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Measuring Governance: The Application of Grey Relational Analysis on World Governance Indicators
Abstract
The governance concept has become very popular in recent decades and in this regard has increased interest in measuring its quality. The most widely used measures of governance are World Governance Indicators, which represent composite perceptions-based indicators, published by World Bank Institute. There are six composite indicators and the data for constructing those indicators are obtained from 32 individual data sources. The objective of this chapter is to highlight the applicability of Grey Relational Analysis in the ranking of EU countries according to the governance quality. The Grey Relational Analysis entails calculation of Grey relational grade for governance quality. The final stage of the Grey Relational Analysis procedure involves ranking of EU countries according to Grey relational grade and their comparison with ranks obtained from World Bank Institute. The full contribution of Grey Relational Analysis arises on this stage, where ranks of countries have been changed.
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