Professional judgments in business valuation should be based on persuasive comparative data and conclusive empirical studies. However, these judgments are frequently made without these conditions, causing professional skepticism. An appraiser should explain in detail what was done to get the market value because valuation is the initial crucial step in the investment decision process. In socially responsible investment schemes, an appraiser has a fiduciary duty and a vital role in protecting the public from fraud and the risk of asset value destruction. Professional skepticism is essential to direct the appraiser’s judgment towards independent valuation for the public interest, assisting in evaluating the relevance and reliability of information, especially relating to social, environmental, and ethical issues. This paper studies the business valuation process from a behavioral finance perspective in the United States and Indonesia, aiming to tweak business valuation practices, identify biases, and mitigate them to ensure the market value does not shift far from fairness opinion. The case study explores experiences from the professional role-learning process. The results highlight the need for an appraisal protocol in business valuation, improvements in the discount for lack of marketability application, and these findings are pertinent to business appraisers and regulators. Recommendations include enhancing the clarity of professional judgments and the integration of recent empirical studies into practice.

Presently, there exists a burgeoning trend of female entrepreneurs worldwide, notably within the realm of small and medium-sized enterprises (SMEs), many of which manifest as family-run enterprises. The systematic literature review endeavors to construct an integrative framework concerning the practical ramifications of female involvement in family businesses by amalgamating extant global studies. The findings elucidate the practical implications inherent in female participation across global family businesses, concurrently furnishing a reservoir of prospects for prospective investigations. The deduction posits the imperative eradication of gender disparities, cognizant that gender parity underpins economic and financial advancement and is contingent upon female involvement. Furthermore, familial enterprises are urged to acknowledge and integrate women’s contributions in entrepreneurial decision-making processes.

This article attempts to use public sphere theory as a starting point to compare the behavior of the British government in protecting the interests of British business in China in the 19th century with the Chinese government’s neglect of the interests of Chinese business in the Philippines. Mill’s method of finding identities will be used. This article uses the Shanghai Branch of the China Association and the Philippine Chinese Charitable Association Inc. as representatives of civil business groups in the UK and China. For the UK, due to the public sphere of competition with the central government within the UK, civil business groups must consult with relevant civil business groups when implementing any economic foreign policy. This process promotes consensus between the British government and society to promotes the British government’s determination to maintain British business in China. However, for China, due to the absence of a public sphere where the central government interacts with society, even though Chinese civil business groups have huge interests overseas, the state and society have always been unable to form a positive interaction. At the same time, this situation also results in Chinese business in the Philippines having to rely on their abilities to maintain their local interests.