Formal institutions, ICSID arbitration and firm performance: evidence from Latin America

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dc.contributor.authorEnriquez-Perales, Sarela
dc.contributor.authorGarcia-Gomez, Conrado Diego
dc.contributor.authorDíez-Estaban, José María
dc.contributor.authorLizarzaburu Bolaños, Edmundo R.
dc.date.accessioned2022-05-31T01:22:33Z
dc.date.available2022-05-31T01:22:33Z
dc.date.issued2022-04-25
dc.description.abstractThis paper analyzes how a country’s formal institutional quality impacts the performance of listed companies across different Latin American countries (namely, Argentina, Brazil, Colombia, Mexico, Peru, and Chile) and industries. Latin America provides a unique setting to address this question due to the region’s high institutional instability. The sample consists of 571 large listed companies, with a total of 8576 observations, for the period 2004–2019. Results show that the quality of a country’s formal institutions is positively related to firm performance, measured through two alternative variables (ROA and Tobin’s Q). Additionally, countries that are signatories of the ICSID agreement provide companies with a more stable environment in which to do business, which ultimately has a positive impact on their performance. However, as the number of cases recorded before the ICSID increases, the relationship turns negative. The paper provides a more comprehensive understanding of formal institutions by considering six alternative governance dimensions. Moreover, international arbitration is found to be a substitute for formal institutions in Latin American countries.en_EN
dc.formatapplication/pdf
dc.identifier.citationEnriquez-Perales, S., García-Gómez, C.D., Díez-Esteban, J.M., & Lizarzaburu Bolaños, E. R. (2022). Formal institutions, ICSID arbitration and firm performance: evidence from Latin America. Eurasian Business Review, 12(2), 1-36. https://doi.org/10.1007/s40821-022-00213-4
dc.identifier.doihttps://doi.org/10.1007/s40821-022-00213-4
dc.identifier.urihttps://hdl.handle.net/20.500.12640/2975
dc.language.isoeng
dc.publisherSpringer
dc.publisher.countryTR
dc.relation.ispartofurn:issn:1309-4297
dc.relation.ispartofurn:issn:2147-4281
dc.relation.urihttps://link.springer.com/content/pdf/10.1007/s40821-022-00213-4.pdf
dc.rightsinfo:eu-repo/semantics/openAccess*
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectFormal institutionsen_EN
dc.subjectICSIDen_EN
dc.subjectInstituciones formaleses_ES
dc.subjectArbitrationen_EN
dc.subjectCIADIes_ES
dc.subjectFirm performanceen_EN
dc.subjectArbitrajees_ES
dc.subjectDesempeño de la firmaes_ES
dc.subjectLatin Americaen_EN
dc.subjectAmérica Latinaes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleFormal institutions, ICSID arbitration and firm performance: evidence from Latin Americaen_EN
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.type.versioninfo:eu-repo/semantics/publishedVersion
local.author.orcidhttps://orcid.org/0000-0002-8862-5624
oaire.citation.endPage36
oaire.citation.issue2
oaire.citation.startPage1
oaire.citation.titleEurasian Business Review
oaire.citation.volume12
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