“…Brenck and Peter identified several advantages that helped the Connex group win the German HSR market, that is, small overheads, decentralized firm organization, substantial responsibility for regional branches and high flexibility, specialized regional marketing activities, and significant labor cost advantages (Brenck & Peter, 2007). Besides, more factors influencing the bidding result were found out by previous studies, such as sustainable profitability (Finger & Rosa, 2012; To, Lee, & Billy, 2020), relationship capital (Séguret, 2009), leadership (Tan, Shuai, Shen, Hou, & Zhang, 2019), service system (Brockmeyer, 2012), and so forth.…”