes for
them. Minerva (2023) viewed trade open-
ness as synonymous with export rather than
FDI. Nonetheless, it depends on the type of
investment, as according to Bengoa et al.
(2020), multinationals that invest vertically
benet from this trade liberalization.
In this same context, trade agreements,
which are part of the country's trade open-
ness, are also important for attracting FDI to
Latin American countries, as mentioned by
Cherif & Dreger (2018), who cite the exam-
ple of the South-South agreement. Notwith-
standing, Bengoa et al. (2020) indicate that
this factor varies according to the specic
8Solis-Ruilova, M. E & Tonon-Ordóñez, L.
type of agreement for it to serve as an at-
traction element. Therefore, trade agree-
ments lead to investments in unstable
countries in Latin America due to the trust
generated by these connections (Galaso et
al., 2018).
Interest rates and unemployment rates
are also factors that influence FDI inflows;
however, despite the fact that several coun-
tries, such as Colombia, do not have good
results in these indices, their international
dynamics and their relationships and inter-
actions with other countries make compa-
nies want to invest in them and not consider
these factors too relevant (Nieto, 2019).
On the other hand, competitiveness
within Latin American countries, according
to Kuznetsov (2022), is another component
that companies consider before investing,
as high levels of competition can make the
investment risky. Nonetheless, for Mas et al.
(2018), companies' decisions to invest are
influenced by other multinationals engaged
in the same activity, which they use as a ref-
erence. Moreover, Jaworek et al. (2019) note
that companies tend to look at how saturat-
ed the market is and the level of competi-
tiveness before investing in a country.
5.2. Political Factors
In this area, the political factors that
attract FDI to Latin American countries, ac-
cording to Chowdhury et al. (2023), include
legal systems, transparency of government
policies, and the size and type of govern-
ment. According to Nasirov et al. (2022),
intellectual property laws attract more re-
search and development projects. However,
when these laws are weak, as is the case
in most Latin American countries, projects
focused on exploiting natural resources are
attracted instead.
According to Fraga (2022), the policies
of Latin American countries that minimize
nancial obstacles and customs delays
are the factors that most attract FDI. Simi-
larly, Bretos & Errasti (2018) argue that even
legislation similar to that of the company's
home country can lead to disinterest when
it comes to investing.
Spillan & Rahman (2019) studied the ex-
ample of Chile, which has a legal system that
protects investors and an excellent business
climate, making it an attractive destination
for several companies to invest in. Accord-
ing to Tuman & Shirali (2017), a strong rule
of law ensures security for companies' in-
vestments. Gómez et al. (2020) also found
that the costs of enforcing a contract and
the costs of registering property are factors
that deter investments. Another example
proposed by Sánchez (2020) is Argentina,
which has laws ensuring equal treatment
for local and international companies, as
well as laws protecting intellectual property,
serving as an attraction for FDI; nevertheless,
political instability poses a negative factor.
Even Ghirelli et al. (2021) mentioned that
political uncertainty in Latin America ffects
companies' decisions.
It is worth mentioning that, not in all
cases, political instability is a factor that
influences investment decisions, as is the
case with Chinese companies (Castañeda,
2017). This is afrmed by Quer et al. (2019),
who studied the existence of these friend-
ly bilateral diplomatic relations with these
"risky" countries. According to Blanchard
(2019), some Latin American countries, such
as Argentina, have even modied their poli-
cies to accommodate Chinese investment.
In the same context, there is the ideol-
ogy of the government, which, according to
Santos (2023), is an essential part of invest-
ment within Latin American countries. Ac-
cording to Coba and Vásconez (2024), the
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 9
government must strike a balance before
proposing scal incentives, ensuring they do
not compromise its capacity to nance nec-
essary public works. Moreover, they mention
that these incentives to attract direct foreign
investment, as issues related to taxes and
scal regulations, can be confusing for for-
eign multinationals.
Saavedra and Flores (2017) point out the
factor of governance, which encompasses
the control of violence and the rule of law.
According to Blanco et al. (2019), violence,
crime, and delinquency affect foreign di-
rect investment inflows in Latin America de-
pending on the sector. Moreover, Biro et al.
(2019) studied that companies look at the
World Bank's governance quality indicator
before investing in a Latin American country.
Corruption is also a factor that compa-
nies consider. Fernand and Pastás (2022) in-
dicate that this phenomenon in Latin Amer-
ica is a negative factor for FDI, as corruption
increases the costs and duration of private
projects, which is detrimental to invest-
ments. In this regard, Cacay et al. (2024) ar-
gue that corruption levels generate distrust
among investors toward the host country.
Nevertheless, Mazouz et al. (2021) argue that
Latin American companies tend to seek cor-
ruption levels similar to those of their home
countries and are less concerned about the
risky environments of neighboring countries.
According to Frick and Rodríguez (2023),
special zones—geographical areas where
governments incentivize development—
have also played an important role as a
factor attracting FDI. Notwithstanding, one
should not rely solely on them, as they are
not always the primary focus for companies.
