Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach

References

• Abbas, A. E., & Sun, Z. (2015). Multiattribute utility functions satisfying mutual preferential independence. Operations Research, 63(2), 378–393. doi:10.1287/opre.2015.1350
   Web of Science ®Google Scholar
• Acharya, V. V., Gottschalg, O. F., Hahn, M., & Kehoe, C. (2013). Corporate governance and value creation: Evidence from private equity. Review of Financial Studies, 26(2), 368–402. doi:10.1093/rfs/hhs117
   Web of Science ®Google Scholar
• Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders' protection or expropriation? Journal of Business Finance & Accounting, 37(5–6), 648–667. doi:10.1111/j.1468-5957.2010.02192.x
   Web of Science ®Google Scholar
• Alimehmeti, G., & Paletta, A. (2014). Corporate governance indexes: The confounding effects of using different measures. Journal of Applied Economics and Business Research, 4(1), 64–79.
   Google Scholar
• Andriosopoulos, D., Gaganis, C., Pasiouras, F., & Zopounidis, C. (2012). An application of multicriteria decision aid models in the prediction of open market share repurchases. Omega, 40(6), 882–890. doi:10.1016/j.omega.2012.01.009
   Web of Science ®Google Scholar
• Bae, K. H., Baek, J. S., Kang, J. K., & Liu, W. L. (2012). Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence. Journal of Financial Economics, 105(2), 412–435. doi:10.1016/j.jfineco.2012.02.007
   Web of Science ®Google Scholar
• Bagherikahvarin and De Smet (2017). Determining new possible weight values in PROMETHEE: A procedure based on data envelopment analysis. Journal of the Operational Research Society, 68(5), 484–495. doi:10.1057/s41274-016-0107-1
   Web of Science ®Google Scholar
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. doi:10.1177/014920639101700108
   Web of Science ®Google Scholar
• Bebchuk, L. A., Cohen, A. (2005). The costs of entrenched boards. Journal of Financial Economics, 78(2), 409–433. doi:10.1016/j.jfineco.2004.12.006
   Google Scholar
• Bebchuk, L., Coates, J. C., IV., & Subramanian, G. (2002). The powerful antitakeover force of staggered boards: Theory, evidence and policy (No. w8974). National Bureau of Economic Research.
   Google Scholar
• Bebchuk, L., Cohen, A., & Ferrell, A. (2006). What matters in corporate governance? Review of Financial Studies, 22(2), 783–827. doi:10.1093/rfs/hhn099
   Web of Science ®Google Scholar
• Behzadian, M., Kazemzadeh, R. B., Albadvi, A., & Aghdasi, M. (2010). PROMETHEE: A comprehensive literature review on methodologies and applications. European Journal of Operational Research, 200(1), 198–215. doi:10.1016/j.ejor.2009.01.021
   Web of Science ®Google Scholar
• Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. doi:10.1016/j.jcorpfin.2008.03.006
   Web of Science ®Google Scholar
• Bhagat, S., Bolton, B., & Romano, R. (2008). The promise and peril of corporate governance indices. Columbia Law Review, 108(8), 1803–1882.
   Web of Science ®Google Scholar
• Black, B., De Carvalho, A. G., Khanna, V., Kim, W., & Yurtoglu, B. (2017). Corporate governance indices and construct validity. Corporate Governance: An International Review, 25(6), 397–410. doi:10.1111/corg.12215
   Web of Science ®Google Scholar
• Boone, A. L., Casares Field, L., Karpoff, J. M., & Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85(1), 66–101. doi:10.1016/j.jfineco.2006.05.004
   Web of Science ®Google Scholar
• Bouyssou, D., Marchant, T., Pirlot, M., Tsoukias, A., & Vincke, P. (2006). Evaluation and decision models with multiple criteria (Operational research and management sciences). New York: Springer Science+Business Media, Inc.
   Google Scholar
• Brans, J. P., & Mareschal, B. (2003). PROMETHÉE Methods, Centrum voor Statistiek en Operationeel Ondersoek.
   Google Scholar
• Brans, J. P., & Mareschal, B. (2005). PROMETHEE methods. In J. Figueira, S. Greco, and M. Ehrgott (Eds.), Multiple Criteria Decision Analysis: State of the Art Surveys. International Series in Operations Research & Management Science (Vol. 78, pp. 163–186). New York: Springer.
