This paper examines the transformation of business deriving from the usage of Information and Communication Technologies (ICTs). The available data shows that the ICTs are transforming the production function of firms, but there is little evidence of what is happening within firms. It also introduces a series of variables concerning the value of a firm that should permit evaluation of the transformation of the business process.

Information and Communication Technologies, network firm, knowledge-based economy, new economy, e-business, digital technologies