Abstract
Valuing a company is a complex process, designed to determine its real economic value. In the current context, marked by heightened global competitiveness, rapid technological innovations and the increasing importance of intangible assets, valuation can no longer focus exclusively on tangible assets in the patrimony. An essential element in this equation is goodwill, which represents the additional value of a company, beyond the total assets and liabilities highlighted in the financial documents. Goodwill reflects the company's reputation, brand awareness, consolidated commercial relationships and future profitability potential. This article aims to analyze the importance of goodwill within the company valuation process, highlighting both its role in determining market value and the difficulties encountered in its precise quantification.
Cuvinte cheie
evaluation
goodwill
methods
heritage
Istoric articol
Publicat
01.02.2026
Informații autori
Citare recomandată
Genu Alexandru Căruntu (2026). The Role of Goodwill in the Financial Evaluation Process of Companies. Journal of Economic Sciences, 1(1), 366–371. https://doi.org/10.65631/jes.1.2026.39
Referințe bibliografice
Amir Ahmad Dar & Akshat Jain & Mehak Malhotra & Shahbaz Afzal & Mohammad Shahfaraz Khan, 2023. "Effect of factors on company's goodwill," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 13(1), pages 1-10, December
Damodaran, A. (2012). Investment Valuation. Wiley
Hellman N., Andersson P., Froberg E., (2016), The impact of IFRS goodwill reporting on financial analysts' equity valuation judgements: some experimental evidence, in "Accounting and Finance", January, 56, 1, 113-157
IFRS 3 - Business Combinations. International Financial Reporting Standards
Ferr S., Fiorentino R., Garzella S., (2018), Goodwill and value creation: insights from Italian pioneers, in "International Journal of Critical Accounting", January
Francis, J., Olsson, P., & Schipper, K. (2000). Value relevance of goodwill accounting. Journal of Accounting and Economics
Gîrbină, M., Bunea, Ș. (2014). Contabilitate conformă cu directivele europene. Editura CECCAR
Grosu V., Socoliuc I., Theoretical bases on the nature of goodwill, Volume IX/2019, DOI: 10.4316/EJAFB.2019.718
Koller, T., Goedhart, M., & Wessels, D. (2020). Valuation: Measuring and Managing the Value of Companies. Mckinsey & Company
Moro Visconti, Roberto, Goodwill Valuation (April 7, 2019). Available at SSRN: https://ssrn.com/abstract=3533871 or http://dx.doi.org/10.2139/ssrn.3533871
Moreno-Ruz A., Bayer P., Quantifying internally generated goodwill: Revealing company value, Research in Mathematics Volume 12, 2025 - Issue 1, https://doi.org/10.1080/27684830.2024.2435502
Podhorska, I., Gajanova, L., Kliestikova, J., & Popescu, G.H. (2019). Analysis of internally generated goodwill indicators: A case study of the Slovak republic. Organizacija, 52(4), 271-285. https://doi.org/10.2478/orga-2019-0017
Ristea, M. (2017). Evaluarea întreprinderilor. Editura Economică
Semenova S., Shpyrko O., Androsenko O., Afanasieva I., Kolumbet O., Vorchakova I., The essence of goodwill in disclosing the intangible value of business in the context of digital transformation, Financial and credit activity: problems of theory and practice Volume 4 (57), 2024, p. 98-113, DOI: 10.55643/fcaptp.4.57.2024.4449
Zang, Y. (2008). Discretionary behavior with respect to the adoption of SFAS 142 and the behavior of goodwill. Review of Accounting Studies