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In Estate of Blount, the 11th Circuit Court of Appeals held that life insurance proceeds used to redeem a shareholder's shares are not counted in the fair market value of the company when valuing those shares. Given the very different conclusions reached by the 11th Circuit in the Blount case and the 8th Circuit in the case of Connelly v. United States, if it is not feasible for shareholders to have a cross-purchase agreement, having an insurance-funded stock-redemption agreement may present a valuation challenge. The larger exemptions now applicable under the estate tax law may insulate many owners of closely held businesses from valuation concerns. However, those owners of corporations who are concerned about estate tax planning should seek the advice of qualified appraisers and attorneys to structure a buy-sell agreement and a business appraisal that takes into account insurance funding if a stock-redemption format is the owners' preference. [ABSTRACT FROM AUTHOR]

Corporations have accumulated record amounts of cash. We study whether firms' cash retention has been excessive by examining a Korean reform that introduced a new tax on earnings retained as cash. Difference-in-differences tests show that treated firms reduce cash retention and instead increase payouts and investments. Market participants react favorably to the reform, consistent with excessive cash retention. The valuation effects and the alternative uses of the cash are associated with behavioral and agency frictions. Firms that are more subject to behavioral biases increase payouts and experience higher valuations, while poorly governed firms allocate more to investment and experience relatively lower valuations. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In contrast to internal family succession, changes in ownership to nonfamily successors often mean that owners of small and medium-sized enterprises (SMEs) request a selling price. However, SME owners often subconsciously determine a first-offer price based on personal experiences and emotions with their firms. If the first-offer price deviates from the firm's earnings value, company transactions likely fail. Research examines few emotional aspects of the first-offer price and lacks a measurement scale to quantify their influence. We develop this scale, the individual price indicator. The scale consolidates the emotional aspects from the literature based on 136 peer-reviewed articles and validates them in two qualitative studies (n = 4, n = 48) and two quantitative studies (n = 48, n = 495). This paper further offers a preliminary test of the new scale. In addition to owners of SMEs, the scale also helps successors, advisors, and other parties reflect on the owner's rationale for a first-offer price. [ABSTRACT FROM AUTHOR]

Copyright of Umsatzsteuer-Rundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Despite its recognition as primary asset, enterprises struggle to determine data value due to fragmented and impractical approaches. This paper develops a reference ontology for Data Valuation Business Capabilities (DVBC) leveraging the systematic approach for building ontologies, ArchiMate and integrating scientific insights with ex-ante expert interview validation. Comprising twelve groupings and 66 components, anchored in established ontologies and assessed against (non)-functional requirements, the ontology shapes the fragmented data valuation landscape into a structuring frame for enterprises. While advancing value modelling in information systems research, the ontology faces limitations like detailed process modelling deficiency, ex-post validation potential, and modelling language boundaries. [ABSTRACT FROM AUTHOR]

The data-generating process underlying productivity includes both trend and business cycle shocks, generating counterfactuals for prices under full information. In practice, agents' inability to immediately distinguish between the two shocks creates "rational confusion": each shock inherits properties of its counterpart. This confusion magnifies the perceived share of permanent shocks and implies that, contrary to canonical frameworks, transitory shocks are the main driver of long-run risk through trendy business cycles. With learning, the equity premium turns positive, while investment and valuation ratios become procyclical, as in the data. Consequently, rational confusion is key for reconciling disciplined macro-dynamics with equilibrium Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

I document a new stylized fact: The higher the degree of institutional ownership (IO) in a portfolio, the more time-varying expected returns rather than changes in expected cash flows drive changes in its valuation. Empirical evidence suggests that institutions' time-varying sensitivity to the risk of holding stocks translates into time-varying expected returns on high-IO stocks. In my model, imperfect risk sharing between different types of investors generates cross-sectional differences in return predictability based on ownership, even among a priori identical stocks. My findings suggest an economic rationale for weak return predictability of small stocks and predictability reversals of stocks and real estate investment trusts. [ABSTRACT FROM AUTHOR]

The greatest demand in the modern world is for business valuation service. Valuation activity makes it possible to identify the important characteristics of a particular business which is necessary for making management decisions by company owners. The results of business valuation are used to determine existing perspectives: the presence of investment opportunities, ways to optimise business processes, need to expand business activities, etc. According to statistics, several decades ago, business valuation was conducted in no more than 10 % of cases. Currently, on the contrary, more than 90 % of companies are interested in regular valuation. However, the widespread demand for business valuation has made it possible to find a number of pressing problems that need to be solved in the future. One of the most serious сhallenges is the existence of problem areas in the national legal framework. The work examines the process of business valuation using basic methods and approaches, analyses the foreign experience on the research topic and also valuates a domestic enterprise in different ways. The authors concluded that it is necessary to choose the method that can be most effective in valuating a particular enterprise in particular conditions.

