How Does the One Belt One Road Initiative Affect the Chinese International Architecture, Engineering, and Construction Firms? Empirical Analysis Based on Propensity Score Matching and Difference-in-Differences Method

With the proposal of the "One Belt One Road (OBOR) initiative", the Chinese architecture, engineering, and construction (AEC) industry has increasingly been exploring the overseas markets. This paper adopted the propensity score matching and difference-in-differences (PSM-DID) method to evaluate the impact of the OBOR Initiative on Chinese international contractors and consulting firms, respectively. The results shows that the OBOR Initiative significantly stimulated the overseas market development of contractors, whereas it had no positive impact on consulting firms. The results may provide comprehensive guidance for industry practitioners, policymakers, and scholars to correctly understand the different characteristics of international contractors and consulting firms, thereby formulating a targeted development strategy.