Abstract
An important issue for international businesses and academia is selecting countries in which to expand in order to achieve entrepreneurial sustainability. This study develops a country selection model for sustainable construction businesses using both objective and subjective information. The objective information consists of 14 variables related to country risk and project performance in 32 countries over 25 years. This hybrid model applies subjective weighting from industrial experts to objective information using a fuzzy LinPreRa-based Analytic Hierarchy Process. The hybrid model yields a more accurate country selection compared to a purely objective information-based model in experienced countries. Interestingly, the hybrid model provides some different predictions with only subjective opinions in unexperienced countries, which implies that expert opinion is not always reliable. In addition, feedback from five experts in top international companies is used to validate the model’s completeness, effectiveness, generality, and applicability. The model is expected to aid decision makers in selecting better candidate countries that lead to sustainable business success.
Highlights
Construction businesses have focused on the domestic market because it is less risky and more familiar than the international market [1]
With respect to country risk, the rate of coincidence between the actual performance (AP) and Objective and Subjective Information-Based Model (OSIM) is calculated at 82%, which is more accurate than the 71% coincidence rate between AP and objective information-based model (OIM)
The rate of coincidence between the AP and OSIM is 76%, which is more accurate than the 59% coincidence rate between AP and OIM. These results show that OSIM has more accurate selection than OIM because OSIM can reflect the company’s market position and business capability to the entry country, but OIM cannot
Summary
Construction businesses have focused on the domestic market because it is less risky and more familiar than the international market [1]. DGilovbidalebdusiinnteosstswtroatemgiaeisningtrhoeucponss:trouncteioenxianmduisntriny ghagvleobbeaelncsotundsiterduicntitoernmbsusiness strategioTefhseintsoetewsrtnuaadrtdiioessnaicnloivzueastntiiotgrnaite[e2sd1,ob2uv2]se,irncaeolsuls,ndtareyncidsdiiovtnherfeasicfotioctahrsteiloriknee[xc1oa,5um,2n3itrn],ieiansn’gmd caeornkntersyttsrmiuzoec,dtgieorodnwecmtihsiaroarntkese, [st3t,aa2b4ni,la2it5lyy],.sis of a specificacnoducnotmryp.eGtitlioonbainl tbeunssiitny,easnsdstsruagtgeegsiteesdignlotbhael cbounsisntersuscsttiroanteginiedsutostsrtyabhilaizveeobreeexnpasntuddgileodbailn terms of intermnaatrikoent sahliazreattiooanch[i2e1v,e2s2u]s,tcaionuabnlterysucdcievses.rMsifieacnawtihoinle,[m1,a5r,k2e3t]a,naanlydseesnfotrryspmecoifidcecoduenctrisieisohnasv[e3,24,25] These studies investigated business decision factors like countries’ market size, growth rate, stability, and competition intensity, and suggested global business strategies to stabilize or expand global market share to achieve sustainable success. Another study extracted four group factors important for country classification, namely business environment, market opportunity, possibility of project success, and market experience, when Korean contractors engage in international construction [6]. These studies consider long-term factors and short-term variables for country selections. This study attempts to analyze and develop variables for a country selection model for sustainable construction business
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