Fabio Besta: Moving the focus from accounting systems to intuitions on firm concept, administration processes and value creation theory

This article aims to reconsider Fabio Besta's (1845–1922) research from new and competing points of view. The study follows a biographical research approach by critically discussing some of the principal writings and contributions of Fabio Besta, particularly La Ragioneria (Volumes I, II and III). Unlike prior studies on this topic, we adopt a (reverse) deductive theoretical approach. Starting from the analysis of the accounting model proposed by Fabio Besta, we highlight the still contemporary relevance slightly more than 100 years after his death of the concepts of the firm and wealth production. These are usually framed from a static and atomistic perspective. The article shows that Besta anticipated the conceptualisation of pivotal concepts, such as value creation and goodwill, in modern value-based theory and accounting systems. Moreover, the findings attempt to highlight insights into contexts such as business administration, business valuation and performance measurement with which accounting interacts.