According to Alvarado et al. (2023), country
risk indices are a crucial factor that directly
influences FDI in Latin America. These indi-
ces reflect the reliability a country offers, as
well as its political, economic, and social sit-
uation—aspects that foreign investors con-
sider before mobilizing their capital.
5.3. Social Factors
In social factors, human capital is iden-
tied as important for many multinationals.
According to Dal & Loan (2017), the more ed-
ucated the population is, the easier knowl-
edge transfer will be, which minimizes costs,
such as training expenses. Nonetheless,
this depends on what the company seeks.
To complete this picture, Camarero et al.
(2020) indicate that for various companies,
education is a very relevant factor for mul-
tinationals; nevertheless, since the level of
education is not very high, companies lo-
cate part of their production in these coun-
tries due to low production costs, which may
be linked to the level of education.
The image of a country is another so-
cial factor; according to Montanari et al.
(2020), it is also important for investors,
much like the country's brand, as this can
attract greater flows of FDI to Latin American
countries. Lourenção et al. (2019) state that
a country's image, as in the case of Brazil,
plays an important role in attracting invest-
ments. Spillan & López (2021) provide the ex-
ample of another country, like Guatemala,
where investors have an image of violence
and corruption, which negatively impacts
FDI attraction.
According to Spillan & Rahman (2019),
culture is also a factor in attracting FDI, as
understanding the local culture can make
it much easier to enter the market with a
service or product and to comprehend cus-
tomer needs. Furthermore, Verdugo (2017)
studies the historical ties that Spain shares
with Latin America and conrms cultural
proximity as an important factor for these
companies. Velásquez and Vázquez (2022)
10 Solis-Ruilova, M. E & Tonon-Ordóñez, L.
view cultural distance as a problem, as lan-
guage and work styles have been a matter
of adaptation for Chinese companies in Lat-
in America.
On the other hand, Kuznetsov (2022) ar-
gues that language barriers and a lack of
knowledge about Latin American countries
have limited FDI from Russian companies in
the region. Cando and Cando (2021) high-
light the issues that cultural distance can
cause, citing the example of IKEA, which,
when investing in Argentina, was unsuc-
cessful because the population is more ac-
customed to nished products rather than
having to assemble them at home.
5.4. Environmental Factors
Opoku et al. (2022) reveal that multina-
tionals prefer developing countries like Latin
America due to their lack of environmental
policies, which reduces costs that would be
higher in their home countries, where envi-
ronmental regulations are stricter. Likewise,
Li & Gallagher (2022) point to climate risk
as another factor that companies consider;
nevertheless, the countries affected by this
situation are those located in the Caribbean.
Finally, Kabir & Rakov (2023) argue that the
reason companies want to invest in these
environmentally favorable terms depends
on the laws that governments in developing
countries enact and enforce.
5.5. Geographical Factors
Finally, there is the geographical aspect
that considers the location of the country. In
this sense, Spillan and López (2021) note that
this plays an important role in attracting for-
eign direct investment (FDI); for example,
in the case of Guatemala, they often con-
sider its proximity to Mexico and the United
States, or in the case of Mexico, its closeness
to the latter. Kuznetsov (2022) explains that
the distance between Russia and the coun-
tries of Latin America has generated a lack
of connections in terms of FDI. In the same
context, according to González and Sánchez
(2019), companies locate themselves de-
pending on their sector; for example, nan-
cial and insurance activities have primarily
gone to Brazil and Mexico, information and
communication operations to Brazil, manu-
facturing industries to Brazil and Mexico, and
energy to Chile and Brazil. Camarero et al.
(2020) indicate that large geographical ar-
eas, such as Brazil or Uruguay, are important
for opportunities in the agricultural sectors.
It is worth mentioning that another type of
company, according to Götz & Jankowska
(2019), tends to invest rst in countries with
very short cultural and geographical dis-
tances, and then, when they are more ma-
ture, they invest in more distant and "exotic"
countries.
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 11
Results of Review
The results demonstrate that the fac-
tors most frequently mentioned among the
different authors are market size, infrastruc-
ture, inflation, trade openness, trade agree-
ments, legal systems, political stability, gov-
ernance, tax incentives, corruption, violence,
labor, culture, and geographical location.
In all the evaluated studies, the authors
Teixeira (2021), Saavedra and Flores (2017),
Frick and Rodríguez (2023), González and
Sánchez (2019), and Martí et al. (2017) obtain
the same positive result regarding market
size as a factor attracting FDI. Nevertheless,
the degree of importance in their studies
depends on the direction of their research
topics and the companies analyzed.
Market openness is another factor men-
tioned by several authors; nonetheless, they
do not reach a consensus. Some research-
ers, such as Bhattacharya et al. (2023), point
to its positivity as a factor attracting FDI in
Latin America. Dal & Loan (2017) indicate its
negativity for investments; for them, exports
are more attractive because this openness
generates incentives to eliminate barri-
ers. As a result, it was observed that in the
studies where it was considered a positive
factor of attraction, it depended on the type
of companies analyzed in their work, since
companies that wish to invest vertically,
benet from the time they carry out imports
and exports.