   Google Scholar
• Brans, J. P., Vincke, P., & Mareschal, B. (1986). How to select and how to rank projects: The PROMETHEE method. European Journal of Operational Research, 24(2), 228–238. doi:10.1016/0377-2217(86)90044-5
   Web of Science ®Google Scholar
• Brown, P., Beekes, W., & Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting & Finance, 51(1), 96–172. doi:10.1111/j.1467-629X.2010.00385.x
   Web of Science ®Google Scholar
• Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409–434. doi:10.1016/j.jaccpubpol.2006.05.005
   Google Scholar
• Chaganti, R., & Damanpour, F. (1991). Institutional ownership, capital structure, and firm performance. Strategic Management Journal, 12(7), 479–491. doi:10.1002/smj.4250120702
   Web of Science ®Google Scholar
• Chahine, S., & Zeidan, M. J. (2014). Corporate governance and market performance of parent firms following equity carve-out announcements. Journal of Management & Governance, 18(2), 471–503. doi:10.1007/s10997-012-9245-2
   Google Scholar
• Chambers, D., & Dimson, E. (2009). IPO underpricing over the very long run. The Journal of Finance, 64(3), 1407–1443. doi:10.1111/j.1540-6261.2009.01468.x
   Web of Science ®Google Scholar
• Chan, A. T., Ngai, E. W., & Moon, K. K. (2017). The effects of strategic and manufacturing flexibilities and supply chain agility on firm performance in the fashion industry. European Journal of Operational Research, 259(2), 486–499. doi:10.1016/j.ejor.2016.11.006
   Web of Science ®Google Scholar
• Chaudhuri, K., Kumbhakar, S. C., & Sundaram, L. (2016). Estimation of firm performance from a MIMIC model. European Journal of Operational Research, 255(1), 298–307. doi:10.1016/j.ejor.2016.05.005
   Web of Science ®Google Scholar
• Chen, W. P., Chung, H. M., Lee, C., & Liao, W. L. (2007). Corporate governance and equity liquidity: Analysis of S&P transparency and disclosure rankings. Corporate Governance:An International Review, 15(4), 644–660. doi:10.1111/j.1467-8683.2007.00594.x
   Web of Science ®Google Scholar
• Chok, J. I., & Sun, Q. (2007). Determinants of idiosyncratic volatility for biotech IPO firms. Financial Management, 36, 107–122.
   Web of Science ®Google Scholar
• Clarke, T. (2004). Theories of corporate governance: The philosophical foundations of corporate governance. Abingdon, Oxon:Routledge.
   Google Scholar
• Cohen, S., Doumpos, M., Neofytou, E., & Zopounidis, C. (2012). Assessing financial distress where bankruptcy is not an option: An alternative approach for local municipalities. European Journal of Operational Research, 218(1), 270–279. doi:10.1016/j.ejor.2011.10.021
   Web of Science ®Google Scholar
• Cole, G. (1993). The financial aspects of corporate governance (Cadbury report). London:Burgess Science Press.
