Strategic Implications and Performance Outcomes in Mergers and Acquisitions: A Semantic Review
DOI:
https://doi.org/10.61132/digitalinnovation.v2i2.186Keywords:
Mergers and Acquisitions (M&A), Corporate Strategy, Financial Performance, Managerial Decision-Making, Strategic Orientations, Market DynamicsAbstract
This study reviews and synthesizes existing research on the strategic implications and performance outcomes of corporate mergers and acquisitions (M&A). Drawing from Scopus-indexed journal articles, it examines key factors influencing the success of M&A, emphasizing managerial decision-making processes and their subsequent impact on financial performance. Using a semantic analysis approach, this review explores the intricate dynamics of M&A, highlighting the interplay between strategic orientations, organizational capabilities, and market conditions. The findings provide a comprehensive perspective on how these variables collectively shape M&A outcomes, offering actionable insights for practitioners and scholars aiming to optimize merger strategies and achieve sustainable performance improvements.
Downloads
References
Adhikari, B., Kavanagh, M., & Hampson, B. (2023). Analysis of the pre-post-merger and acquisition financial performance of selected banks in Nepal. Asia Pacific Management Review, 28(4), 449–458. https://doi.org/10.1016/j.apmrv.2023.02.001
Baldi, F., & Salvi, A. (2022). Disentangling acquisition premia: Evidence from the global market for corporate control. Finance Research Letters, 48(April), 102885. https://doi.org/10.1016/j.frl.2022.102885
Boubakri, N., Cosset, J. C., Mishra, D., & Somé, H. Y. (2023). The value of risk-taking in mergers: Role of ownership and country legal institutions. Journal of Empirical Finance, 70(January), 427–444. https://doi.org/10.1016/j.jempfin.2022.12.015
Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Financial (12th ed.). South-Western Cengage Learning.
Deni Sunaryo, Hamdan, Alfina Anggriani, Cecilia Winata, D. D. A. (2024). PREDIKSI TREN RISIKO KEUANGAN PERUSAHAAN BERDASARKAN MODEL MACHINE LEARNING (ARIMA) : TINJAUAN LITERATUR. Jurnal Akuntansi Manajemen, Vol, 3(2), 78–94. https://doi.org/10.30656/jakmen.v3i2.9704
Eulerich, M., Kopp, R., & Fligge, B. (2022). Mergers and acquisitions research — A bibliometric analysis. European Management Journal, 40(6), 832–846. https://doi.org/10.1016/j.emj.2022.09.006
García-Nieto, M., Bueno-Rodríguez, V., Ramón-Jerónimo, J. M., & Flórez-López, R. (2024). Trends and Risks in Mergers and Acquisitions: A Review. Risks, 12(9), 143. https://doi.org/10.3390/risks12090143
Hascika, D. P., Sinurat, D. P., Dewi, A. V., Sunaryo, D., & Wulandari, S. S. (2024). FRAUD FACTOR ANALYSIS HEXAGON IN DETECTING FINANCIAL REPORT FRAUD IN LISTED COMPANIES IN INDONESIA : A SYSTEMATIC LITERATURE APPROACH Fraud Theory : In detecting fraud , various theories have been introduced . ( Cressey , 1953 ; Segalani , 2024 ). Indo-Fintech Intellectuals: Journal of Economics and Business p-ISSN:, 4(5), 2589–2605. https://doi.org/https://doi.org/10.54373/ifijeb.v4i5.2057
Imperatore, C., Pündrich, G., Verdi, R. S., & Yost, B. P. (2024). Litigation risk and strategic M&A valuations. Journal of Accounting and Economics, 78(1), 101671. https://doi.org/10.1016/j.jacceco.2024.101671
Lawrence, E. R., Nguyen, T. D., & Upadhyay, A. (2024). Independence of board leadership of acquirers and the success of mergers and acquisitions. Journal of Corporate Finance, 86(March), 102581. https://doi.org/10.1016/j.jcorpfin.2024.102581
Lestari, M., Febriyanto, B., Marbun, N. S., & Sunaryo, D. (2024). A Comprehensive Approach to Financial Risk Management : Analysis of Regulation , Innovation and Sustainability Through Semantic Literature Reviews.