Copyright of Computer und Recht is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article summarizes the use of the four principal methodologies that private equity (PE) professionals use to assess the worth of closely held businesses. The methodologies are comparable public companies, comparable acquisitions, discounted cash flow, and leveraged buyout. The article also briefly examines a few special valuation cases that fall outside of the four most used methodologies. PE practitioners employ these methods 1) to negotiate the worth of potential investment candidates, 2) to assess the exit pricing of their investments, and (3) to mark to market the value of their unsold portfolio companies. None of the valuation approaches are foolproof, and practitioners generally use several methods in concert to obtain the best value estimate for a private business. [ABSTRACT FROM AUTHOR]

Goodwill as a concept is relevant across several areas of the law. Goodwill is inherently linked to a business and its value derives from the business. However, in recent times, the courts have recognised the concept of a "going concern value" of a business, which is distinguished from the goodwill of the business and represents the value of the business operating as a going concern. This article analyses these concepts by considering the nature of a business and way in which businesses are transferred. It also considers the "excess value" of a business, being the value over and above the values of identifiable assets, and notes that this is difficult to determine, partly because it is difficult to determine the methodologies for valuing the identifiable assets. The treatment of the excess value, as either goodwill or the "going concern value" of a business can be reconciled by identifying what is made up in the "excess value" of a business. In order to do this, this article identifies how one would go about determining what portion of the excess value relates to goodwill and what relates to the going concern value of the business; some may be allocated to the separate concept of the synergistic value of a business. In this regard, the portion that is allocated to the going concern value of the business is actually allocated to the non-goodwill assets of the business. [ABSTRACT FROM AUTHOR]

The hilsa (Tenualosa ilisha) fishery in Myanmar is of importance as it provides an income for around 1.6 million artisanal low-income fisher households and generated USD 237.32M in export earnings from 156,000 metric tons in 2021. Fisheries Performance Indicator assessments have shown that the fishery, both artisanal and industrial, is close to economic collapse. Research was undertaken to find ways to improve the management of the fishery including studies to establish the migration routes and spawning periodicity of hilsa in addition to socioeconomic assessments and business case valuations to recommend finance mechanisms for improved management and maintenance of the fishery. Results indicate that the closed season for hilsa fishing misses the main spawning period in September. In addition, the chemical analysis of hilsa otoliths shows the importance of upstream spawning grounds - some 800km from the sea. Recommendations were made, and enacted March 2022, regarding the need for a new September closed season in addition to no-take hilsa sanctuaries along the main migration routes. A value was placed on the hilsa fishery at close to USD800M per annum. A USD100M annual investment cost is suggested to ensure that the new and old closed seasons are respected by licensed and unlicensed fishers. This investment could be generated by recommended fiscal reforms to provide incentives for fishers to respect the new fishing restrictions. Transboundary fisheries management opportunities are being advanced by informal tripartite scientific collaboration between Bangladesh, India and Myanmar. Social aspects, involving fisheries co-management with artisanal fisher communities and local government authorities, need to be continued to demonstrate the benefits of improved fisheries management in terms of the expected sustainable yields and a move away from potential economic fishery collapse. [ABSTRACT FROM AUTHOR]

Data and its valuation have gained vital significance in academia and enterprises, coinciding with diverse data valuation approaches encompassing various layers, dimensions, and characteristics. This paper assesses data value determination through a business capability lens based on the TOGAF standard. The paper encompasses (a) constructing a Data Valuation Business Capability (DVBC) taxonomy and (b) validating the taxonomy using two existing data valuation concepts from academia. The methodology involves information systems taxonomy development techniques backed by a previously conducted systematic literature review of 64 articles. The resultant taxonomy comprises four business capability layers, nine dimensions, and 36 characteristics. These layers and dimensions offer business, technology, and organizational perspectives, reflecting the interdisciplinary nature of data valuation alongside an enterprise architecture. Characteristics within these layers and dimensions are either exclusive or non-exclusive based on their contents. The compiled findings meet both objective and subjective quality criteria. The implications of the DVBC are multifaceted, influencing scholars and professionals alike. Scholars gain a cohesive tool enhancing transparency in the extensively debated data value domain, fostering linkages among information systems, enterprise architecture management, and data management. This empowers the progress in developing comprehensive data valuation concepts. Additionally, professionals may employ the DVBC taxonomy as a lighthouse and guiding tool, fostering internal dialog on data valuation. This entails elevating data valuation to a pivotal business capability, necessitating collaborative, regular assessment, and enhancement involving business and technological stakeholders. By adopting this taxonomy, the challenge of consistently determining data value can be effectively addressed in both academia and enterprises. [ABSTRACT FROM AUTHOR]