   Google Scholar
• Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87(2), 329–356. doi:10.1016/j.jfineco.2006.08.008
   Web of Science ®Google Scholar
• Consiglio, A., & Zenios, S. A. (1999). Designing portfolios of financial products via integrated simulation and optimization models. Operations Research, 47(2), 195–208. doi:10.1287/opre.47.2.195
   Web of Science ®Google Scholar
• Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. The Journal of Finance, 61(2), 655–687. doi:10.1111/j.1540-6261.2006.00851.x
   Web of Science ®Google Scholar
• Corrente, S., Figueira, J. R., & Greco, S. (2014). The SMAA-PROMETHEE method. European Journal of Operational Research, 239(2), 514–522. doi:10.1016/j.ejor.2014.05.026
   Web of Science ®Google Scholar
• Cremers, M., & Ferrell, A. (2014). Thirty years of shareholder rights and firm value. Journal of Finance, 69(3), 1167–1196. doi:10.1111/jofi.12138
   Web of Science ®Google Scholar
• Daily, C. M., Johnson, J. L., & Dalton, D. R. (1999). On the measurements of board composition: Poor consistency and a serious mismatch of theory and operationalization. Decision Sciences, 30(1), 83–106. doi:10.1111/j.1540-5915.1999.tb01602.x
   Web of Science ®Google Scholar
• Daines, R. M., Gow, I. D., & Larcker, D. F. (2010). Rating the ratings: How good are commercial governance ratings?. Journal of Financial Economics, 98(3), 439–461. doi:10.1016/j.jfineco.2010.06.005
   Web of Science ®Google Scholar
• De Keyser, W., & Peeters, P. (1996). A note on the use of PROMETHEE multicriteria methods. European Journal of Operational Research, 89(3), 457–461. doi:10.1016/0377-2217(94)00307-6
   Web of Science ®Google Scholar
• Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. doi:10.1016/S0929-1199(01)00020-7
   Web of Science ®Google Scholar
• Doukas, H. C., Andreas, B. M., & Psarras, J. E. (2007). Multi-criteria decision aid for the formulation of sustainable technological energy priorities using linguistic variables. European Journal of Operational Research, 182(2), 844–855. doi:10.1016/j.ejor.2006.08.037
   Web of Science ®Google Scholar
• Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. doi:10.1016/j.econmod.2012.02.014
   Web of Science ®Google Scholar
• Elmir, N. L. A. (2012). Portfolio selection: Does corporate governance matter?. Corporate Governance: The International Journal of Business in Society, 12(5), 701–713. doi:10.1108/14720701211275613
   Google Scholar
• Engel, E., Hayes, R. M., & Wang, X. (2007). The Sarbanes–Oxley Act and firms’ going-private decisions. Journal of Accounting and Economics, 44(1–2), 116–145. doi:10.1016/j.jacceco.2006.07.002
   Web of Science ®Google Scholar
• Enriques, L., & Volpin, P. (2007). Corporate governance reforms in Continental Europe. Journal of Economic Perspectives, 21(1), 117–140. doi:10.1257/jep.21.1.117
   Web of Science ®Google Scholar
• Ertugrul, M., & Hegde, S. (2009). Corporate governance ratings and firm performance. Financial Management, 38(1), 139–160. doi:10.1111/j.1755-053X.2009.01031.x
   Web of Science ®Google Scholar
• Ferreira, F. A. F., Santos, S. P., & Rodrigues, P. (2011). Adding value to bank branch performance evaluation using cognitive maps and MCDA: A case study. Journal of the Operational Research Society, 62(7), 1320–1333. doi:10.1057/jors.2010.111
   Web of Science ®Google Scholar
• Firth, M., Lin, C., & Wong, S. M. (2008). Leverage and investment under a state-owned bank lending environment: Evidence from China. Journal of Corporate Finance, 14(5), 642–653. doi:10.1016/j.jcorpfin.2008.08.002
   Web of Science ®Google Scholar
• Fukuyama, H., & Matousek, R. (2017). Modelling bank performance: A network DEA approach. European Journal of Operational Research, 259(2), 721–732. doi:10.1016/j.ejor.2016.10.044
   Web of Science ®Google Scholar
• Gaganis, C., Pasiouras, F., Doumpos, M., & Zopounidis, C. (2010). Modelling banking sector stability with multicriteria approaches. Optimization Letters, 4(4), 543–558. doi:10.1007/s11590-010-0182-1
   Web of Science ®Google Scholar
• Galariotis, E., Guyot, A., Doumpos, M., & Zopounidis, C. (2016). A novel multi-attribute benchmarking approach for assessing the financial performance of local governments: Empirical evidence from France. European Journal of Operational Research, 248(1), 301–317. doi:10.1016/j.ejor.2015.06.042
   Web of Science ®Google Scholar
• Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107–155. doi:10.1162/00335530360535162
   Web of Science ®Google Scholar
• Greene, W. H. (2018). Econometric Analysis (8th ed.), New York:Pearson.
