Financial Performance Analysis of Brokerage Firms Quoted on the Istanbul Stock Exchange Using the TOPSIS Method of Analysis
Güçlü Okay, Ali Köse

Abstract
The economic crises experienced by countries in recent years have naturally had an impact on the supply and demand for brokerage services in financial markets. While brokerage firms suffered in 2008, they began to undergo major transformation with the fundamental change occurring in the post-crisis economy, and evolved to effectively meet the demand for brokerage service. Although service quality and variety remained important, because of the growing perception of risk during this period of transformation, for brokerage firms, risk management became at least as crucial as profitability and growth. Financial services constantly expanded and grew in structural complexity, which made it more difficult to measure the activities of brokerage firms methodologically. In addition, the increasingly competitive environment had a significant impact on the performance of brokerage firms, which came to acquire a crucial importance in the financial service sector. These factors have made it essential that the performance of brokerage firms in recent years be examined and reassessed with respect to the development of financial markets.

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