THE PARADOX OF GOODWILL: WHY DO WE PAY MORE THAN THE FAIR VALUE? STUDY ON ROMANIAN COMPANIES

Romanian economy of the last 20 years has been marked by numerous privatization processes. The goodwill is an unidentifiable intangible asset, which raised the interest of many accounting researchers. In this paper, we aimed to analyze the annual financial statements of the foreign companies that bought Romanian companies with the purpose of identifying the value of the goodwill and of other intangible assets acknowledged after the transaction, considering that this value is an important clue concerning the intangible capital of Romanian companies.