Multi-Criteria Performance Analysis of the Turkish Factoring Sector: A CRISUS-Based Hybrid Model
Chapter from the book: Akkaynak, B. (ed.) 2025. Finance Theory and Practices.

Gülhan Deniz
Yozgat Bozok University

Synopsis

The Turkish factoring sector has gained significant momentum since the 1980s as a complementary element to the banking system. Along with this growth dynamic, the financial soundness and sustainability of the sector has become one of the important issues to be examined from both academic and practical perspectives. In this study, in order to evaluate the financial performance of the Turkish factoring sector in the 2015-2024 period, data for eight evaluation criteria were obtained and analysed using a hybrid Multi-Criteria Decision Making model. In the two-stage analysis, the importance weights of the evaluation criteria were first determined using the CRISUS method, and in the second stage, performance rankings were determined using three different methods: AROMAN, RAM, and MARCOS. The obtained ranking results were combined using the Borda Count method. According to the analysis results, the criteria with the highest weights were identified as Return on Equity, Return on Assets, and the Ratio of Overdue Receivables to Total Receivables, respectively. Equity/Total Assets, Number of Customers, and Non-Operating Expenses/Income were determined as criteria with medium weight. The criteria with the lowest weightings are Staff Count and Branch Count. This highlights the need to focus on companies' profitability and risk management capabilities in sector assessments. The weighting distribution emphasises that financial soundness plays a more critical role than growth indicators, in line with sector dynamics. The years with the most successful financial performance in the sector during the 2015-2024 period were determined to be 2023, 2024 and 2022, respectively. The years with the lowest success were 2015, 2020 and 2016, respectively. The study reveals that sector performance peaked between 2022 and 2024. In particular, 2023 was the most successful year in the sector's history.

How to cite this book

Deniz, G. (2025). Multi-Criteria Performance Analysis of the Turkish Factoring Sector: A CRISUS-Based Hybrid Model. In: Akkaynak, B. (ed.), Finance Theory and Practices. Özgür Publications. DOI: https://doi.org/10.58830/ozgur.pub1108.c4458

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Published

December 29, 2025

DOI