Systematic Review on Value Creation in Domestic and Cross-Border M&A

Authors

  • Mira Rahmi Universitas Pendidikan Indonesia (UPI)
  • Nugraha Nugraha Universitas Pendidikan Indonesia (UPI)
  • Toni Heryana Universitas Pendidikan Indonesia (UPI)
  • Maya Sari Universitas Pendidikan Indonesia (UPI)

DOI:

https://doi.org/10.32493/eaj.v9i3.y2026.p229-252

Keywords:

mergers and acquisitions, value creation, cross-border M&A, domestic M&A, systematic literature review

Abstract

Mergers and acquisitions (M&A) are widely used as strategic tools for corporate growth, innovation, and competitiveness, yet their outcomes remain inconsistent, ranging from value creation to value destruction. Differences between domestic and cross-border transactions further complicate these outcomes. Despite extensive research, existing findings remain fragmented across theoretical perspectives and contexts. This study addresses this gap through a systematic literature review (SLR) guided by the PRISMA protocol. Articles were collected from Scopus, Web of Science, ScienceDirect, Emerald, Wiley, and Taylor & Francis Online covering the period 1980–2024. From more than 2,000 initial records, 56 studies were selected for analysis. The literature was examined across five theoretical perspectives: value creation, corporate control, agency theory, the resource-based view (RBV), and market efficiency. The findings indicate that domestic M&A value creation is primarily driven by operational efficiency and market consolidation, while cross-border M&A depends more on institutional conditions, knowledge transfer, and cultural integration. Governance quality and post-merger integration emerge as critical success factors across both contexts.

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Published

2026-09-30

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Vol. 9 No. 3 (2026): EAJ (Economics and Accounting Journal)

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