The purpose is to show the main methods of calculation and analysis of various organizations' indicators to demonstrate, using a practical example, the synergistic effect's significance and role in the diversification and a rise in sales when making M&A (mergers and acquisitions) transactions. The methods applied are mathematical formulas and various empirical and statistical data from various literature sources. The study's findings underscore the importance of understanding the synergistic effect of M&A. The research results can be valuable for corporate executives, investors, and business consultants involved in M&A. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Espacios is the property of Talleres de Impresos Oma and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article provides an overview of sensitivity analysis in financial and economic indicators, explaining how it involves varying hypotheses and variables to understand their impact on expected results. It also discusses different methods and software used for sensitivity analysis. The article then focuses on specific economic and financial indicators in Mexico, such as the National Consumer Price Index, the Price and Quotation Index of the Mexican Stock Exchange, the exchange rate between the Mexican peso and the US dollar, and the Equilibrium Interbank Interest Rate. The document includes graphs and tables illustrating the data, which is valuable for financial analysis and making investment and risk assessment decisions. The references provided offer additional sources on project evaluation, sensitivity analysis, and financial indicators. [Extracted from the article]

This research aims to investigate the physical and mechanical properties of soft soil stabilized using industrial wastes, namely fly ash and rice husk ash. For this purpose, 6 (six) variations in the composition of fly ash (F), lime (L), and rice husk ash (R) were prepared. The variations in sample composition are SFLR1 (F: 15%, L: 2.5%, R: 5%), SFLR2 (F: 20%, L: 2.5%, R: 5%), SFLR3 (F: 25%, L: 2.5%, R: 5%), SFLR4 (F: 15%, L: 5%, R: 10%), SFLR5(F :20%, L: 5%, R: 10%) and SFLR6 (F: 25%, L: 5%, R: 10%). Meanwhile, soft soil was obtained from Banjarmasin City in South Borneo. The sample's physical properties were analyzed using the Atterberg limit test. Moreover, the California Bearing Ratio (CBR) and direct share tests are conducted to assess the sample's mechanical properties. The research results can provide confidence that fly ash, lime, and rice husk ash have the potential to improve the physical and mechanical properties of Borneo soft soil. The results of the Atterberg limit test show that industrial wastes can lower the liquid limit and increase the plastic limit; thus, the soil plasticity index decreases. As for the CBR test results, the untreated soft soil bearing ratio value of 1.4% can be increased to 2.6% after being treated with industrial wastes. In addition, using industrial wastes also decreases the swelling of the soil. Moreover, it can be seen that greater use of fly ash can improve the mechanical properties of the soft soil. However, increasing the composition of lime and rice husk ash can reduce the mechanical properties of the soft soil. Based on the experimental results, it is proposed to use SFLR3 as soil stabilization mixtures. [ABSTRACT FROM AUTHOR]

PT XYZ is one of the largest telecommunication companies in Indonesia. In 2020, PT XYZ implemented a digital transformation to increase its excellence by investing in industry telecommunication and information systems (IT/IS) enterprise resource planning software called SAP (System Application and Processing) S/4 HANA Cloud. The study aims to analyze the benefits of these IT investments made in PT XYZ. The results are carried out using the Comparative Analysis of Financial Statements followed by Business Value and Financial Feasibility Analysis and the Cost Benefit Analysis (CBA) method between 2018 and 2021. It can be revealed that the SAP S/4 Hana Cloud investment benefits the company's operations, which are identified in the form of 5 sub-categories that fall into required categories based on Ranti's Generic IT/IS Business Value. [ABSTRACT FROM AUTHOR]

