Identifying obstacles in the evaluation of companies based on the research cluster method

Economic Annals-XXI: Volume 199, Issue (9-10), Pages: 4-18

Citation information:
Socoliuc, M. I., Melega, A., Hlaciuc, E., & Botez, D. (2022). Identifying obstacles in the evaluation of companies based on the research cluster method. Economic Annals-XXI, 199(9-10), 4-18. doi:

Mihaela Ionela Socoliuc
PhD Student (Accounting),
Department of Accounting, Audit and Finance,
Faculty of Economics, Administration and Business,
Stefan cel Mare University
13 Universității Str., Suceava, 720229, Romania

Anatol Melega
PhD Student (Accounting),
Department of Accounting, Audit and Finance,
Faculty of Economics, Administration and Business,
Stefan cel Mare University
13 Universității Str., Suceava, 720229, Romania

Elena Hlaciuc
PhD (Accounting),
Department of Accounting, Audit and Finance,
Faculty of Economics, Administration and Business,
Stefan cel Mare University
13 Universității Str., Suceava, 720229, Romania

Daniel Botez
PhD (Accounting),
Associate Professor,
Department of Accounting, Auditing and Economic Analysis,
Vasile Alecsandri University
157 Mărășești Str., Bacău, 600115, Romania

Identifying obstacles in the evaluation of companies based on the research cluster method

Abstract. In the current context of accelerating digitisation in almost all areas of business, assessing the market value of a company has become a topic of debate both among practitioners and in the academic community due to a significant increasing presence of intangibles in the assets of these companies. Therefore, the purpose of our research is focused on the identification of existing impediments in the evaluation process of companies over time. The established objectives are: meta-analysis of the most relevant papers on company valuation and bibliometric analysis of WoS indexed papers, during the period of 1975-2021 having such topics as performance, corporate governance, information, market, company, fair value, intellectual capital and earnings management.
The research methodology is based on a database formed by all studies indexed in WoS in the last approximately 45 years with the mentioned topics and the obtained results consist in determining the structure of research clusters formed by the key concepts used in company evaluation. The usefulness of the results is confirmed by the creation of future research directions on the topic of company valuation, because having the help of the existing intensity of links between research clusters of this domain, it is much easier for researchers to approach new directions and themes related to this subject.

Keywords: Market Value; Intangible Assets; Company Valuation Process; Bibliometric Analysis; Meta-Analysis; Research Cluster and Scientific Production; WoS

JEL Classification: M40; C02; C40

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The dataset is available from the authors upon request.



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Received 28.05.2022
Received in revised form 1.08.2022
Accepted 4.09.2022
Available online 29.10.2022