Abstract
This study aims at re-defining the corporate governance ratings of companies listed in Borsa Istanbul Corporate Governance Index (BIST XKURY). Corporate governance ratings are computed by taking the weighted average of four sub-categories, with the weights subjectively determined by the Capital Market Board. As each company in the index has the overall rating of more than eight, the ratings are only narrowly dispersed within a thin rating band of eight to ten, lacking ability in providing decision makers helpful information in terms of comparative strength of companies. This problem could be addressed by the use of TOPSIS based ranking.Using the ratings of 46 companies for 2013 in the index, TOPSIS method provides a new rank order that has a richer information content. By means of new scores, decision makers could evaluate how far companies closer to the ideal positive and negative solutions.
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