The concept of value - from economic, managerial and social point of view

Value and evaluation process are two of the main subjects of discussion in the accounting world. Much more than other subjects, these are oriented towards the knowledge funds of the economic, accounting and social domains. Absorbing knowledge from different domains is a key feature of understanding the value concept. Recent publications have called for more interdisciplinary approaches in value research. Also, established definitions of value have been questioned. This article aims to address propositions that take these overlooked and questioned elements into consideration, which can help explain the value concept. For this, as a research methodology, we put forward three propositions by analyzing literature on economic environment and social cognition with evolutionary ideas from accounting literature. The authors embrace a redefinition of value (the sum of the benefits expected to be obtained by the entity for the held assets) and realized a real base of data for evaluation process. The propositions illustrate how important is the real understanding of the value concept. Thus, accountants need to be able to understand possible long-term consequences of the valuation process (based on value determination) in order to avoid losses in their business. By advocating an evolutionary approach, an impetus for more dynamism in value research is presented. This study also shows the importance of including the social dimension in analysis if one wants to understand change in – and durability of – value concept.