Country Selection Model for Sustainable Construction Businesses Using Hybrid of Objective and Subjective Information
Korea Research Center for Overseas Construction, International Contractors Association of Korea, Seoul 04513, Korea
Department of Civil and Environmental Engineering, Yonsei University, Seoul 03722, Korea
Authors to whom correspondence should be addressed.
Academic Editor: Domingo Ribeiro-Soriano
Sustainability 2017, 9(5), 800; https://doi.org/10.3390/su9050800
Received: 23 March 2017 / Revised: 4 May 2017 / Accepted: 5 May 2017 / Published: 11 May 2017
(This article belongs to the Special Issue Entrepreneurial Sustainability: New Innovative Knowledge)
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.