Abstract
Nowadays, sustainability assessment procedures, sustainability assessment indicators, and sustainability assessment models are regarded by specialists as powerful decision-supporting tools able to foster sustainable development worldwide by addressing the main economic, financial, social, and environmental challenges. In like manner, the role and relevance of intangible assets have managed to produce an irreversible change in today’s world which also seriously affected the general traits of our economic systems, leading to a phenomenon known by specialists as the “revolution of intangibles”. Over the last decades, the controversies regarding the recognition and measurement of intellectual capital (IC) have led, on the one hand, to the development of possible solutions and systems for calculating and disclosing the performance generated or stimulated by various components of IC, but, on the other hand, they have also been the main premise that favored the use of intangible assets, in general, and intellectual property (IP), in particular, the transfer of results and the reduction of the tax base by transferring income to tax havens or jurisdictions that do not tax these categories of assets. Against these aggressive methods of fiscal planning, the countries reacted unitarily and coordinated through the BEPS (Base Erosion and Profit Shifting Project) plan. Based on the country’s profile as well as on the results of the annual evaluations published by the OECD (Organisation for Economic Co-operation and Development), our study verifies whether there are premises for IP use for income transfer into favorable jurisdictions and whether the measures and solutions proposed by Action 5 of the BEPS end disputes over the recognition and evaluation of IC. In addition, our work presents a novel methodological framework for sustainability assessment, which focuses on establishing important connections between the recognition and measurement of intellectual capital, the role of sustainability assessment tools, and the implications of corporate social responsibility, since, these days, the real “values” associated with a country or business profile may be found in the intangible assets they possess.
Highlights
These days, sustainability assessment procedures, sustainability assessment indicators, and sustainability assessment models are seen by international reputed specialists as powerful decision-supporting tools able to foster sustainable development worldwide by addressing the main economic, financial, social, cultural, and environmental challenges
Our work presents a novel methodological framework for sustainability assessment that focuses on establishing important connections between the recognition and measurement of intellectual capital, the role of sustainability assessment tools, and the implications of corporate social responsibility, since, these days, the real “values” associated with a country or business profile may be found in their intangible assets
We found the definition of customer loyalty and of brand loyalty, both being relevant in the loyalty relationship that any company wants to maintain and develop in relation to the potential buyer, in an accounting dictionary updated in 2019 [50]; : “Customer loyalty is positively linked to customer satisfaction, because happy customers constantly favor brands that meet their needs
Summary
These days, sustainability assessment procedures, sustainability assessment indicators, and sustainability assessment models are seen by international reputed specialists as powerful decision-supporting tools able to foster sustainable development worldwide by addressing the main economic, financial, social, cultural, and environmental challenges. The proposed method can be applied to ascertain the possible effects of changes in financial indicators on the overall financial security level in the probabilistic setting This current study finds its starting point in the powerful belief that sustainability assessment—as one of the most complex types of appraisal methodologies existing at present— refers to interdisciplinary and multidisciplinary aspects, among which we can stress economic, financial, social, cultural and environmental issues, and takes into consideration value-based elements such as the companies’ intangible assets, namely the discoveries, human resources, relationship with the customers, organizational capital, and reputation (“goodwill”). Even though there are certain risks associated with any type of organizational activities, human capital resources are the most precious resources that allow the development of science at an incredible level [36]
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