costs of terrorism, organized crime or violence. Finally, it must be shown
that competitive environment can be analyzed and evaluated on the one hand
in terms of judicial independence, of the ethical behavior of firms, and on the
other hand in terms of auditing and reporting standards, the effectiveness of
companies boards, the protection of minority shareholders and not least, the
power or strength of investor protection. It appears that this complex
competitive environment is determined decisively by the institutional
component that leaves its mark in the development and capitalization of
potential competition.