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The purpose of this paper is to introduce the special issue “The Entrepreneurship Challenges in Latin America”.

Latin America and the Caribbean is a region with many potentialities. Like one of the largest markets in the world, entrepreneurship activities can constitute a key element to enhance regional competitiveness.

This study makes a general overview of entrepreneurship dynamics in Latin America and its contexts. This study presents the eight manuscripts that constitute the special issue.

This study contributes to current academic conversations and highlights the relevance of continuing inquiring about the entrepreneurship phenomena at the regional level.

This study expects that this special issue will help the region’s scholarly entrepreneurship community and others interested in Latin America. This study also believes that this special issue manuscript makes a relevant contribution to policy and practice.

This study aims to analyze the effects of microentrepreneurs’ knowledge transfer (KT) on personal improvement (PI) and business improvement (BI).

The study was developed in two stages: a literature review based on KT and the learning process in microenterprises to have managerial competence and PI and BI to acquire the managerial competence that entrepreneurs need. The second stage was constructing a structural model based on 107 questionnaires and bootstrapping of 5,000 replications of microentrepreneurs who went through a training program (quantitative) and a focus group (qualitative). This study had a mixed approach, exploratory scope and experimental design.

The research showed real evidence about the performance level of microentrepreneurs when they passed through the process of KT and its impact on PI and BI. This research considers their managerial competencies, and the findings show a relationship between the theory of individual and organizational learning.

This study considered Peruvian microentrepreneurs who participated in a virtual training program that included several courses related to their current environments and topics of interest. The analyzed period covered the years affected by COVID-19.

The model reveals that KT is relevant to PI and BI. Performance was measured regarding growth, income, innovation, productivity and responsibility before and after the program.

This research analyzed the need for training microentrepreneurs for personal and private reasons under a COVID-19 scenario to foster their businesses and assume financial responsibilities. This study considered Peru’s reality, a country in which 94.9% of companies are microenterprises. The study revealed that microentrepreneurs improved their personal and professional lives and addressed relevant social problems that affect their environments because of the KT effects.

This study bridges the gap in the literature on how the theory of KT can be applied to entrepreneurs. This study revealed significant findings in terms of PI and BIs. The impact of KT indicates the relevance of managerial competencies related to the performance level obtained in terms of growth, income, innovation, productivity and responsibility.

The purpose of this study is two-fold: to determine the extent to which companies’ efforts aimed at sustainable business practices consider stakeholders in their organisations and business networks, the marketplace and society; and to validate or refute a stakeholder framework of business sustainability efforts within focal companies, the marketplace, society and business networks.

The study is based on a questionnaire survey targeting large companies across industries and sectors in Spain. The sample consisted of 231 companies generating a useable response rate of 38.5 per cent. Exploratory factor analysis was performed on a cross-industry sample to test a five-dimensional framework.

This study reports on the validation of initial and refined factor solutions. The factor analysis confirmed five stakeholder dimensions related to business sustainability efforts of organisations, their business networks, marketplace and society. The validated results indicate satisfactory convergent, discriminant and nomological validity and reliability through time and across contexts.

The stakeholder framework in connection with business sustainability efforts in supply chains consisting of five factors was validated: the focal company, downstream stakeholders, societal stakeholders, market stakeholders and upstream stakeholders. Suggestion for further research is provided.

The validated framework of stakeholders allows an insight into the environment in which stakeholders operate and how they influence the focal company.

The manuscript contributes to the validation of a stakeholder framework of business sustainability efforts within focal companies, their business networks, the marketplace and society. The measurement properties provide support for acceptable validity and reliability across contexts and through time.

The purpose of this paper is to validate or refute the previous empirical findings of a TBL dominant logic for business sustainability and to expand the TBL dominant logic for business sustainability with additional dimensions and items. The study aims to provide bottom-up-based multi-dimensional framework in relation to the sustainable development goals (SDG) of the UN 2030 agenda for sustainable development.

Key corporate informants in top Spanish companies were requested to participate in the study. A total of 89 usable questionnaires were returned, generating an initial response rate of 42.4%.

