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@article{207641,
        author = {Tejas Bharat Lokhande and Prof. Chaitanya Thaware},
        title = {A Study on Multi-Criteria Decision Models for Vendor Selection with a Focus on Corporate Governance and Financial Transparency},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {3},
        pages = {1948-1955},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=207641},
        abstract = {Vendor selection is one of the most strategically significant decisions in supply chain and procurement management, directly influencing an organisation's cost structure, quality outcomes, and long-term risk exposure. While traditional vendor evaluation frameworks emphasise cost, quality, delivery reliability, and capacity, growing regulatory scrutiny and stakeholder expectations have made corporate governance practices and financial transparency equally important selection criteria. This study examines the application of Multi-Criteria Decision Making (MCDM) models — specifically the Analytic Hierarchy Process (AHP) and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) — to vendor selection problems that incorporate governance and transparency dimensions alongside conventional operational criteria. A hybrid AHP-TOPSIS framework was used to derive criteria weights from expert judgement and to rank a sample set of vendors on a composite score. The findings indicate that corporate governance and financial transparency carry decision weight comparable to cost and quality, and that vendors exhibiting stronger governance and disclosure practices tend to occupy higher positions in the composite ranking. The study contributes a governance-integrated vendor evaluation model of practical relevance to procurement practitioners, auditors, and supply chain researchers.},
        keywords = {Vendor Selection; Multi-Criteria Decision Making (MCDM); Analytic Hierarchy Process (AHP); TOPSIS; Corporate Governance; Financial Transparency; Supply Chain Management; Procurement Risk},
        month = {August},
        }