Fairness Opinions Research Articles

A Modern Perspective on the History of Moldovan Statehood a Century Ago

The review highlights the monographic study by Galushchenko, O. S. (2024). One hundred years of the Moldavian ASSR. Moldavian statehood east of the Dniester. LAMBERT Academic Publishing (ISBN: 978‑620-7-63910-6). The researcher makes an attempt to analyze the development of historical events by bringing new facts discovered in recent times to their coverage and analysis. The book is characterized by attention to the subjective factor, which, in the author’s fair opinion, played not the least role in the creation of Moldovan autonomy and its further destiny. As it seems, O. S. Galuschenko’s book touches another important problem, which goes beyond the limits of the Left-Bank Subnistria, namely, the formation and dynamics of Moldovan statehood. In the context of this problem, the events covered in the monograph are only a segment, but a fundamental one, in the development of Moldovan state identity, which received a special resonance in the last years of existence and after the collapse of the USSR, when the Moldovan community split into supporters of the preservation of Moldovan statehood and adherents of unification with neighbouring Romania. Understanding that the researcher did not set a special goal of highlighting the dynamics of Moldovan state identity, the reviewer, alongside with analyzing the merits of Oleg Galuschenko’s monographic study, attempts to shortly overview the issue of Moldovan identity, resonating differently in the minds of the inhabitants of the left and right coasts of Moldova with particular force and urgency, especially with the coming to power of the current president M. Sandu and the majority of her party dominating in the parliament of the country, who are oriented to the levelling of Moldovan values, joining the European Union (which will lead to the dissolution of Moldova in Romania), integrating with NATO, dragging the country into the armed confrontation of the collective West with Russia in Ukraine.

ANALISIS KOMPARASI KINERJA KEUANGAN PEMERINTAH DAERAH DENGAN OPINI WAJAR TANPA PENGECUALIAN DAN OPINI WAJAR DENGAN PENGECUALIAN DI PROVINSI SULAWESI TENGGARA

This research is entitled Comparative Analysis of the financial performance of local governments with unqualified opinion and qualified opinion in Southeast Sulawesi Province. The aim is to find out the Comparative Financial Performance of local governments with unqualified opinion and fair opinion with exceptions in Southeast Sulawesi Province. The method of analysis is to use a comparative descriptive method, namely describing the financial performance of local governments that obtain WTP Opinions and WDP Opinions and using financial ratios. The results showed that the Independence Ratio obtained the Unqualified Opinion and the WDP Opinion were still low or instructive, the Effectiveness Ratio obtained the Unqualified Opinion and the WDP Opinion were each very effective, the Efficiency Ratio obtained the Unqualified Opinion was less efficient, while obtaining the WDP Opinion was quite efficient, the Compatibility Ratio obtained the Unqualified Opinion and the WDP Opinion each prioritized operating expenditure over capital expenditure; and the Growth Ratio of Regional Original Revenue (PAD) obtained the Unqualified Opinion and the WDP Opinion each still experiencing a fluctuating growth trend

EVALUASI PRAKTIK AKUNTABILITAS PEMERINTAHAN DI KOTA KENDARI

This study evaluates government accountability practices in Kendari City as a representation of the condition of local government in Indonesia. Qualitative methods were used by involving various parties, and the results showed the Kendari City government's focus on efficiency, effectiveness, transparency, and community participation. The evaluation results are based on the use of Key Performance Indicators and Government Institutional Accountability and Performance Reports. The Kendari City Government maintains the Unqualified Fair opinion of BPK RI, even though there are indicators that have not been achieved. Policy recommendations include proactive publication, bureaucratic reform, increased transparency through financial reports, and community empowerment. This research is expected to provide guidance for stakeholders in improving accountability and quality of local governance in Kendari City.

