Abstract
AbstractThe body of knowledge in decision making about international construction market entry has been primarily focused on identifying risk factors, quantifying risks, and developing risk management strategies for construction firms to be more likely to succeed in international markets (e.g., risk registrars, industry checklists, entry procedures, and quantitative/qualitative risk assessment models). Going international can also be considered as a large-scale investment for a firm because it has all three major characteristics of an investment decision: (1) entering an international market requires a substantial level of initial outlays; (2) this initial capital is not completely recoverable if the firm decides to exit the market; and (3) the success of an international construction business venture is subject to great market uncertainty, which is exogenous to the firm. Traditionally, financial valuation of international construction markets is conducted by net present value (NPV) analysis approach. Alt...
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