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You have the wrong variable in the wrong place. If you want the "key" to be the "value" in the v-model when selected, then you need to use :value="key".
<b-select v-if="roles" v-model="invitationRole" :placeholder="$t('company.users.invitation.roles-placeholder')">
<option v-for="(value, key) in roles"
:value="key">
{{ value }}
</option>
</b-select>
To make more sense of this, try this:
<b-select v-if="roles" v-model="invitationRole" :placeholder="$t('company.users.invitation.roles-placeholder')">
<option v-for="(roleName, roleKey) in roles"
:value="roleKey">
{{ roleName }}
</option>
</b-select>
Source:stackexchange.com