The need for rethinking the model of assessing value in the digital economy context

In recent years, companies have begun to promote an economy based on knowledge and information, characterized by rapid economic changes, so the production of tangible goods has no longer been the main source of value, this being replaced by the creation and management of intangible assets, which are often not reflected in the accounting documents at the real market value because of the restrictive criteria for accounting valuation and recognition. Nowadays, the economy is based mainly on intangible assets and therefore they must be recognized in the financial statements of the companies, so that the shareholders and the investors have a clearer picture of company value. This paper aims to propose a model that can analyze the effects of intellectual capital and subcomponents of intangible assets on company value and the sustainable growth of firms listed on the Bucharest Stock Exchange. Until now, it is unknown which kind of sub-components of intangible assets make firms listed at Bucharest Stock Exchange to have sustainable growth or are more useful to enhance firm value. The proposed model includes data referring to intellectual capital, computerized information, innovative property, economic competences and VEKTOR index, which was developed by the Romanian Investor Relations Association so that the shareholders and the investors have a clearer picture of company when it comes to Relationship with Investors, Corporate Governance, Proactive Approach in IR, Interactive IR Instruments, Coverage by Financial Analysts and Sustainability.