Which of the following is not the main factors affecting the value of Goodwill?

The capital value of Goodwill is directly dependent on factors that optimize super profits, including market position, localized advantage, risk profile, and competitive management strength. However, the phrase "Efficiency of Management of non-competitive firms" is completely irrelevant because the valuation of an enterprise's goodwill depends entirely on its own operational efficiency and competitive dynamics, not on unrelated entities that do not compete in its market space.