Furthermore, if their goal is to export
the assembled product to a neighboring
country, the openness in terms of minimal
tariffs benets them. On the other hand, the
authors who had a negative result for trade
openness as a factor attracting FDI did so
because their research focused on compa-
nies that invest horizontally. This is because
6
often, with this trade openness, it is less
costly for them to simply export their prod-
uct than to relocate their entire production
to another country. These companies prefer
an environment with more barriers, as it al-
lows them to transfer their operations more
effectively to compete with market prices in
those countries.
Inflation is another controversial factor
among the authors. Saavedra and Flores
(2017) view currency instability as an attrac-
tive factor; nonetheless, Cacay et al. (2024)
indicate that this factor is of little impor-
tance to investing companies. Nonetheless,
Jančovič & Gresš (2021) see it as a factor
that depends on the company's objectives
when investing and the current situation it
is in. There are two factors: rst, currency in-
stability can be a negative factor due to the
uncertainty it generates. Even inflation can
lead to a reduction in the company’s real
prots and increase its costs. The second is
that inflation may lead to a devaluation of
the local currency, which could be benecial
for the company in terms of costs.
In legal systems, intellectual property
rights were the most mentioned compo-
nent by several authors, such as Singh & Gal
(2020) and Nasirov et al. (2022); some even
focused their study solely on this factor. They
all arrived at the same conclusion: its im-
portance as an element attracting FDI, as it
provides investors with the assurance that
their ideas cannot be copied.
Political stability is also mentioned;
however, not all obtained the same results.
Frick and Rodríguez (2023) and Ghirelli et
al. (2021) emphasize the importance of
this factor for companies, as it can gener-
12 Solis-Ruilova, M. E & Tonon-Ordóñez, L.
ate uncertainty and affect their investment
decisions; nevertheless, Castañeda (2017)
and Márquez (2019) point out that for some
companies it is not a relevant factor. Analyz-
ing their contributions, it was concluded that
the results vary according to the country of
origin of the companies analyzed and the
sector they are dedicated to. The Chinese
market, for example, does not nd this fac-
tor relevant, just as Latin American compa-
nies, being part of that environment, are not
signicantly affected in their decision-mak-
ing when it comes to investing. These re-
sults depend on the environment in which
the company is born, the idiosyncrasies of
the countries of origin of the companies,
and the relationships maintained between
countries.
Corruption is a widely discussed fac-
tor among many researchers. Coba and
Vásconez (2024) highlight the impact of
corruption on companies; likewise, Chow-
dhury et al. (2023) nd its influence to be
insignicant for some. In general, the rele-
vance of corruption as a factor that hinders
FDI depends on each company's individual
perception when making investment deci-
sions. Although all authors agree that cor-
ruption has a deterrent effect on FDI, its level
of importance varies according to each in-
vestor's perspective.
Regarding the cultural aspect of a
country, Spillan & Rahman (2019), Ni-
kulin (2020), Verdugo (2017), Zhang (2019),
Velásquez and Vázquez (2022), Kuznetsov
(2022), and Cando and Cando (2021) agree
that cultural distance is important in com-
panies' decision-making processes when
they decide to invest. For some companies,
cultural distance is not a problem; neverthe-
less, it entails higher costs, as it is necessary
to research the population and their reac-
tions to successfully enter the market. Upon
reviewing these studies, it was concluded
that whether this factor poses a problem
depends on the size of the company and its
experience in foreign direct investments.
Geographic location is another topic
analyzed; nevertheless, there is not much in-
formation available. The authors Spillan and
López (2021), Kuznetsov (2022), González
and Sánchez (2019), Camarero et al. (2020),
Nasirov et al. (2022), and Götz & Jankowska
(2019) examine this factor, although not very
deeply. Nevertheless, this element proved
important for companies, depending on
their objectives and the industry sector they
belong to, in order to decide which location
is most suitable for achieving their goals.
The results determined by the different
authors and their contradictions with each
other are due to the types of companies
they analyzed, the sector they focused on,
the country of origin of these companies,
and the type of investment they wish to
make—whether horizontal or vertical—along
with the objectives and scopes of each
company.
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 13
Conclusions
The size of the market emerges as the
most prominent factor in the reviewed stud-
ies, reaching a general consensus on its im-
portance. Unlike this phenomenon, the rele-
vance of other factors varies depending on
the company analyzed. It was observed that
the information was dispersed, as these fac-
tors and their level of importance depend on
the specic company being analyzed; that
is, they depend on the country of origin of
the company, the industry sector it targets,
and the objectives it seeks.