   Google Scholar
• Gugler, K., Mueller, D. C., & Yurtoglu, B. B. (2004). Marginal q, Tobin's q, cash flow, and investment. Southern Economic Journal, 70(3), 512–531. doi:10.2307/4135328
   Web of Science ®Google Scholar
• Hart, O. (1995). Corporate governance: Some theory and implications. Economic Journal, 105(430), 678–689. doi:10.2307/2235027
   Web of Science ®Google Scholar
• Hayashida, T., Nishizaki, I., & Ueda, Y. (2010). Multiattribute utility analysis for policy selection and financing for the preservation of the forest. European Journal of Operational Research, 200(3), 833–843. doi:10.1016/j.ejor.2009.01.035
   Web of Science ®Google Scholar
• Hernandez-Perdomo, E., Guney, Y., & Rocco, C. M. (2019). A reliability model for assessing corporate governance using machine learning techniques. Reliability Engineering & System Safety, 185, 220–231. doi:10.1016/j.ress.2018.12.027
   Web of Science ®Google Scholar
• Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: A review. Journal of Management, 35(6), 1404–1427. doi:10.1177/0149206309343469
   Web of Science ®Google Scholar
• Hu, J., & Mehrotra, S. (2012). Robust and stochastically weighted multiobjective optimization models and reformulations. Operations Research, 60(4), 936–953. doi:10.1287/opre.1120.1071
   Web of Science ®Google Scholar
• Hutchinson, M., & Gul, F. A. (2004). Investment opportunity set, corporate governance practices and firm performance. Journal of Corporate Finance, 10(4), 595–614. doi:10.1016/S0929-1199(03)00022-1
   Web of Science ®Google Scholar
• Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
   Web of Science ®Google Scholar
• Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14(3), 8–21. doi:10.1111/j.1745-6622.2001.tb00434.x
   Google Scholar
• Keeney, R. L., & Raiffa, H. (1976). Decisions with Multiple Objectives: Preferences and Value Trade-offs. New York, USA: Cambridge University Press (reprinted 1993).
   Google Scholar
• Keller, L. R., & Kirkwood, C. W. (1999). The founding of INFORMS: A decision analysis perspective. Operations Research, 47(1), 16–28. doi:10.1287/opre.47.1.16
   Web of Science ®Google Scholar
• Kieff, F. S., & Paredes, T. A. (2010). Perspectives on Corporate Governance. New York:Cambridge University Press.
   Google Scholar
• Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703–728. doi:10.1016/S0929-1199(03)00046-4
   Web of Science ®Google Scholar
• Krause, R., Semadeni, M., & Cannella, A. A. (2014). CEO duality. a Review and Research Agenda. Journal of Management, 40(1), 256–286. doi:10.1177/0149206313503013
   Web of Science ®Google Scholar
• La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. doi:10.1016/S0304-405X(00)00065-9
   Web of Science ®Google Scholar
• Larcker, D. F., Ormazabal, G., & Taylor, D. J. (2011). The market reaction to corporate governance regulation. Journal of Financial Economics, 101(2), 431–448. doi:10.1016/j.jfineco.2011.03.002
   Web of Science ®Google Scholar
• Larcker, D. F., Richardson, S. A., & Tuna, I. (2007). Corporate governance, accounting outcomes, and organizational performance. Accounting. Review, 82(4), 963–1008. doi:10.2308/accr.2007.82.4.963
   Google Scholar
• Larcker, D. F., & Tayan, B. (2011). “Corporate Governance Ratings” in Corporate Governance Matters. A Closer Look at Organizational Choices and Their Consequences. New Jersey:Pearson Education.
   Google Scholar
• Lehmann, E., & Weigand, J. (2000). Does the governed corporation perform better? Governance structures and corporate performance in Germany. Review of Finance, 4(2), 157–195. doi:10.1023/A:1009896709767
   Google Scholar
• Lehn, K. M., Patro, S., & Zhao, M. (2009). Determinants of the size and composition of US corporate boards: 1935-2000. Financial Management, 38(4), 747–780. doi:10.1111/j.1755-053X.2009.01055.x
   Web of Science ®Google Scholar
• Linck, J. S., Netter, J. M., & Yang, T. (2008). The determinants of board structure. Journal of Financial Economics, 87(2), 308–328. doi:10.1016/j.jfineco.2007.03.004
   Web of Science ®Google Scholar
• Mallin, C. A. (2013). Corporate Governance. New York:OUP Oxford.
   Google Scholar
• Mareschal, B. (2015). The PROMETHEE Bibliographical Database. Available online: http://www.promethee-gaia.net/bibliographical-database.html [Accessed November 2017].
