Identify the factor that does not affect the value of goodwill of a p…

The correct answer is Option (1) → Change in the profit sharing ratio of partners

The value of goodwill depends on factors that let the firm earn more profit: nature of business, location, efficiency of management, market situation and special advantages.

A change in the profit sharing ratio only shifts shares among partners; it is an occasion on which goodwill has to be valued, not a factor that changes its value.