The importance of various factors such
as market size, country infrastructure, trade
openness, legal systems, political stability,
corruption, human capital, and cultural dis-
tance is emphasized, as they prevail over
7
other determinants of Foreign Direct Invest-
ment (FDI). Nevertheless, the main nding is
that their relevance depends on the specic
objectives of the company interested in in-
vesting. Additionally, it was found that the
type of investment, whether horizontal or
vertical, plays a crucial role in how compa-
nies evaluate investment decision-making.
Another signicant nding is that some
factors that might seem irrelevant at rst
glance are actually fundamental to busi-
ness decisions. Elements such as a country's
image, geographical location, competition,
and climate risk, although often underesti-
mated, have a considerable impact on in-
vestments.
Limitations
The study had some limitations, as some
analyzed studies had few or only one com-
pany on which they based their research,
resulting in insuffcient outcomes on the to-
pic. This led to the proposal not being stu-
died from various perspectives. Additionally,
difculties were encountered in organizing
the information, as it was very dispersed.
CRediT authorship contribution
statement:
María Eugenia Solis: Formal analysis, In-
vestigation, Methodology, Writing – original
draft, Writing – review and editing.
Luis Tonon-Ordoñez: Conceptualization,
Investigation, Methodology, Validation, Su-
pervision, Writing – review and editing.
Conicts of Interest
The authors declare no conflicts of in-
terest.
14 Solis-Ruilova, M. E & Tonon-Ordóñez, L.
References
Alvarado, L., Muñoz, E., Avendaño, Á., y Naran-
jo, M., (2023). El efecto del índice de riesgo
país sobre la inversión extranjera direc-
ta en el Ecuador. Polo Del Conocimiento,
8(5), 768–781. https://doi.org/10.23857/
pc.v8i5
Amorim, L., y Menezes, H., (2022). Brazil’s New
Investment Treaty Model. International
Relations, 22(3), 600–612. https://doi.
org/10.22363/2313-0660-2022-22-3-
600-612
Bengoa, M., Sánchez, B., & Shachmurove, Y.,
(2020). Do trade and investment agree-
ments promote foreign direct invest-
ment within Latin America?. Mathemat-
ics, 8(11), 1–32. https://doi.org/10.3390/
math8111882
Bezuidenhout, H., Mhonyera, G., Van Rens-
burg, J., Sheng, H., Carrera, J., & Cui, X.,
(2021). Emerging market global players:
The case of brazil, china and south af-
rica. Sustainability (Switzerland), 13(21).
https://doi.org/10.3390/su132112234
Bhattacharya, M., Behera, S., Dash, D., &
Apergis, N., (2023). FDI Inflows and Ur-
banization: A Cross-country Compar-
ison from Asia, Africa and Latin Ameri-
ca. Global Business Review. https://doi.
org/10.1177/09721509231185829
Biro, F., Erdey, L., Gall, J., & Markus, A., (2019).
The Effect of Governance on Foreign Di-
rect Investment in Latin America. Glob-
al Economy Journal, 19(1). https://doi.
org/10.1142/S2194565919500064
Blanchard, J., (2019). The Politics of Latin
America’s Investment and Other Links
with China. Journal of Chinese Political
Science, 24(4), 565–582. https://doi.
org/10.1007/s11366-018-09585-9
Blanco, L., Ruiz, I., & Wooster, R., (2019). The
effect of violent crime on sector-specic
FDI in Latin America. Oxford D e -
velopment Studies, 47(4), 4 20–
434. https://doi.org/10.1080/13600818.20
19.1611754
Borda, A., Newburry, W., Carneiro, J., & Cor-
dova, C., (2019). Using Latin America as
a research laboratory: The moderating
effect of trade openness on the relation-
ship between inward and outward FDI.
Multinational Business Review, 27(2),
122–140. https://doi.org/10.1108/MBR-03-
2019-0022
Bretos, I., & Errasti, A., (2018). Dissemination
of the cooperative values and organi-
zational practices in foreign subsidiar-
ies: The case of the multinational co-op
Fagor Ederlan. REVESCO - Revista de Es-
tudios Cooperativos, 127, 45–69. https://
doi.org/10.5209/REVE.58395
Bruhn, N., Calegario, C., & Mendonça, D.,
(2020). Foreign direct investment in
developing economies: A study on the
productivity spillover effects in Latin
America. RAUSP Management Journal,
55(1), 40–54. https://doi.org/10.1108/
RAUSP-07-2018-0042
Cacay, J., Vega, C., Nuñez, E., & Reyes, K.,
(2024). Efecto de la calidad institucion-
al sobre la inversión extranjera directa.
