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Entry Strategies for International Construction Markets

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Entry Strategies for International Construction Markets ENTRY STRATEGIES FOR INTERNATIONAL CONSTRUCTION MARKETS by Chuan Chen Technical Report No.50 December 2005 Computer Integrated Construction Research Program The Pennsylvania State University ©Copyright University Park, PA, 16802 USA The thesis of Chuan Chen was reviewed and approved* by the following: John I. Messner Assistant Professor of Architectural Engineering Thesis Advisor Chair of Committee Ann E. Echols Assistant Professor of Management and Organization Michael J. Horman Assistant Professor of Architectural Engineering David R. Riley Associate Professor of Architectural Engineering H. Randolph Thomas Professor of Civil Engineering Richard A. Behr Professor of Architectural Engineering Head of the Department of Architectural Engineering *Signatures are on file in the Graduate School iii ABSTRACT An entry mode is an institutional arrangement that makes possible the entry of a company’s services, technology, human skills, management or other resources into a foreign country. Selecting an inappropriate entry mode can lead to significant negative consequences. Entry mode selection is therefore one of the most critical decisions in international construction. The purpose of this research was to understand various entry modes and improve the selection decision for international construction companies. Comparative case studies identified and defined 10 basic entry modes utilized in the international construction arena: 1) strategic alliance, 2) local agent, 3) licensing, 4) joint venture company, 5) sole venture company, 6) branch office / company, 7) representative office, 8) joint venture project, 9) sole venture project, and 10) BOT / equity project. Basic entry modes can be combined or sequenced throughout the entry into a single geographic market. These entry modes can be classified into a dichotomy: permanent entry (joint venture company, sole venture company, branch office / company, and representative office) versus mobile entry (joint venture project, sole venture project, and BOT / equity project), which differ primarily in investment risk exposure, resource commitment, and flexibility. Complementary business and economic theories suggested 13 home country specific, home-host country specific, host country specific, and entrant specific factors that can influence the selection between permanent entry and mobile entry. Hypotheses were developed centering on these factors, e.g., with other conditions being equal, contractors are less likely to use permanent entry modes for a target market with a high competitive intensity. Binary logistic regression analysis of empirical data was used to test these hypotheses. The results were interpreted and analyzed. In addition, the regression analysis, together with a two sample t-test, provided a descriptive as well as normative statistical model for selecting superior entry modes to penetrate target foreign construction markets. iv TABLE OF CONTENTS LIST OF FIGURES ...................................................................................................x LIST OF TABLES .....................................................................................................xiii ACKNOWLEDGEMENTS ......................................................................................xv CHAPTER 1 INTRODUCTION...........................................................................1 1.1 Background....................................................................................................1 1.2 Problem Statement.........................................................................................2 1.3 Research Objectives.......................................................................................4 1.4 Research Methodology ..................................................................................5 1.5 Scope..............................................................................................................5 1.6 Relevance.......................................................................................................8 1.7 Reader’s Guide ..............................................................................................8 CHAPTER 2 RESEARCH METHODOLOGY...................................................10 2.1 Introduction....................................................................................................10 2.2 Research Process ...........................................................................................12 2.2.1 Define Research Questions..................................................................13 2.2.2 Entry Mode Definition ........................................................................15 2.2.3 Entry Mode Selection..........................................................................15 2.3 Research Techniques .....................................................................................16 2.3.1 Data Collection....................................................................................16 2.3.2 Case Study...........................................................................................17 2.3.3 Survey................................................................................................19 2.3.4 Statistic Analysis .................................................................................20 2.4 Summary........................................................................................................20 CHAPTER 3 LITERATURE REVIEW...............................................................23 3.1 Entry as a Strategic Issue...............................................................................24 3.1.1 Strategic Planning and Management: a Construction Perspective ......24 3.1.2 Internationalization Process.................................................................31 3.1.3 Entry Barriers ......................................................................................33 3.1.4 Entry Timing .......................................................................................34 3.1.5 Market Selection..................................................................................35 3.1.6 Entry Mode Selection..........................................................................38 3.2 Entry as an Organizational Issue ...................................................................41 v 3.3 Entry for International Construction Markets................................................42 3.3.1 International Project Go / No-Go Decision.........................................42 3.3.2 Internationalization of Construction Firms .........................................46 3.3.3 Some Entry Modes Examined in International Construction Literature..............................................................................................47 3.3.4 International Construction Market Structure, Trends, and Future ......51 3.3.5 Other Related Topics in International Construction............................52 3.4 Concluding Remarks .....................................................................................54 3.5 Summary........................................................................................................55 CHAPTER 4 AN OVERVIEW OF THE INTERNATIONAL CONSTRUCTION MARKET ENTRY............................................................57 4.1 A General Review of the Hisotry of International Construction...................57 4.1.1 Pre-World War II period .....................................................................57 4.1.2 Post-World War II Period until 1992...................................................59 4.1.3 The Past Decade: an Empirical Analysis.............................................63 4.1.3.1 Major Forces in the Global Construction Market .....................64 4.1.3.2 Major Construction Markets .....................................................65 4.1.3.3 Firm Market Share by Regions .................................................69 4.2 Comments on the Chronological Review......................................................70 4.3 The Increasing Popularity of Permanent Entry .............................................71 4.4 Voices from the Industry during the Past Two Decades: A New Trend .......72 4.5 An Empirical Investigation of the Mobile Versus Permanent Entry Dichotomy .....................................................................................................77 4.6 Summary........................................................................................................83 CHAPTER 5 ENTRY MODE DEFINITION ......................................................84 5.1 Methodology..................................................................................................84 5.2 Basic Entry Modes for International Construction Markets..........................88 5.2.1 Strategic Alliance (SA)........................................................................88 5.2.2 BOT / Equity Project...........................................................................91 5.2.3 Joint Venture (JV) Project .................................................................94 5.2.4 Representative Office (RO).................................................................96 5.2.5 Licensing .............................................................................................98 5.2.6 Local Agent (LA) ................................................................................99 5.2.7 Joint Venture (JV) Company.........................................................100
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