A framework for a TBL-dominant logic in the context of business sustainability has been empirically tested successfully across contexts and through time, thus providing substantiation for universal applicability.

This study provides a relevant and important substantiation for validity and reliability across contexts and through time. It is important in research to establish a theoretical framework at the corporate level for business sustainability in connection with SDGs. This study is not without its limitations, but offers opportunities for further research.

The framework provides practitioners with a foundation to assess their efforts at business sustainability, taking into account a broad selection of aspects across environmental, social and economic elements that contribute to SDGs.

This study makes two relevant and valuable contributions to developing a framework of TBL dominant logic for business sustainability, namely, validation and expansion. It offers also multiple opportunities for both research and practice to assess business sustainability efforts across environmental, social and economic aspects in relation to SDGs.

The purpose of this paper is to test the structural properties of a stakeholder research model of focal company business sustainability and the associated consideration of upstream, downstream, market and societal stakeholders.

Based on two industrial business samples in Norway and Spain, partial least squares– structural equation modelling (PLS-SEM) was applied to empirically test a research model consisting of five stakeholder constructs.

The model was tested in Norway and validated in Spain. An analysis of the path coefficients and levels of significance shows that all relationships in the research model were significant and meaningful.

This paper develops a model that explains and predicts company considerations of other stakeholders in the business sustainability efforts within supply chains (both upstream and downstream) and also beyond in the market and society.

The results of this study can guide companies in structuring, planning and implementing business sustainability in their supply chains, the marketplace and the society. It can also provide a foundation for monitoring and follow-up assessment of corporate decision-making.

This study contributes to supply chain management (SCM) and stakeholder theory to establish a framework for business sustainability with respect to company stakeholders in supply chains.

The purpose of this paper is to describe: corporate reasons for, and organizational challenges of sustainable business models; and the evolution of economic effects, social boundaries and environmental actions in sustainable business practices.

This study is based on insights gained from eight Norwegian companies in different industries. Purposeful sampling was employed to ensure that the companies had sustainable business models beyond the level of mere compliance, of sustainable business practices in the marketplace and society. A deductive approach to data collection ensured that the companies had sufficient understanding to relate their sustainable business practices to interviewers. The interviews were subsequently transcribed and analyzed systematically by the research team.

The empirical findings indicate evolutionary changes as companies move on a continuum from superficial to embedded sustainable business models and the application of sustainable business practices. The planning, implementation and evaluation of sustainable business models evolves over time within companies and their supply chains, as well as in the marketplace and society.

A limitation of this study is that it is exclusively undertaken in Norwegian companies, although the companies are from different industries with different characteristics. Future research is clearly necessary and will be conducted in other countries in similar industries, so as to explore the empirical findings from this study in other contexts. In addition, the interfaces between environmental actions, economic effects and social boundaries need to be investigated further.

The study contributes to a growing body of knowledge on corporate reasons for and organizational challenges of sustainable business models, as well as environmental, social and economic aspects of sustainable business practices.

This paper aims to provide an examination of the ongoing internationalisation processes undertaken by 30 major multinational Colombian-owned firms. It also presents a theoretical overview and a conceptual framework for the understanding of internationalisation patterns from emerging countries’ multinational enterprises.

This study is built based both on the results collected from comparative case studies based in the literature and empirical observations of Colombia’s patterns. This study observed the evolution in terms of commitment and investment decisions that 30 major Colombian companies have undergone specially within the past decade.

Although, it was found that direct exports is the widespread entry mode of Colombian companies to foreign markets, most of the observed firms preferred the consolidation in host markets through Mergers & Acquisitions instead of using Greenfield investments or joint ventures. These observations might suggest similarities with the process of internationalisation of Asian tigers multinationals, which means that they are consolidating their internationalisation process based on their learning, linkages and leverages capabilities. Furthermore, Colombian companies are following the internationalisation pattern of other multilatinas. These companies have first explorer natural markets for them; in other words, they have first attempt to be established in markets that share psychic features, and similar institutional environments, as psychic and physical proximity reduces risk and facilitates foreseen return of investments, and therefore long-term capital accumulation.