ECA Sinergia, 15(1), 82–94. https://doi.
org/10.33936/ecasinergia.v15i1.5674
Camarero, M., Montolio, L., & Tamarit, C.,
(2020). Understanding German FDI in
Latin America and Asia. Economies,
8(1). https://doi.org/10.3390/econo-
mies8010019
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 15
Cando, J., & Cando, J., (2021). Challenges
for the Internationalization of Transna-
tional Companies. Case: IKEA. Revista de
Investigación, Formación y Desarrollo:
Generando Productividad Institucion-
al, 9(3), 21–28. https://orcid.org/0000-
0003-4035-6135
Carrillo, J., & Michelli, J., (2017). Huawei y
Foxconn: casos pioneros de la nueva in-
ternacionalización y expansión region-
al de China en México. Estudios Socia-
les. Revista de Alimentación
Contemporánea y D e s a r r o l -
lo Regional, 27(50). https://doi.
org/10.24836/es.v27i50.409
Castañeda, N., (2017). New Dependency Eco-
nomic Links between China and Latin
America. Issues and Studies, 53(1).
Castellanos, O., Velásquez, J., y Arboleda,
G., (2021). La doble tributación inter-
nacional sobre la inversión directa ex-
tranjera en América Latina y el Caribe.
Administración & Desarrollo, 51(1), 165–
183. https://doi.org/10.22431/25005227.
vol51n1.8
Cherif, M., & Dreger, C., (2018). Do regional
trade agreements stimulate FDI?. Review
of Development Economics, 22(3), 1263-
1277. https://doi.org/10.1111/rode.12381
Chowdhury, S., Sharma, R., & Yu, Y., (2023).
Inward foreign direct investment in
emerging economies. In Review of In-
ternational Business and Strategy, 33(5),
717–739. Emerald Publishing. https://doi.
org/10.1108/RIBS-03-2022-0033
Coba, D., y Vásconez, L., (2024). El papel de
los incentivos scales en la atracción
de inversiones extranjeras. Revista Met-
ropolitana de Ciencias Aplicadas, 7(1),
155–165. https://remca.umet.edu.ec/in-
dex.php/REMCA/article/view/677
Contractor, F., Dangol, R., Nuruzzaman, N., &
Raghunath, S., (2020). How do country
regulations and business environment
impact foreign direct investment (FDI)
inflows? International Business Review,
29(2). https://doi.org/10.1016/j.ibus-
rev.2019.101640
Dal, S., & Loan, N., (2017). Fdi inflows, price and
exchange rate volatility: New empirical
evidence from Latin America. Interna-
tional Journal of Financial Studies, 5(1).
https://doi.org/10.3390/ijfs5010006
Danes, D., Van Eijck, P., Lindeque, J., Meyer,
M., & Peter, M., (2023). FDI motives and
city location preferences in the automo-
tive and commercial banking industries.
Competitiveness Review, 33(3), 602–626.
https://doi.org/10.1108/CR-03-2022-
0040
Daniels, J., Radebaugh, L., & Sullivan, D.,
(2018). Negocios internacionales Ambi-
entes y operaciones. (15a. ed.). Pearson
Educación.
Dunning, J., (1988). The Eclectic Paradigm of
International Production. Journal of In-
ternational Business, 19(1), 1–31. https://
doi.org/10.1057/palgrave.jibs.8490372
Dunning, J., (1994). Re-evaluating the
benets of foreign direct investment.
Journal of International Business Stud-
ies, 3(1), 23–52.
Fernand, P., & Pastás, E., (2022). Corrupción
y crecimiento económico en América
Latina y el Caribe. Revista de Economía
Del Caribe, 29, 32–49. https://doi.
org/10.14482/ecoca.29.704.937
Fraga, G., (2022). Investment Climate
and Foreign Direct Investment in Latin
American Countries. Estudios Económi-
cos, 39(79), 103–126. https://doi.
org/10.52292/j
16 Solis-Ruilova, M. E & Tonon-Ordóñez, L.
Frick, S., & Rodríguez, A., (2023). What draws
investment to special economic zones?
Lessons from developing countries.
Regional Studies, 57(11), 2136–
2147. https://doi.org/10.1080/00343404.2
023.2185218
Galaso, P., Sánchez, Á., García, S., & Olivas,
C., (2018). Los efectos de La red mundi-
al de fusiones y adquisiciones sobre la
inversion. Revista de Economía Mundial,
48, 65–100.
García, P., López, A., y Línea, D., (2020). La In-
versión Extranjera Directa Deniciones,
determinantes, impactos y políticas
públicas Instituto para la Integración de
América Latina y el Caribe (INTAL) Sector
de Integración y Comercio (INT). Banco
Interamericano de Desarrollo.
Ghirelli, C., Pérez, J., & Urtasun, A., (2021).
The spillover effects of economic pol-
icy uncertainty in Latin America on the
Spanish economy. Latin American Jour-
nal of Central Banking, 2(2). https://doi.
org/10.1016/j.latcb.2021.100029
Gómez, R., Windler, L., & Massa, R., (2020).
