{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,3]],"date-time":"2026-05-03T03:06:57Z","timestamp":1777777617722,"version":"3.51.4"},"reference-count":54,"publisher":"Emerald","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2024,8,21]]},"abstract":"<jats:p>Reverse factoring has received significant attention as a means for small and medium-sized firms to access capital. In this monograph, we explain the value creation mechanism of reverse factoring and derive the value of reverse factoring contracts for firms in make-to-order (MTO) production environments. Empirical and other theoretical work on reverse factoring exists in research literature, but our model constitutes the first analytic treatment of the problem for a pure MTO setting. We show how the value of reverse factoring results from and is conditioned by (1) the spread in deadweight external financing costs, (2) payment period extensions, (3) volatility in cash flows, (4) working capital policy, and (5) the risk-free interest rate. Thus, in addition to providing managerial insights on value reverse factoring contracts, our findings disclose an important relation of these elements to the broader macroeconomic context.<\/jats:p>","DOI":"10.1561\/0200000114-3","type":"journal-article","created":{"date-parts":[[2025,7,1]],"date-time":"2025-07-01T09:44:28Z","timestamp":1751363068000},"page":"44-83","source":"Crossref","is-referenced-by-count":0,"title":["Value of Reverse Factoring under Make-to-Order Production Environments"],"prefix":"10.1108","volume":"18","author":[{"given":"Fehmi","family":"Tanrisever","sequence":"first","affiliation":[{"name":"Bilkent University ,","place":["Turkey"]}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Matthew","family":"Reindorp","sequence":"additional","affiliation":[{"name":"Drexel University ,","place":["USA"]}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hande","family":"Cetinay","sequence":"additional","affiliation":[{"name":"Eindhoven University of Technology ,","place":["The Netherlands"]}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jan C.","family":"Fransoo","sequence":"additional","affiliation":[{"name":"Tilburg University ,","place":["The Netherlands"]}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","published-online":{"date-parts":[[2024,8,21]]},"reference":[{"key":"2026033114020481900_ref001","unstructured":"Acumen\n           (2023). \u201cReverse factoring market size \u2013 global industry, share, analysis, trends and forecast 2023\u20132032\u201d. url: https:\/\/www.acumenresearchandconsulting.com\/reverse-factoring-market."},{"issue":"1\u20132","key":"2026033114020481900_ref002","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1561\/0200000101","article-title":"\u201cThe interface of finance, operations, and risk management\u201d","volume":"15","author":"Babich","year":"2021","journal-title":"Foundations and Trends\u00ae in Technology, Information and 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