Merger & Akuisisi dan Restrukturisasi Korporasi: Tinjauan Teoritis, Perkembangan, Penerapan, dan Analisis Kritis dalam Perspektif Manajemen Keuangan Korporasi

Rizky Ferari Oktavian; Herry Achmad Buchory; Siti Wulansari

doi:10.32670/jim.v17i2.22

Authors

Rizky Ferari Oktavian Universitas Widyatama, Indonesia
Herry Achmad Buchory Universitas Widyatama, Indonesia
Siti Wulansari Universitas Widyatama, Indonesia

DOI:

https://doi.org/10.32670/jim.v17i2.22

Keywords:

Mergers, Acquisitions, Corporate Restructuring, Synergy Theory, Agency Theory, Signaling Theory, Firm Value, Post-Merger Integration

Abstract

This study presents a comprehensive literature review on mergers and acquisitions (M&A) and corporate restructuring from the perspective of corporate financial management. The review encompasses definitions derived from twelve reputable international sources, the strategic importance of M&A and restructuring for corporate sustainability, determinant factors influencing M&A decisions, the evolution of ten major theories ranging from Synergy Theory (1960s) to Behavioral M&A Theory, the strengths and limitations of each theoretical perspective, their relevance across various business sectors, working capital management, long-term investments, and financial assets, as well as a critical analysis of four real-world case studies: Amazon–MGM (2022), the merger of Bank Syariah Indonesia (2021), the restructuring of Garuda Indonesia (2021–2022), and GoTo Group. The findings indicate that no single theory is capable of explaining all dimensions of M&A activities; rather, an eclectic approach integrating Synergy Theory, Agency Theory, and Signaling Theory appears to be the most relevant framework within the Indonesian context. Practical and academic implications are discussed extensively.

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