<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-5051</journal-id>
<journal-title><![CDATA[Innovar]]></journal-title>
<abbrev-journal-title><![CDATA[Innovar]]></abbrev-journal-title>
<issn>0121-5051</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas. Universidad Nacional de Colombia.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-50512019000300099</article-id>
<article-id pub-id-type="doi">10.15446/innovar.v29n73.78025</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El factor institucional en el emprendimiento por oportunidad de América Latina y el Caribe]]></article-title>
<article-title xml:lang="en"><![CDATA[THE INSTITUTIONAL FACTOR ON OPPORTUNITY ENTREPRENEURSHIP IN LATIN AMERICA AND THE CARIBBEAN]]></article-title>
<article-title xml:lang="pt"><![CDATA[O FATOR INSTITUCIONAL NO EMPREENDIMENTO POR OPORTUNIDADE DA AMÉRICA LATINA E DO CARIBE]]></article-title>
<article-title xml:lang="fr"><![CDATA[LE FACTEUR INSTITUTIONNEL DANS L'ENTREPRENEURIAT PAR OPPORTUNITE EN AMERIQUE LATINE ET LES CARAÏBES]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Saavedra-Leyva]]></surname>
<given-names><![CDATA[Rafael Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Texis Flores]]></surname>
<given-names><![CDATA[Michelle]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Baja California  ]]></institution>
<addr-line><![CDATA[Tijuana ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Puebla  ]]></institution>
<addr-line><![CDATA[Puebla ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2019</year>
</pub-date>
<volume>29</volume>
<numero>73</numero>
<fpage>99</fpage>
<lpage>112</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-50512019000300099&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-50512019000300099&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-50512019000300099&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN: Este artículo estudia el efecto de las instituciones en los emprendimientos por oportunidad en América Latina y el Caribe durante el periodo 2005-2016. Se propone un modelo de emprendimiento, en el que se emplean indicadores de gobernabilidad y un índice de eficiencia gubernamental como proxies institucionales junto con otras variables explicativas. A través de un panel desbalanceado, los resultados muestran la existencia de un efecto positivo y significativo en cada una de las variables institucionales con relación a la actividad emprendedora, confirmando la importancia del papel institucional en el emprendimiento por oportunidad. En conclusión, aquellas naciones que pretendan fomentar este tipo de actividad emprendedora deberán generar y conservar un entorno institucional transparente y diligente, permitiendo a los emprendedores aprovechar las oportunidades de negocio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT: This paper studies the effect of institutions on opportunity entrepreneurship in Latin America and the Caribbean during the period 2005-2016. An entrepreneurial model is proposed, using governance indicators and an index of government efficiency as institutional proxies along with other explanatory variables. Through an unbalanced panel, the results show a positive and significant effect in each institutional variable in relation to the entrepreneurial activity, confirming the importance of the institutional role for opportunity entrepreneurship. In conclusion, the countries that intend to promote this type of entrepreneurial activity should generate and maintain a transparent and diligent institutional environment that allows entrepreneurs to take advantage of business opportunities.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO: Este artigo estuda o efeito das instituições nos empreendimentos por oportunidade na América Latina e no Caribe durante o período 2005-2016. Propõe-se um modelo de empreendimento em que sejam empregados indicadores de governabilidade e um índice de eficiência governamental como proxies institucionais junto com outras variáveis explicativas. Por meio de um painel desbalanceado, os resultados mostram a existência de um efeito positivo e significativo em cada uma das variáveis institucionais quanto à atividade empreendedora, o que confirma a importância do papel institucional no empreendimento por oportunidade. Em conclusão, aquelas nações que pretendam fomentar esse tipo de atividade empreendedora deverão gerar e conservar um ambiente institucional transparente e diligente, que permita aos empreendedores aproveitarem as oportunidades de negócio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[RÉSUMÉ: Cet article étudie l'effet des institutions sur les entrepreneuriats par opportunité en Amérique latine et les Caraïbes au cours de la période 2005-2016. On propose un modèle d'entreprise dans lequel on utilise des indicateurs de gouvernance et un indice d'efficacité du gouvernement comme variables de substitution institutionnelles avec d'autres variables explicatives. À travers un panel déséquilibré, les résultats montrent l'existence d'un effet positif et significatif sur chacune des variables institutionnelles en relation avec l'activité entrepreneuriale, en confirmant ainsi l'importance du rôle institutionnel dans l'entrepreneuriat par opportunité. En conclusion, les pays qui entendent promouvoir ce type d'activité entrepreneuriale devraient créer et préserver un environnement institutionnel transparent et diligent, permettant aux entrepreneurs de tirer parti des opportunités commerciales.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[instituciones]]></kwd>
<kwd lng="es"><![CDATA[emprendimiento por oportunidad]]></kwd>
<kwd lng="es"><![CDATA[gobernabilidad]]></kwd>
<kwd lng="en"><![CDATA[Institutions]]></kwd>
<kwd lng="en"><![CDATA[opportunity entrepreneurship]]></kwd>
<kwd lng="en"><![CDATA[governance]]></kwd>
<kwd lng="pt"><![CDATA[empreendimento por oportunidade]]></kwd>
<kwd lng="pt"><![CDATA[governabilidade]]></kwd>
<kwd lng="pt"><![CDATA[instituições]]></kwd>
<kwd lng="fr"><![CDATA[institutions]]></kwd>
<kwd lng="fr"><![CDATA[entrepreneuriat par opportunité]]></kwd>
<kwd lng="fr"><![CDATA[gouvernabilité]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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