This study has some limitations that suggest further research. First, although the observed firms share one main characteristic: being Colombian-owned multinationals, they belong to diverse fields, so this might pose difficultly for the creation of a framework that explains other multinationals drivers to internationalise. A second limitation is that this analysis does not deepen into the internationalisation patterns of multilatinas from countries other than Colombia; this leaves room for further research questions that might deal with the issue of analysing advantages and disadvantages in the internationalisation process of developing country multinational corporations (DCMCs). A third limitation is that this study does not have a longitudinal approach, so this paper does not intent to provide definitive information about cause-and-effect relationship regarding the drivers for DCMCs to internationalize, instead, this study is intended to provide an analysis of the outward foreign direct investment decisions of Colombian multinational firms.

There is limited research based on primary data on accessing the internationalisation process of Colombian multinational companies. This paper offers a research framework and results which could be replicated in other Developing Country Multinational Corporation (DCMNC), and could also be studied longitudinally. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could possibly support managerial decisions.

There is limited research based on primary data on accessing the process of internationalisation of Colombian multinational companies. This paper offers research framework and results which could be replicated in other DCMNC, and also could be longitudinally studied. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could eventually support managerial decisions.

The purpose of this paper is twofold: to determine the extent to which companies’™ efforts of sustainable business practices consider stakeholders within their organisations, business networks, the marketplace and society, and to develop and test a stakeholder construct in the context of companies’™ business sustainability efforts within their business networks, the marketplace and society by identifying underlying dimensions and items.

A mixed-method approach was used. First, qualitative research involving a case study approach was followed so as to describe how companies in different industries in Norway implement and manage sustainable business practices. This was followed by a quantitative research phase to empirically measure and test a stakeholder construct in the context of business sustainability efforts, which is reported here.

The results report both an initial factor solution as well as a refined factor solution. The factor analyses confirmed five stakeholder dimensions related to business sustainability in a cross-industry sample of organisations, their business networks, marketplace and society. These include: the focal company, downstream stakeholders, societal stakeholders, market stakeholders and upstream stakeholders. The results indicate satisfactory convergent, discriminant and nomological validity, as well as reliability of each dimension.

The study provides a stakeholder construct in the context of business sustainability efforts in focal companies and their business networks, the marketplace and society, based upon five common dimensions. The multi-dimensional framework may be used in both qualitative and quantitative research in future. It may also be used to assess stakeholders’™ business sustainability efforts.

The multi-dimensional framework is useful for practitioners to obtain an indication of stakeholders’™ business sustainability efforts in relation to focal companies and their business networks, the marketplace and society.

The study provides a general stakeholder construct in the context of business sustainability efforts in business networks, the marketplace and society. The proposed framework can be incorporated in further studies and could be used to assess the general status of stakeholders’™ sustainability efforts in their networks, the marketplace and society.

The purpose of this paper is to analyse the effects of institutional changes on business landscapes and companies performance in Brazil.

The authors have developed a multiple empirical strategy, including qualitative and quantitative methods. As a qualitative method, we used business landscapes to describe how clustered firm performance varies across industries. We collected return on equity (ROE) and equity data from Brazilian listed companies in a 24-years range, and compared three different 8-years institutional periods. As a quantitative method, the authors compared variance across periods and developed a panel analysis assuming fixed and random effects models.

The main results indicate that ROE differences among institutional periods in Brazil are relevant, indicating that there is an important institutional effect on performance and the impacts of those institutional effects may be different across industries. The impact of institutional changes seems to be considerable in understanding industry and firm performance. In addition, the improvement of the institutional framework increases the variance of firm performance around the mean.

The limitations are related to the sample, classification treatment for missing values and outliers.

Managers should consider that institutional settings affect industries in a different manner when developing their strategies.

Despite the fact that the importance of industry, firm and time effects has been empirically examined, there is still an empirical gap concerning if and how institutional changes affect industries and the configuration of business landscapes.