The main purpose of this paper is to analyze the entrepreneurship research activity that uses the institutional approach as a conceptual framework in the specific context of Latin America. To do so, a semi-systematic literature review is conducted using 24 articles published between 2009 and 2021 in major entrepreneurship journals. The results show that institutional conditions significantly shape entrepreneurial dynamics. The review highlights a two-way relationship between formal and informal institutions that can either drive or hinder ventures. Policymakers should thus prioritize a comprehensive institutional approach to enhance entrepreneurial growth and boost regional prosperity. This is the first review of entrepreneurship research from the institutional approach in the Latin American context.