Critical Analysis of the Legal Responsibilities in Issuing Fairness Opinion by Accountants—Focus on Citing Other Expert Report and Artificial Intelligence Tools

Critical Analysis of the Legal Responsibilities in Issuing Fairness Opinion by Accountants—Focus on Citing Other Expert Report and Artificial Intelligence Tools

Effect of A Nurse-Led Interactive Education On Perception of Disease Risk Among Nurses in Lagos State University Teaching Hospital, Lagos

This research examines the influence of nurses' perceptions of the risk associated with COVID-19 on public health outcomes, with a specific emphasis on LASUTH, a vital healthcare referral centre in Lagos, Nigeria. The study utilises a quasi-experimental pre-/post-test approach to evaluate the efficacy of nurse-led interactive education in influencing nurses' perceptions of COVID-19 risk. The cohort included 527 nurses from LASUTH. The data was gathered by a validated questionnaire, whereas the intervention consisted of a nurse-led interactive training session. The statistical analyses, both descriptive and inferential, were performed using SPSS version 25. The results demonstrate changes in nurses' views after the intervention. At first, 6.8% of individuals held negative impressions, which subsequently rose to 10.2%. The percentage of fair opinions declined from 27.1% to 20.3%, whilst the percentage of excellent perceptions saw a little rise from 66.1% to 69.5%. The average perception score reduced from 13.2±3.47 to 12.5±3.76, indicating a rise in awareness and changed attitudes after the intervention. The results indicate a reduction in the level of intense anxiety towards the virus, from 27.1% to 22%. There is also an increased level of worry over mortality, as well as a greater recognition of the need of preventative actions. The intervention significantly altered the nurses' sense of danger. The results also verified a substantial disparity (p < 0.05) in the perceptions before and after the intervention, so providing evidence to reject the null hypothesis. This research highlights the efficacy of treatments led by nurses in altering perceptions of COVID-19 risks, offering valuable information for public health initiatives and interventions.

Litigation risk and strategic M&A valuations

We study the role of litigation risk in M&A valuations. Specifically, we hypothesize that litigation risk leads to strategic valuations in fairness opinions (FOs) obtained in M&A transactions. Employing a regulatory shock to merger litigation risk and focusing on the most common valuation techniques – peer firm comparables and DCF analysis – we find that target-sought FOs exhibit lower valuations when litigation risk is high. The effect is concentrated in deals with greater agency conflicts between target management and outside shareholders. Furthermore, downward-biased valuations reduce appraisal litigation but are also associated with lower premiums. In contrast to prior work suggesting that target-sought FOs are used to negotiate a higher takeover price, our findings imply that they are used, at least in part, to mitigate litigation risk and facilitate successful deal completion. Our findings are relevant to academics, practitioners, and regulators interested in M&A price formation, and highlight the role litigation plays therein.

How Do Multiple Regulators Regulate? Evidence from Fairness Opinion Providers' Conflict of Interest Disclosures

How Do Multiple Regulators Regulate? Evidence from Fairness Opinion Providers' Conflict of Interest Disclosures

Are Third-Party Fundamental Valuations Relevant in Public Company Takeovers?

In U.S. mergers and acquisitions, target directors are required to consider third-party financial valuations, summarized in a “fairness opinion” before accepting a takeover offer. Critics argue (1) that these valuations are not relevant for public companies, which can assess the desirability of the deal based on the market premium, and (2) that the investment bank providers cater to management by “rationalizing” the deal price rather than providing an independent valuation check. I find that fairness valuations can provide valid information about the target’s value, incremental to its predeal stock price. They can impound expected transaction synergies, unravel rumor-driven stock price runups, and may signal ex ante fundamental mispricing. I also find evidence of the alleged catering, which I distinguish from “legitimate” valuation disagreements. This suggests that third-party fundamental valuation could play a useful role in the governance of public company takeovers, but there are flaws in its current implementation. This paper was accepted by Brian Bushee, accounting. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4959 .