   Google Scholar
• Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632. doi:10.1016/j.jbankfin.2009.08.023
   Web of Science ®Google Scholar
• Martynova, M., & Renneboog, L. (2011). Evidence on the international evolution and convergence of corporate governance regulations. Journal of Corporate Finance, 17(5), 1531–1557. doi:10.1016/j.jcorpfin.2011.08.006
   Web of Science ®Google Scholar
• Matoussi, H., & Jardak, M. K. (2012). International corporate governance and finance: Legal, cultural and political explanations. International Journal of Accounting, 47(1), 1–43. doi:10.1016/j.intacc.2011.12.001
   Google Scholar
• Mehran, H., Morrison, A. D., & Shapiro, J. D. (2011). Corporate governance and banks: What have we learned from the financial crisis?. FRB of New York Staff Report 502, 1–42.
   Google Scholar
• OECD. (2004). OECD Principles of Corporate Governance, Paris, France: OECD Publishing.
   Google Scholar
• Oliveira, M. D. N. T., Ferreira, F. A. F., Ilander, G. O. P., & Jalali, M. S. (2017). Integrating cognitive mapping and MCDA for bankruptcy prediction in small- and medium-sized enterprises. Journal of the Operational Research Society, 68(9), 985–997. doi:10.1057/s41274-016-0166-3
   Web of Science ®Google Scholar
• Pastor, J. T., Lovell, C. A. K., & Tulkens, H. (2006). Evaluating the financial performance of bank branches. Annals of Operations Research, 145(1), 321–337. doi:10.1007/s10479-006-0038-3
   Web of Science ®Google Scholar
• Platikanova, P. (2016). S&P 500 index addition, liquidity management and Tobin's Q. Accounting & Finance, 56(2), 479–508. doi:10.1111/acfi.12105
   Web of Science ®Google Scholar
• Poplawska, J., Labib, A., & Reed, D. M. (2017). From vicious to virtuous circles: Problem structuring for quantified decision making in operationalization of corporate social responsibility. Journal of the Operational Research Society, 68(3), 291–307. doi:10.1057/s41274-016-0028-z
   Web of Science ®Google Scholar
• Ramli, A. A., Watada, J., & Pedrycz, W. (2011). Real-time fuzzy regression analysis: A convex hull approach. European Journal of Operational Research, 210(3), 606–617. doi:10.1016/j.ejor.2010.10.007
   Web of Science ®Google Scholar
• Renders, A., Gaeremynck, A., & Sercu, P. (2010). Corporate-governance ratings and company performance: A cross-European study. Corporate Governance: An International Review, 18(2), 87–106. doi:10.1111/j.1467-8683.2010.00791.x
   Web of Science ®Google Scholar
• Ribando, J. M., & Bonne, G. (2010). A new quality factor: Finding alpha with ASSET4 ESG data: Starmine Research Note, Thomson Reuters.
   Google Scholar
• Rocco, C., Hernández-Perdomo, E., & Barker, K. (2016). Multicriteria decision analysis approach for stochastic ranking with application to network resilience. ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part A: Civil Engineering, 2(1), 04015018. doi:10.1061/AJRUA6.0000854
   Google Scholar
• Roy, B. (1996). Multicriteria Methodology for Decision Aiding. New York:Springer US.
   Google Scholar
• Saaty, T. (1980). The Analytic Hierarchy Process. McGraw-Hill, New York.
   Google Scholar
• Saaty, T. (2003). Decision-making with the AHP: Why is the principal eigenvector necessary?. European Journal of Operational Research, 145(1), 85–91. doi:10.1016/S0377-2217(02)00227-8
   Web of Science ®Google Scholar
• Saaty, T. (2013). The modern science of multicriteria decision making and its practical applications: The AHP/ANP approach. Operations Research, 61(5), 1101–1118. doi:10.1287/opre.2013.1197
   Web of Science ®Google Scholar
• Saaty, T. L., & Shang, J. S. (2011). An innovative orders-of-magnitude approach to AHP-based mutli-criteria decision making: Prioritizing divergent intangible humane acts. European Journal of Operational Research, 214(3), 703–715. doi:10.1016/j.ejor.2011.05.019
   Web of Science ®Google Scholar
• Schmitt, C., Dengler, D., & Bauer, M. (2003). Multivariate preference models and decision making with the MAUT Machine, in Brusilovsky, P., Corbett, A. & DeRosis, F. (eds), User Modeling 2003, Proceedings. Lecture Notes in Artificial Intelligence. Berlin: Springer-Verlag Berlin, 297–302.