Determinantes de la inversión extran-
jera directa en América Latina. Revista
Economía y Política, 31, 36–49. https://
doi.org/10.25097/rep.n31.2020.03
González, G., & Sánchez, R., (2019). The in-
vestment of Spanish companies in Latin
America, patterns a nd d et erm in ing
features. Janus.Net, 10(1), 112–124. https://
doi.org/10.26619/1647-7251.10.1.8
Götz, M., & Jankowska, B., (2019). Inter-re-
gional OFDI motives and location pat-
terns - The case of polish OFDI outside
Europe. Journal of East European Man-
agement Studies, 24(1), 122–154. https://
doi.org/10.5771/0949-6181-2019-1-122
Guzmán, L., & Lugo, M., (2023). State-level
Location Determinants of Japanese Au-
tomotive FDI in Mexico. Ensayos Revista
de Economía, 42(2), 183–210. https://doi.
org/10.29105/ensayos42.2-3
Herrera, M., & Montesdeoca, L., (2019). In-
fluencia de la inversión española directa
en Colombia, Ecuador y Perú. Estado &
Comunes, 9, 359–382.
Hill, C., (2021). Negocios internacionales:
Cómo competir en el mercado global.
(13a. ed.). Hymer, S., (1960). The Inter-
national Operations of National Firms: A
Study of Direct Foreign Investment (Dis-
ertación doctoral, Massachusetts Insti-
tute of Technology).
Hymer, S., (1976). On Multinational Corpora-
tions and Foreign Direct Investment. The
theory of transnational corporations.
Hymer, S., (1982). The Multinational Corpo-
ration and the Law of Uneven Develop-
ment. Academic Press, 325-352.
Jančovič, P., & Gresš, M., (2021). Changes in
Patterns of Territorial Distribution of For-
eign Direct Investment in Latin American
and Caribbean Region. Prace i Studia
Geograczne, 66(4), 135–150. https://doi.
org/10.48128/pisg/2021-66.4-09
Jaworek, M., Szałucka, M., & Karaszewski, W.,
(2019). Limiting Factors of Foreign Direct
Investment Undertaken By Polish Enter-
prises. Journal of East-West Business,
25(3), 293–317. https://doi.org/10.1080/1
0669868.2019.1616648
Kabir, L., & Rakov, I., (2023). Russian Com-
panies’ Motivations for Making Green
Investments. Journal of Risk and Finan-
cial Management, 16(3). https://doi.
org/10.3390/jrfm16030145
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 17
Kang, Y., (2018). Regulatory institutions, nat-
ural resource endowment and location
choice of emerging-market FDI. Jour-
nal of Multinational Financial Manage-
ment, 45, 1–14. https://doi.org/10.1016/j.
muln.2018.04.003
Keeley, A., & Matsumoto, K., (2018). Investors’
perspective on determinants of foreign
direct investment in wind and solar en-
ergy in developing economies. Journal of
Cleaner Production, 179, 132–142. https://
doi.org/10.1016/j.jclepro.2017.12.154
Kicsi, R., & Burciu, A., (2019). Inside the World-
Class Multinationals. Studies in Business
and Economics, 14(2), 73–87. https://doi.
org/10.2478/sbe-2019-0026
Krugman, P., Obstfeld, M., y Melitz, M., (2016).
Economía internacional: Teoría y políti-
ca. (10.ª ed.). Pearson Educación.
https://247pearsoned.custhelp.com/
app/contact
Kuznetsov, A., (2022). Russian Direct Invest-
ment in Countries of Latin America. Her-
ald of the Russian Academy of Sciences,
92, S859–S864. https://doi.org/10.1134/
S1019331622150060
Li, X., & Gallagher, K., (2022). Assessing the
climate change exposure of foreign di-
rect investment. Nature Communica-
tions, 13. https://doi.org/10.1038/s41467-
022-28975-5
Lourenção, M., Montanari, M., Giraldi, J., &
Costa, A., (2019). Brazil 's image and
Brazilian personality. Revista de Gestao,
26(3), 274–292. https://doi.org/10.1108/
REGE-01-2018-0007
Luque, J., (2019). Chinese Foreign Direct In-
vestment and Argentina. Journal of
Chinese Political Science, 24, 605–622.
https://doi.org/10.1007/s11366-018-
09587-7
Machado, M., & Jardim, D., (2019). For-
eign Direct Investment in Brazilian
Hospitals. Journal of Health Man-
agement, 21(4), 476–486. https://doi.
org/10.1177/0972063419884445
Márquez, F., (2019). The presence of Chinese
businesses in the world. Journal of Evo-
lutionary Studies in Business, 4(2 Spe-
cial Issue), 1–12. https://doi.org/10.1344/
jesb2019.2.j058
Martí, J., Alguacil, M., & Orts, V., (2017). Lo-
cation choice of Spanish multinational
rms in developing and transition econ-
omies. Journal of Business Econom-
ics and Management, 18(2), 319–339.
https://doi.org/10.3846/16111699.2015.101
3980
Mas, F., Ruiz, E., & Calderón, A., (2018). Strategic
group influence on entry mode choic-
es in foreign markets. Inte rnatio n-
al Business Review, 2 7 ( 6 ) ,
1259–1269. https://doi.org/10.1016/j.ibus-
rev.2018.05.007
Mazouz, K., Wood, G., Yin, S., & Zhang, M.,
(2021). Comprehending the outward FDI
from Latin America and OCED. Interna-
tional Business Review, 30(5). https://doi.
