“…Several authors also agreed with him, mentioning the role of “invisible” assets in the synergistic effect (Jensen, 1994; Karimi, 2013). At the same time, other researchers (Mohindru & Chander, 2010) urge to pay attention to the internal and external factors of the organization that contribute to the emergence of a synergistic effect (Dilshad, 2013; Kinnunen, 2010; Oh et al, 2015; Rishi et al, 2014; Thakur & Bhatia, 2021) and give it competitive advantages, including those that influence the valuation of a business (Akewushola, 2015; Qureshi et al, 2012; Yiğit & Tür, 2012).…”