Developing a hybrid approach to credit priority based on accounting variables (using analytical network process (ANP) and multi-criteria decision-making)

Document Type : Research Paper


1 PhD student in Accounting,Department of Accounting,Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran.

2 Associate Prof., Department of Accounting, Faculty of Economic and Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

3 Professor, Department of Accounting, Faculty of Management and Economic, Science and Research Branch, Islamic Azad University, Tehran, Iran.


For the purpose of developing capital markets, performance evaluation is one of the most important debates for shareholders, creditors, governments and managers. Investors also are inclined how successful managers are in utilizing their capital. to know the progress process of managers in using their capital. Credit rating plays a crucial role in the money and capital markets and indicates an independent opinion on the company’s ability to meet all the obligations in a timely and comprehensive manner. As most rating agencies do not disclose the method used and the methods provided for credit rating of companies in previous researches are mostly based on statistical methods and are relatively complex, in the present study, companies are ranked based on ratios regarding the information contained in financial statements, which are called accounting variables. These ratios are classified into 5 groups of profitability, growth and development, activity, leverage , liquidity, and the ratios related to each group. The survey results were collected using a questionnaire to evaluate the effective weights of each attribute with Analytical Network Process (ANP) and DEMATEL Technique and then the ranking of companies was conducted using the COPRAS technique with Expert Choice software.


Volume 12, Special Issue
January 2021
Pages 15-28
  • Receive Date: 27 December 2020
  • Accept Date: 27 December 2020
  • First Publish Date: 27 December 2020