org/10.1016/j.ibusrev.2021.101853
Minerva, G., (2023). The strategic proxim-
ity-concentration trade-off with mul-
tiproduct multinational rms. Interna-
tional Economics, 174, 198–220. https://
doi.org/10.1016/j.inteco.2023.03.007
Montanari, M., Engracia, J., & Ribeiro, S.,
(2020). Relationship between country
brand and internationalization. Bench-
marking, 27(7), 2148–2165. https://doi.
org/10.1108/BIJ-09-2018-0277
18 Solis-Ruilova, M. E & Tonon-Ordóñez, L.
Moreno, Á., & Espinosa, R., (2018). Effects of
the Foreign Direct Investment on the
Productivity of Latin American Countries
(1990-2012). Economía: Teoría y Práctica,
49. https://doi.org/10.24275/ETYPUAM/
NE/492018/Moreno
Nasirov, S., Gokh, I., & Filippaios, F., (2022).
Technological radicalness, R&D inter-
nationalization, and the moderating
effect of intellectual property protec-
tion. Journal of Business Research, 145,
215–227. https://doi.org/10.1016/j.jbus-
res.2022.02.079
Nieto, T., y Piedrahita, J., (2019). Factores De-
terminantes de la Inversión Extranjera
Directa para Colombia en el Periodo
entre 2000-2018. Revista de Investiga-
ciones Universidad Del Quindío, 31(1),
73-83
Nikulin, K., (2020). Trade and Economic
Partnership between Spain and Lat-
in America. Sovremennaya Evropa, 3,
170–180. https://doi.org/10.15211/soveu-
rope32020170180
Opoku, E., Acheampong, A., Dzator, J., & Ku-
fuor, N., (2022). Does environmental sus-
tainability attract foreign investment?.
Business Strategy and the Environment,
31(7), 3542–3573. https://doi.org/10.1002/
bse.3104
Page, M., McKenzie, J., Bossuyt, P., Boutron,
I., Hoffmann, T., Mulrow, C., et al., (2021).
The Prisma 2020 statement. In Revista
Española de Cardiología, 74(9), 790–
799. BMJ Publishing Group. https://doi.
org/10.1136/bmj.n71
Quer, D., Rienda, L., & Andreu, R., (2019). Chi-
nese Investments in Latin America. Jour-
nal of Evolutionary Studies in Business,
4(2), 45–67. https://doi.org/10.1344/
JESB2019.2.j060
Roncal, X., (2018). Apuntes sobre la Inversión
Extranjera Directa en América Latina. In-
vestigación & Negocios, 11(17).
Ruppert, L., & Bertella, M., (2018). The inter-
nationalization of South Korean compa-
nies and the role of the state. Revista de
Economia Contemporanea, 22(2), 1–24.
https://doi.org/10.1590/198055272225
Saavedra, R., & Flores, C., (2017). La gobern-
abilidad como un determinante de la
inversión extranjera directa en América
Latina. Ensayos Revista de Economía,
36(2), 123–146.
Sánchez, M., (2020). Argentina: como país
receptor de inversiones chinas para
el desarrollo de videojuegos. Revista
Electrónica de Investigación En Cien-
cias Económicas, 7(14), 1–26. https://doi.
org/10.5377/reice.v7i14.9371
Sandler, M., Bobek, V., Maček, A., & Horvat, T.,
(2019). Greeneld investment vs. merger
and acquisition as an entry strategy in
Mexico. International Business and En-
trepreneurship Development, 12(1), 6–21.
Santos, Á., (2023). International Investment
Law in the Shadow of Populism: Between
Redomestication and Liberalism ReffEm-
bedded. Politics and Governance, 11(1),
203–213. https://doi.org/10.17645/pag.
v11i1.6220
Singh, D., & Gal, Z., (2020). Economic Freedom
and its Impact on Foreign Direct Invest-
ment. Review of Economic Perspectives,
20(1), 73–90. https://doi.org/10.2478/
revecp-2020-0004
Spillan, J., & López, M., (2021). Doing Business
in Guatemala Challenges and Opportu-
nities. Springer International Publishing.
DICERE Revista de Derecho y Estudios Internacionales
Vol. 2 N° 02 / Junio - Noviembre 2025 / e-ISSN: 3028-886X 19
Spillan, J., & Rahman, M., (2019). Doing Busi-
ness in Chile and Peru Challenges and
Opportunities. Palgrave Macmillan.
Teixeira, M., (2021). Determinants of Out-
ward FDI from Developing Economies:
Evidence for a Sample of Latin American
Countries. U. Porto, 1-61.
Tuman, J., & Shirali, M., (2017). The political
economy of Chinese foreign direct in-
vestment in developing areas. Foreign
Policy Analysis, 13(1), 154–167. https://doi.
org/10.1111/fpa.12092
Urata, S., & Baek, Y., (2023). Impact of In-
ternational Investment Agreements on
Japanese FDI A rm-level analysis.
