Determinants of business attraction: a comprehensive review and analysis
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Abstract
Business attraction is a phenomenon that involves concentration and agglomeration processes, essential for the socio-economic development of regions and territories. The academic community has focused its efforts on developing tools and strategies to enhance this process at local, regional, and national levels. The objective of this paper is to present a literature review related to the processes of territorial business attraction, its determinants, and most relevant dimensions. This article provides literature review based on 72 relevant studies sourced from recognized databases like SCOPUS and Google Scholar, mainly focusing on research from the last two decades. A significant gap is highlighted in studies centered on the Latin American context and in specific literature reviews on business attraction. From this analysis, three essential elements arise that determine a territory's ability to attract businesses: the business ecosystem, strong institutional structures, and the transition towards smart cities that bolster business attraction. Despite the vast literature in economic geography and territorial development, there is a clear need for more research focused on developing regions. This presents an opportunity for academia to identify, fill these gaps and propose strategies that result in increased competitiveness and territorial productivity, benefiting both the business sector and public policy makers
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