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Data from the Business Competition Supervisory Commission (KPPU) indicate that the impact of COVID-19 in 2020, 2021, and peaking in 2022 led to a significant increase in merger and acquisition (M&A) activities. This trend suggests that M&A actions have become an essential strategy for sustaining and enhancing business performance. However, not all M&A activities result in success, making it crucial to understand the factors influencing their outcomes. This study aims to examine and provide empirical evidence on the effect of board size, institutional ownership, and firm size on merger and acquisition performance. Agency theory and signaling theory are employed as the theoretical frameworks to explain the relationships between the independent and dependent variables. The population of this study consists of publicly listed companies that conducted mergers and acquisitions between 2019 and 2023. The sampling technique used was purposive sampling, resulting in a total of 150 samples. Data were collected through non-participant observation, and the data analysis technique applied was multiple linear regression. The results show that institutional ownership has a positive effect on merger and acquisition performance. In contrast, board size and firm size do not significantly influence M&A performance. These findings indicate that monitoring by institutional shareholders can enhance the effectiveness of strategic decision-making, while a larger organizational structure and firm size do not necessarily support post-merger integration success.

Finansial restructuring is an important strategy in maintaining company sustainability and growth, especially in the face of external and internal pressures. Mergers, acquisitions, and leveraged buyouts (LBOs) are the three main instruments in restructuring strategies used by companies in various sectors. This study aims to systematically review the current academic literature on the impact, challenges, and effectiveness of using mergers, acquisitions, and LBOs in the context of financial restructuring. By reviewing more than 20 sources from academic journals and recent financial reports, this study identifies trends, research gaps, as well as theoretical and practical contributions of each of these instruments. The findings show that all three instruments have significant potential to improve a firm's operational efficiency and capital structure, but also carry substantial risks if not managed strategically.

This literature review examines the impact of Corporate Social Responsibility (CSR) disclosure on mergers and acquisitions (M&A), focusing on market reactions, post-merger integration, and long-term performance. The review reveals that CSR disclosure often leads to positive market reactions, fostering investor confidence and increasing stock prices during M&A announcements. Furthermore, CSR practices contribute to smoother post-merger integration by aligning organizational cultures and fostering trust. Over the long term, companies that integrate CSR into their strategies generally experience enhanced brand value, customer loyalty, and competitive advantage. However, the effectiveness of CSR disclosure depends on its authenticity and strategic alignment with corporate goals. The review also highlights the need for further research in emerging markets and the exploration of qualitative approaches to deepen understanding of CSR’s role in M&A.

Mergers and acquisitions (M&A) are widely recognized as strategic instruments for corporate growth, restructuring, and competitive advantage. This semantic review synthesizes recent Scopus‑indexed literature to examine the strategic implications and performance outcomes of M&A. The study highlights that strategic alignment between acquiring and target firms is fundamental to synergy realization, operational efficiency, and innovation. Managerial expertise emerges as a decisive factor, with effective leadership ensuring smooth integration and long‑term value creation. Market dynamics, including economic volatility, regulatory changes, and geopolitical tensions, significantly influence M&A strategies and outcomes, while technological integration accelerates digital transformation and enhances competitive positioning. Cultural fit is identified as a critical determinant of organizational cohesion, with misalignment often leading to employee resistance and reduced productivity. Financial outcomes vary, ranging from profitability improvements through economies of scale to underperformance caused by overestimated synergies or poor integration. Furthermore, environmental, social, and governance (ESG) considerations are increasingly shaping M&A strategies, reinforcing stakeholder trust and sustainable value creation. By adopting a holistic approach that integrates strategic foresight, managerial acumen, market awareness, technological innovation, and sustainability, firms can optimize M&A as a tool for growth and resilience in dynamic global markets.