Does Voluntary Financial Disclosure Matter? The Case of Fairness Opinions in Mergers and Acquisitions

Does Voluntary Financial Disclosure Matter? The Case of Fairness Opinions in Mergers and Acquisitions

Identification of Reed-Berezovsky-Sternberg cells in lymphatic nodes in classic Hodgkin's lymphoma by flow cytometry: a clinical case series

Despite their B cell origin, Reed-Berezovsky-Sternberg tumor cells (RBS) in classic Hodgkin's lymphoma (cHL) demonstrate an absolutely unique phenotype. Immunohistochemistry of RBS cells is positive for CD15 antigen in most of cases, CD30, PAX-5; they do not express the T cell antigen CD3, В cell CD19, and in most cases are negative for the B cell antigen CD20, as well as for common leukocyte antigen CD45. Taking into account such unequivocal immunophenotype, RBS cells can be identified by multiparameter flow cytometry. Thus, J.R. Fromm et al. (2006, 2014) have convincingly shown the possibility to identify RBS cells in a puncture and/or biopsy sample of lymphatic nodes in cHL and were of the fair opinion that such rather simple and reproducible technique as flow cytometry could be an additional diagnostic instrument in cHL.
 We have tested the technique proposed by J.R. Fromm et al. for the assessment of lymphatic node involvement in cHL and used 8 to 10-parameter flow cytometry for detection RBS cells in cHL in 8 biopsy samples of a lymphatic node, and confirmed the feasibility to identify RBS cells by high performance flow cytometry. We also performed morphological and immunohistochemical assessment of the biopsy samples of lymphatic nodes from patients with suspected cHL. The study included clinical cases with immunohistochemically confirmed cHL (n = 8), and the control samples were from those with other diagnoses than Hodgkin's lymphoma. In all cases of cHL we found RBS cells. In future we plan to analyze larger case samples by flow cytometry.

Analysis Of The Financial Performance Of The Regional Government Of Sidenreng Rappang Regency Before And After Obtaining Fair Opinion Without Exemption (WTP)

This study aims to determine a comparison of the financial performance of the regional government of Sidenreng Rappang district based on the independence ratio, effectiveness ratio, efficiency ratio, spending harmony ratio, and growth ratio. The data collection technique used in this study is Documentation. The data analysis technique in this study is a quantitative descriptive technique and analysis of financial performance ratios in the form of independence ratios, effectiveness ratios, efficiency ratios, spending harmony ratios, and growth ratios. The results showed that the level of independence indicated that Sidenreng Rappang District before and after WTP was categorized as instructive independence or where the role of the central government was still dominant compared to the role of the regions themselves. The effectiveness ratio shows that Sidenreng Rappang District before WTP and after WTP is categorized as ineffective because the average value is below 100%, this shows that the financial performance of Sidenreng Rappang Regency has not been able to achieve the goals or targets that have been set or planned. The efficiency ratio shows that Sidenreng Rappang District before WTP and after WTP is categorized as Efficient, this shows that the local government has been careful in calculating the costs incurred. The growth ratio shows that the percentages of Sidenreng Rappang Before WTP and After WTP experienced unstable percentages because the available data was still fluctuating. This is caused by the target factor and the realization of regional income receipts that vary each year. From the results of the study it is said that the hypothesis Ha is accepted and Ho is rejected or there is no difference in the financial performance of the Regional Governments before and after WTP in Sidenreng Rappang Regency.

Health Literacy among Older Adults in Portugal and Associated Sociodemographic, Health and Healthcare-Related Factors.

Although the health literacy level of the general population was described recently, little is known about its specific levels among older adults in Portugal. Therefore, this cross-sectional study aimed to investigate the levels of health literacy demonstrated by older adults in Portugal and explore associated factors. Using a randomly generated list of telephone numbers, adults aged 65 years or more living in mainland Portugal were contacted in September and October 2022. Sociodemographic, health and healthcare-related variables were collected, and the 12-item version of the European Health Literacy Survey Project 2019-2021 was used to measure health literacy. Then, binary logistic regression models were used to investigate factors associated with limited general health literacy. In total, 613 participants were surveyed. The mean level of general health literacy was (59.15 ± 13.05; n = 563), whereas health promotion (65.82 ± 13.19; n = 568) and appraising health information (65.16 ± 13.26; n = 517) were the highest scores in the health literacy domain and the dimension of health information processing, respectively. Overall, 80.6% of respondents revealed limited general health literacy, which was positively associated with living in a difficult household financial situation (4.17; 95% Confidence Interval (CI): 1.64-10.57), perceiving one's own health status as poorer (7.12; 95% CI: 2.02-25.09), and having a fair opinion about a recent interaction with primary healthcare services (2.75; 95% CI: 1.46-5.19). The proportion of older adults with limited general health literacy in Portugal is significant. This result should be considered to inform health planning according to the health literacy gap of older adults in Portugal.

