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This paper analyzes the measurement of intellectual capital in the context of the increasing importance of ESG factors and current economic changes, highlighting the role of intangible assets in supporting company performance. The existing literature emphasizes the limitations of traditional models, such as the Value-Added Intellectual Coefficient (VAIC), which do not adequately capture the contribution of the modern dimensions of intellectual capital. The study is based on a quantitative approach and uses a sample of 75 companies listed on the Bucharest Stock Exchange. The data were analyzed using IBM SPSS Statistics, Version 26.0 through the application of principal component analysis (PCA), linear regression, and ANOVA tests. The results show that the traditional model does not significantly explain market performance measured by Tobin’s Q, while the modern model, based on human, structural, relational capital, and ESG factors, provides a more comprehensive conceptual perspective, although its statistical explanatory power remains limited. The paper contributes to the existing literature by proposing an extended approach to intellectual capital evaluation, adapted to the current context, and offers useful implications for investors, managers, and other users of financial information.
Butnaru et al. (Fri,) studied this question.