Combining process analysis method and four-pronged approach to integrate corporate sustainability metrics for assessing international construction joint ventures performance

Abstract

While the number of publications on international construction joint ventures (ICJVs) performance assessment has gained attention, yet it suffers from the lack of complete and standardized appraisal. The incomplete ICJV performance metrics and the neglection of corporate sustainability (CS) performance indicators in the ICJVs performance assessment are the prime reasons for its inadequacy. This paper systematically reviews the literature on ICJVs performance measurement and integrates CS indicators into ICJV performance assessment using a hybrid technique, fusing process analysis method and four-pronged approach. Based on 86 articles retrieved from Scopus and the Web of Science, the results point out that while traditional economic indicators account for more than half of the extracted indicators, environmental and social indicators have been partially considered in ICJVs performance measurement. Moving forward, organizations have embraced the CS agenda, and its integration into businesses has been intensively present. In this study, 36 performance indicators were identified and categorized into five major constructs, namely: project-based performance, company/partner performance, perceived satisfaction, performance of the ICJV management, and socio-environmental performance. The novel contributions include updating and aggregating the discrete ICJVs performance metrics and introducing a new dimension of performance assessment into ICJVs. This study offers potential avenues for future research by triggering a shift from the confined economic and incomplete ICJV performance appraisal to a more complete and standardized performance evaluation. Consequently, managers and practitioners can use the novel framework for assessing their performance and reporting purposes. This study can contribute to global sustainable development and corporate competitive advantage. Lastly, this study enriches both ICJV performance and sustainability literature by providing a systematic review of extant literature.