The World Economy, 4 6 ( 8 ) ,
2306–2334. https://doi.org/https://doi.
org/10.1111/twec.13403
Valenzuela, B., & Fuenzalida, D., (2020). Efec-
tos de la inversión extranjera y compet-
itividad en el comercio y productividad
de países latinoamericanos. Economía
y Sociedad, 25(57), 1–16. https://doi.
org/10.15359/eys.25-57.6
Velásquez, S., & Vázquez, J., (2022). China
's Foreign Direct Investment in Mexi-
co 's Auto Parts-Automotive Industry:
Based on the Minth Group Case Study.
Revista Académica Del CISAN-UN-
AM, 17(2). https://doi.org/10.22201/cis-
an.24487228e.2022.2.547
Vélez, J., (2017). Del Análisis del Movimiento
Internacional de Capitales a una Teoría
de la Empresa Multinacional. Revista
Universitaria Ruta, 19(1), 22–36. le:///C:/
Users/leoro/Downloads/2572.pdf
Verdugo, R., (2017). La política española de
inmigración y los intereses económicos
de España en el extranjero. Pape-
les de Población, 23(93), 1 27 –
150. https://doi.org/10.22185/24487147.2
017.93.024
Zhang, X. (2019). The socioeconomic geog-
raphy of Chinese outward foreign direct
investment in Latin America. GeoJournal,
84(4), 961–982. https://doi.org/10.1007/
s10708-018-9902-3
Accede a todo el contenido con una prueba gratuita de 7 días
Transforma tu investigación jurídica con vLex
-
Accede a resúmenes de sentencias generados por IA, que destacan al instante los aspectos jurídicos clave.
-
Realiza búsquedas avanzadas con opciones precisas de filtrado y ordenamiento.
-
Consulta contenido jurídico completo de más de 100 jurisdicciones, incluyendo una amplia colección de libros y revistas a texto completo.
-
Disfruta de funcionalidades exclusivas como comparador de versiones de una ley, notas de vigencia, análisis de citas, y mucho más.
-
Con la confianza de más de 2 millones de profesionales, incluidas las firmas más importantes del mundo.
Accede a todo el contenido con una prueba gratuita de 7 días
Transforma tu investigación jurídica con vLex
-
Accede a resúmenes de sentencias generados por IA, que destacan al instante los aspectos jurídicos clave.
-
Realiza búsquedas avanzadas con opciones precisas de filtrado y ordenamiento.
-
Consulta contenido jurídico completo de más de 100 jurisdicciones, incluyendo una amplia colección de libros y revistas a texto completo.
-
Disfruta de funcionalidades exclusivas como comparador de versiones de una ley, notas de vigencia, análisis de citas, y mucho más.
-
Con la confianza de más de 2 millones de profesionales, incluidas las firmas más importantes del mundo.
Accede a todo el contenido con una prueba gratuita de 7 días
Transforma tu investigación jurídica con vLex
-
Accede a resúmenes de sentencias generados por IA, que destacan al instante los aspectos jurídicos clave.
-
Realiza búsquedas avanzadas con opciones precisas de filtrado y ordenamiento.
-
Consulta contenido jurídico completo de más de 100 jurisdicciones, incluyendo una amplia colección de libros y revistas a texto completo.
-
Disfruta de funcionalidades exclusivas como comparador de versiones de una ley, notas de vigencia, análisis de citas, y mucho más.
-
Con la confianza de más de 2 millones de profesionales, incluidas las firmas más importantes del mundo.
Accede a todo el contenido con una prueba gratuita de 7 días
Transforma tu investigación jurídica con vLex
-
Accede a resúmenes de sentencias generados por IA, que destacan al instante los aspectos jurídicos clave.
-
Realiza búsquedas avanzadas con opciones precisas de filtrado y ordenamiento.
-
Consulta contenido jurídico completo de más de 100 jurisdicciones, incluyendo una amplia colección de libros y revistas a texto completo.
-
Disfruta de funcionalidades exclusivas como comparador de versiones de una ley, notas de vigencia, análisis de citas, y mucho más.
-
Con la confianza de más de 2 millones de profesionales, incluidas las firmas más importantes del mundo.
Accede a todo el contenido con una prueba gratuita de 7 días
Transforma tu investigación jurídica con vLex
-
Accede a resúmenes de sentencias generados por IA, que destacan al instante los aspectos jurídicos clave.
-
Realiza búsquedas avanzadas con opciones precisas de filtrado y ordenamiento.
-
Consulta contenido jurídico completo de más de 100 jurisdicciones, incluyendo una amplia colección de libros y revistas a texto completo.
-
Disfruta de funcionalidades exclusivas como comparador de versiones de una ley, notas de vigencia, análisis de citas, y mucho más.
-
Con la confianza de más de 2 millones de profesionales, incluidas las firmas más importantes del mundo.