Purpose: Robotic process automation (RPA) has recently emerged as a technology focusing on the automation of repetitive, frequent, voluminous and rule-based tasks. Despite a few practical examples that document successful RPA deployments in organizations, evidence of its economic benefits has been mostly anecdotal. The purpose of this paper is to present a step-by-step method to RPA investment appraisal and a business case demonstrating how the steps can be applied to practice. Design/methodology/approach: The methodology relies on design science research (DSR). The step-by-step method is a design artefact that builds on the mapping of processes and modelling of the associated costs. Due to the longitudinal nature of capital investments, modelling uses discounted cashflow and present value methods. Empirical grounding characteristic to DSR is achieved by field testing the artefact. Findings: The step-by-step method is comprised of a preparatory step, three modelling steps and a concluding step. The modelling consists of compounding the interest rate, discounting the investment costs and establishing measures for comparison. These steps were applied to seven business processes to be automated by the case company, Estate Blend. The decision to deploy RPA was found to be trivial, not only based on the initial case data, but also based on multiple sensitivity analyses that showed how resistant RPA investments are to changing circumstances. Practical implications: By following the provided step-by-step method, executives and managers can quantify the costs and benefits of RPA. The developed method enables any organization to directly compare investment alternatives against each other and against the probable status quo where many tasks in organizations are still carried out manually with little to no automation. Originality/value: The paper addresses a growing new domain in the field of business process management by capitalizing on DSR and modelling-based approaches to RPA investment appraisal. [ABSTRACT FROM AUTHOR]

The purpose of the study is to offer valuable insights into how artificial intelligence is revolutionizing investment practices, and the impact of this transformation on investors, as well as the wider financial market scenario in the United States. The study investigated how the use of advanced AI technologies in business settings affects the valuation and fairness of investments in the United States. The goal of this research is to provide insights into how AI can influence financial decision-making and improve investment outcomes. The study findings suggest that AI possesses the potential to influence investor behavior, as AI-powered analytics and robot-advisors continue to gain prominence in guiding investment decisions. The increasing integration of AI in business practices raises ethical and regulatory concerns that impact public perception and the regulatory landscape, thereby affecting investment values. AI-based tools can process vast amounts of data accurately and quickly, enabling identification of investment opportunities, risks, and trends more efficiently than traditional methods. This, in turn, could foster better investment decisions and potentially higher returns. [ABSTRACT FROM AUTHOR]

In the past few decades, the number of businesses with a market value of one billion USD or more has significantly grown. Aided by new technology and business models, these businesses are a major part of our lives. This discussion explores various startup business types such as unicorns that evolve into billion-dollar ventures, high growth gazelle business that increase their revenue at least 20 percent annually, and dragons that not only have high growth but attain dominance in their industry. The technology employed by these startups in their growth process together with their management and business organizations are presented. A discussion of selected unicorns together with their innovative technology and entrepreneur leadership help to explain the fast-growing startup's success. [ABSTRACT FROM AUTHOR]

The purpose of this study is to determine mergers and acquisitions valuation for the acquisition One of the strategic objectives aimed at enhancing performance is product diversification. By acquiring PT Lipo Karawaci Tbk (LPKR), PT Bumi Serpong Damai Tbk (BSDE) aspires to expand its product portfolio by incorporating the existing offerings of LPKR. The method use quantitative methodology, characterized by the collection of numerical data and subsequent analysis by statistical tools. The primary objective of this study is to quantitatively quantify and provide an objective analysis of various eventsThe successful execution of this corporate activity necessitates meticulous calculation to effectively enhance the performance of the purchasing company, hence accomplishing its primary objective. One of the research objectives is to ascertain the valuation of PT Lippo Karawaci Tbk (LPKR) as a firm. The free cash flow method, often known as FCFF, is a viable approach for conducting assessments within the context of corporations. The aforementioned are financial concepts and measures employed for the purpose of quantifying the quantity of cash created by a corporate entity. In order to ascertain the post-acquisition predictions of the company for the subsequent five-year period (2023-2027), an analysis of the financial report data of both entities from 2020 to 2027 is required. [ABSTRACT FROM AUTHOR]

We propose a pairwise measure of financial statement benchmarking (FSB) that captures the degree of overlap in the financial statement line items reported by two firms. We validate FSB by showing its association with actual peer choices of analysts and corporate boards. We then test the practical implications of FSB in the context of strategic peer selection by these parties. We find that analyst (board) chosen peers with low pairwise FSB are more likely to be strategic selections and that the set of peers assembled by an analyst (board) collectively having low FSB is associated with more optimistic earnings forecasts (higher CEO overpay). We also demonstrate alternative applications of FSB by aggregating the pairwise measure at the firm level and decomposing it into finer financial statement-specific components. Our evidence suggests that FSB can be a relevant tool for those using benchmarking applications, including practitioners and academics. Data Availability: Data are available from sources identified in the paper. JEL Classifications: M41. [ABSTRACT FROM AUTHOR]