Why Fairness Opinions? Theoretical foundation and clinical study in Switzerland

Fairness opinions are third-party opinions on the financial fairness of transactions for shareholders. They are primarily commissioned by management bodies of targets especially in the case of public takeover bids. The main objectives of this commissioning are said to be better information provision, independent certification, and documentation of the basis for management decisions and safeguarding. However, an empirical verification of these anecdotally mentioned objectives has not been performed so far. On the basis of a detailed, clinical study of 44 Swiss fairness opinions from the period 2010 to 2020, these objectives are reviewed. It is shown that many arguments speak against the hypotheses of information provision and certification, but that these are very much in line with the hypothesis of formal documentation and safeguarding of the boards of management.

Availability and Use of Information and Communication Technologies at an International Airport in Nigeria

In this paper, the availability and use of conventional and aviation-specific information and communication technologies by airport workers are examined. A sample survey research design and a purposive sampling technique were adopted. By using a questionnaire, quantitative data were collected from 213 staff of the airport, who were available during the survey and were willing to complete the instruments. Further, qualitative data were collected from two heads of departments by using an interview schedule. The conventional technologies of computers, printers, and photocopiers, among others, were reportedly available and used. Common-use terminal equipment and flight information display systems were reportedly the aviation-specific technologies known by the largest number of respondents (84% each), while the biometric identification system was known by the least number of respondents (43.6%). The respondents reported increasing use of these technologies in the last five years. The members of staff of the organisation have very fair opinions about their knowledge of the use and deployment of information and communication technologies, but they identified infrastructural constraints and the high cost of equipment maintenance as hitches to the adequate deployment of the ICTs. Continuous training—that covers both conventional ICT and aviation-specific information and communication technologies—is required to improve the performance of airport staff.

HANDICRAFT ARTISANS OF RURAL GUJARAT: FROM THE VIEW POINT OF EXPERTS

Handicraft Industry of India is one of the most important sectors for economic, social and cultural point of view. Handicrafts of Gujarat such as Hand embroidery, Pottery work, Bamboo work, Hand-made jewellery, Bead-work, Tie-dye work, Patolas, Woolen blankets and shawls, Tangaliya, Namdhas, Wood carving, Lacquer work, Ivory inlay boxes, Patara making, Zari-work. Pithora painting, Kalamkari, Warli painting, Metal art, Stone carving, etc. are famous worldwide. But the scenario has been changing in the present era of heavy industrialization, technological advancement and globalization. Despite various government and non government programmes, policies and schemes to protect the interest of handicraft artisans, the result is still not satisfactory. There must be proper means, methods and efforts to enhance the income of the artisans so that they can be economically and socially powerful. It is required to have the fair opinion of experts who have been directly or indirectly involved in the field of handicraft promotion programmes. Hence, the experts like government officials, NGO workers, fashion designers, handicraft project coordinators, trainers, etc have been selected as respondents so that we can come to know about grass-root realities and the prevailing facts. For this purpose opinion and suggestions of 40 experts have been collected and analyzed so that appropriate strategies and policies can be designed keeping in view the priority of actions needed.

Detection of financial and non-financial factors affecting the acceptance of going concern opinion

<p>Financial statements are source of information for investors in determining which companies to invest in. Therefore, the reliability of financial statements has an important role. In order for financial reports to be reliable, there are two important things, namely reporting quality and earning quality factors. The auditor gives a fair opinion as a form of reporting quality. Thus, the going concern opinion is one of the opinions given by the auditor on earning quality. This study tries to examine what factors encourage the auditor to give going concern opinion to the company. The method used is a quantitative method using inferential statistics. In particular, the instrument used is logistic regression. The findings of this study are that companies that tend to get a going concern opinion have certain characteristics, among others, are large companies that have profits and have a fairly high level of debt. This finding can then be used by investors to identify companies that have the potential to get a going concern opinion<em>.</em></p><p><em> </em></p>