Maulana, A., Dwita, M., Fitriyani, M., Sunaryo, D., & Adiyanto, Y. (2024). RISK MANAGEMENT AS A DETERMINANT OF INDONESIAN BANKING FINANCIAL PERFORMANCE : A SYSTEMATIC LITERATURE APPROACH. 5, 8–11.
Perafán-Peña, H. F., Gill-de-Albornoz Noguer, B., & Giner, B. (2024). Targets’ earnings management and ownership decisions in M&A: Can less be more ? Finance Research Letters, 62(January). https://doi.org/10.1016/j.frl.2024.105133
Sunaryo, D. (2021). Analysis Of Current Ratio, Debt To Assets Ratio And Gross Profit Margin On Financial Distress With Moderated Share Prices In Retail Companies Listed In Securities Exchange. International Journal of Educational Research & Social Sciences, 2(1), 23–33. https://doi.org/10.51601/ijersc.v2i1.39
Sunaryo, D. (2022a). Buku Ajar Mata Kuliah Manajemen Keuangan II, Cetakan Pertama, Jawa Timur: CV. Qiara Media.
Sunaryo, D. (2022b). Financial Distress And Debt To Asset Ratio Can Moderate Stock Price Problems. International Journal of Educational Research & Social Sciences, 3(3), 1201–1219. https://doi.org/10.51601/ijersc.v3i3.391
Sunaryo, D., Adiyanto, Y., Syarifah, I., Dita, S., & Bella, D. S. (2024). Risk Financing Transfers and Risk Retention : A Semantic Literature Analysis for Financial Stability.
Sunaryo, D., Adiyanto, Y., Violita, E., Nabila, F., & Killah, K. E. (2025). Risk Management and Its Influence on Corporate Performance : A Systematic Literature Review Approach.
Sunaryo, D., Darmawan, D. I., Dwi, A., & Kaya, W. (2025). Fundamental Principles of Risk Management in Restructuring , Reorganization , and Liquidation of Non-Profit and Profit-Oriented Companies. 11, 413–422.
Sunaryo, D., Firdaus, A., Jannah, F. I., & Apriliani, I. F. (2025). Analysis Understanding Financial Risk in Debt Instruments : The Role of Debt Repayment Provisions in Preferred and Common Stock.
Sunaryo, D., & Lestari, E. P. (2023). Effect of Cash, Receivables, and Inventory Turnover on Net Profit Margin (NPM) in Food & Beverage Subsector Manufacturing Companies. Studies in Business and Economics, 18(1), 298–313.
Suryaningrum, D. H., Abdul Rahman, A. A., Meero, A., & Cakranegara, P. A. (2023). Mergers and acquisitions: does performance depend on managerial ability? Journal of Innovation and Entrepreneurship, 12(1). https://doi.org/10.1186/s13731-023-00296-x
Wahyuni, R., Febriyanti, B., Laila, G., Sunaryo, D., & Adiyanto, Y. (2024). SUSTAINABILITY BASED FINANCIAL RISK MANAGEMENT STRATEGIES FOR LONG TERM RESILIENCE : A SYSTEMATIC REVIEW. Indo-Fintech Intellectuals: Journal of Economics and Business p-ISSN:, 4(5), 2625–2639. https://doi.org/https://doi.org/10.54373/ifijeb.v4i5.2154
Wolf, C. A., & Karszes, J. (2023). Financial risk and resiliency on US dairy farms: Measures, thresholds, and management implications. Journal of Dairy Science, 106(5), 3301–3311. https://doi.org/10.3168/jds.2022-22711
Wu, H., Jiao, Z., Wang, S., & Wu, Z. (2024). Corporate mergers and acquisitions: A strategic approach to mitigate expected default frequency. Finance Research Letters, 64(March), 105416. https://doi.org/10.1016/j.frl.2024.105416
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Digital Innovation : International Journal of Management

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.