   Google Scholar
• Schnyder, G. (2012). Measuring Corporate Governance: Lessons from the "Bundles Approach". Available at SSRN.
   Google Scholar
• Simon, J., Kirkwood, C. W., & Keller, L. R. (2013). Decision analysis with geographically varying outcomes: Preference models and illustrative applications. Operations Research, 62(1), 182–194. doi:10.1287/opre.2013.1217
   Web of Science ®Google Scholar
• Singh, S., Tabassum, N., Darwish, T. K., & Batsakis, G. (2018). Corporate governance and Tobin's Q as a measure of organizational performance. British Journal of Management, 29(1), 171–190. doi:10.1111/1467-8551.12237
   Web of Science ®Google Scholar
• Tricker, B. (2012). Corporate Governance: Principles, Policies and Practices, 2nd edition. OUP, Oxford, UK.
   Google Scholar
• Vander Bauwhede, H., & Willekens, M. (2008). Disclosure on corporate governance in the European Union. Corporate Governance: An International Review, 16(2), 101–115. doi:10.1111/j.1467-8683.2008.00671.x
   Web of Science ®Google Scholar
• Walczak, D., & Rutkowska, A. (2017). Project rankings for participatory budget based on the fuzzy TOPSIS method. European Journal of Operational Research, 260(2), 706–714. doi:10.1016/j.ejor.2016.12.044
   Web of Science ®Google Scholar
• Walsh, J. P., & Seward, J. K. (1990). On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15(3), 421–458. doi:10.2307/258017
   Web of Science ®Google Scholar
• Wang, W. K., Lu, W. M., & Lin, Y. L. (2012). Does corporate governance play an important role in BHC performance? Evidence from the US. Economic Modelling, 29(3), 751–760. doi:10.1016/j.econmod.2012.01.021
   Web of Science ®Google Scholar
• Wang, H. F., & Tsaur, R. C. (2000). Resolution of fuzzy regression model. European Journal of Operational Research, 126(3), 637–650. doi:10.1016/S0377-2217(99)00317-3
   Web of Science ®Google Scholar
• Weir, C., Laing, D., & McKnight, P. J. (2002). Internal and external governance mechanisms: Their impact on the performance of large UK public companies. Journal of Business Finance & Accounting, 29(5–6), 579–611. doi:10.1111/1468-5957.00444
   Google Scholar
• Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. doi:10.1016/j.jfineco.2012.03.005
   Web of Science ®Google Scholar
• Xidonas, P., Mavrotas, G., & Psarras, J. (2009). A multicriteria methodology for equity selection using financial analysis. Computers & Operations Research, 36(12), 3187–3203. doi:10.1016/j.cor.2009.02.009
   Web of Science ®Google Scholar
• Yager, R. R. (2009). On the dispersion measure of OWA operators. Information Sciences, 179(22), 3908–3919. doi:10.1016/j.ins.2009.07.015
   Web of Science ®Google Scholar
• Yager, R. R., & Alajlan, N. (2014). On characterizing features of OWA aggregation operators. Fuzzy Optimization and Decision Making, 13(1), 1–32. doi:10.1007/s10700-013-9167-8
   Web of Science ®Google Scholar
• Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. doi:10.1016/0304-405X(95)00844-5
   Web of Science ®Google Scholar
• Zeleny, M. (1973). Compromise Programming in Multiple Criteria Decision Making. South Carolina, USA: University of South Carolina Press.
   Google Scholar
• Zeleny, M. (1982). Multiple Criteria Decision Making. Ohio, USA: McGraw Hill.
   Google Scholar
• Zervopoulos, P. D., Brisimi, T. S., Emrouznejad, A., & Cheng, G. (2016). Performance measurement with multiple interrelated variables and threshold target levels: Evidence from retail firms in the US. European Journal of Operational Research, 250(1), 262–272. doi:10.1016/j.ejor.2015.08.055
   Web of Science ®Google Scholar
• Zhang, I. X. (2007). Economic consequences of the Sarbanes–Oxley Act of 2002. Journal of Accounting and Economics, 44(1–2), 74–115. doi:10.1016/j.jacceco.2007.02.002
   Web of Science ®Google Scholar