INDEPENDENSI AUDITOR DI MASA PANDEMI COVID-19 (STUDI PADA KAP "X" MALANG)

The Covid-19 pandemic has implications for business activities in general and has implications for the Public Accounting Firm (KAP) business, especially in terms of an auditor's independence. Meanwhile, independence is generally related to the ability of an auditor to be impartial and not easily influenced by certain parties to support audit quality during the Covid-19 Pandemic. This study aims to determine the auditor’s perception of independence during the Covid-19 Pandemic at KAP “X” Office. The paradigm in this study is the Interpretive Paradigm. This type of research is a qualitative approach. Data collection techniques using the method of observation, interviews and documentation. Test the validity of the data using the source triangulation method. The stages in this research are using data reduction, data presentation and concluding (verification). The results showed a statement from one of the informants who stated that there was a request from the client who asked the KAP auditor “X” to give a fair opinion so that there was a continuity of cooperation with the client. Based on this statement, it can be interpreted that during the Covid-19 Pandemic, there was pressure from the client on the auditor to give a fair opinion on the company’s financial performance. Therefore, the auditor needs to consistently adhere to the principle of independence to maintain the audit quality of the financial statements.
 

Book Review

Book Review

Problems of efficiency of law enforcement activity in national security system of the Russian Federation

The author examines the problem of the effectiveness of pro-security agencies in the system of national security of the Russian Federation on the basis of an analysis of regulatory legal acts and the effectiveness of law enforcement agencies. According to the National Security Strategy of the Russian Federation, approved by the Decree of the President of the Russian Federation (hereinafter referred to as the Strategy), national security is understood as a state characterized by the protection of the individual, society and the state from internal and external threats, in which the implementation of the constitutional rights and freedoms of citizens of the Russian Federation, decent quality and standard of living, sovereignty, independence, state and territorial integrity, sustainable socio-economic development of the Russian Federation. Obviously, there is an internal and external impact on national security. At the same time, this impact is carried out on the foundations of the independence and independence of the state, as well as the basic rights and freedoms of its citizens. When solving the issues of creating a system of national security, it is necessary to proceed from the fact that the object of protection in this case is very complexly structured, diverse, consisting of many diverse structural elements, which results in the complexity of structuring the relationship of these elements. According to the fair opinion of some scientists, the security system itself reflects the process of interaction of national interests and threats to them, is functional, while the security system aims to protect national interests, is an organizational system of means, methods, subjects (bodies).

ANTECEDENTS AND CONSEQUENCES OF SUCCESSFUL IMPLEMENTATION OF ACCRUAL BASED GOVERNMENT ACCOUNTING SYSTEM IN CENTRAL GOVERNMENT

This research aims to test the influence of Human Resources Competency, Leadership Commitment, Information Technology Support, Internal Control over Financial Reporting on the Quality of Financial Statements of Ministries and Non-Ministries Government Indonesia, with intervening variables Implementation of Accrual-based Government Accounting Standards (Empirical Studies on Ministries and Non-Ministries Government Indonesia). The population in this study was Fifty-Three Ministries and Non-Ministries Government Indonesia, which obtained a fair opinion without exception on examining financial statements by the Indonesian Audit Board for five years, from 2015 to 2019. Sampling techniques using the purposive sampling method as many as 212 questionnaires are disseminated to 53 Ministries and Non-Ministries Government Indonesia who obtained fair opinion without exception by Indonesian Audit Board. The model used in this research is SEM Analyst using LISREL 8.8 application. The study results showed the Leadership Commitment had a positive but insignificant effect on the Implementation of accrual-based and Information Technology Support has a positive but insignificant impact on the Quality of Financial Statements of Ministries and institutions. Leadership is competency needed for communication between leaders in delivering accrual information and an Accounting system that does not provide automatic accrual adjustment. The researchers expected that the central government could create an Accounting system that automatically identifies accrual data and cuts off accrual transactions.