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Mergers and acquisitions have served as a primary strategy for global banking consolidation over the past three decades, including in Indonesia, which is currently undergoing one of its most massive consolidation waves—one notable example being the emergence of Bank Syariah Indonesia. This article aims to provide a narrative review of the literature on the operational impacts of mergers on bank performance, with a particular focus on implications for the Indonesian context. Based on a systematic search of the Scopus database, 52 peer-reviewed articles published between 2000 and 2025 were analyzed using a narrative thematic synthesis approach. Five main themes were identified: cost efficiency, service quality, risk management, human resource and cultural integration, and information systems and technology integration. The key findings indicate that although 73.1% of studies report post-merger improvements in cost efficiency, these benefits are highly contingent upon the quality of post-merger integration especially in the areas of human resources, organizational culture, and information technology with IT integration failure rates reaching as high as 75%. Domestic mergers consistently achieve efficiency gains more rapidly than cross-border mergers, whereas risk implications depend heavily on the type of merger and the quality of integration. Policy implications include the need for the Financial Services Authority (Otoritas Jasa Keuangan) to monitor post-merger integration quality, provide integration guidelines for smaller banks, take into account the specific characteristics of Islamic banks, and ensure a streamlined, non-burdensome licensing process. Further research particularly empirical studies on banking mergers in Indonesia—is urgently needed to test the generalizability of global findings to the local context.

This study explores how litigation risk influences valuation techniques in mergers and acquisitions (M&A), focusing on discounted cash flow (DCF) models and peer comparables. Through a qualitative synthesis of recent literature, it finds that legal exposure significantly alters valuation strategies—particularly in fairness opinions—prompting conservative estimates to mitigate shareholder lawsuits and regulatory scrutiny. The analysis reveals that litigation risk can distort valuation objectivity, reduce deal premiums, and shift the role of valuation from economic justification to legal protection. This paper contributes to a deeper understanding of the intersection between legal risk and financial valuation in corporate transactions

The rapid growth of Indonesia’s banking industry has encouraged various corporate actions, such as mergers, to enhance efficiency and competitiveness. However, post-merger system integration often creates issues for customers, particularly the increase in credit collectability caused by data migration errors. This study aims to analyze the legal protection and liability of banks toward customers adversely affected by the merger process. The research employs a normative juridical approach through legislation review and case study analysis. The findings indicate that customer legal protection operates both preventively and repressively. Preventive protection is regulated under the Financial Services Authority Regulation (POJK) No. 6/POJK.07/2022, emphasizing transparency, education, and data security principles. Meanwhile, repressive protection is carried out through internal bank complaint mechanisms, the Financial Services Alternative Dispute Resolution Institution (LAPS SJK), and civil lawsuits under Articles 1365 and 1243 of the Indonesian Civil Code. The study concludes that banks are legally responsible for restoring customers’ rights by correcting SLIK data, issuing clarification letters, and providing material and immaterial compensation. Upholding prudential principles and consumer protection is essential to maintaining public trust in the post-merger banking system.

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 qualitative literature review explores the role of venture capital (VC) in shaping payment methods in mergers and acquisitions (M&As). It analyzes the influence of venture capitalists' syndication, investment horizon, and exit strategies on the choice between cash and equity-based payments in M&A transactions. The review finds that VC-backed M&As are more likely to utilize equity-based payment methods, particularly when venture capitalists aim for long-term growth or syndicate deals. Furthermore, macroeconomic conditions and market uncertainty also play a pivotal role in determining payment choices. By synthesizing findings from recent studies, this review enhances the understanding of VC's impact on payment structures in M&As and provides valuable insights for both researchers and practitioners in the field of corporate finance.

This article aims to analyze the differences in stock performance before and after mergers and acquisitions in companies listed on the Indonesia Stock Exchange (IDX). The problem focuses on the impact of mergers and acquisitions on stock performance indicators, such as Stock Returns, Price Earnings Ratio (PER), Price to Book Value (PBV), and Earnings Per Share (EPS). In order to approach this problem, theoretical references from financial management and market efficiency theory are used. Data were collected through financial statements of companies undergoing mergers and acquisitions in the 2018-2020 period and analyzed quantitatively using normality tests and significant difference tests with paired sample t-tests. This study concludes that mergers and acquisitions have a significant effect on increasing several stock performance indicators, especially Stock Returns and PBV, although the impact on PER and EPS varies depending on the industry sector and market conditions. The results of this study are expected to provide insight for investors and business actors in assessing the effectiveness of mergers and acquisitions as a company growth strategy.

This qualitative literature review explores the strategic role of contingent payment mechanisms (CPMs) in high-stakes transactions, such as mergers, acquisitions, and technology licensing. Synthesizing insights from 58 scholarly sources across finance, strategy, and negotiation research, the study reveals that CPMs—such as earnouts, milestone payments, and royalties—serve not only as risk-sharing instruments but also as vehicles for managing bargaining power and relational uncertainty. While CPMs can promote efficiency and deal closure under information asymmetry, they also risk introducing post-deal frictions if poorly aligned with contractual enforcement or behavioral expectations. This review highlights the need to reconceptualize CPMs as dynamic tools shaped by contextual power imbalances, strategic foresight, and institutional frameworks. The findings contribute to a more nuanced understanding of how efficiency and bargaining power interact within complex, long-horizon transactional environments

In the 2023 New Student Admission (PPDB), there was a surge in the number of students at SMAN 2 Tanjungpinang and a decrease in the number of students at SMAN 3 Tanjungpinang. In this case, the Education Office is responsible for the equitable distribution of students among schools in Tanjungpinang City. This research aims to understand and describe the Implementation of the New Student Admission Policy in Tanjungpinang in 2023. Using the Van Meter and Van Horn theory. The results of this study (1) The implementation of the policy can be considered successful because all prospective students were able to attend school and none were neglected as per its objectives, but there were discrepancies due to the lack of regulations and strict supervision related to the post-implementation of the PPDB. (2) Adequate resources. (3) It has been well communicated to the public through various socialization efforts such as coordination meetings, print media publications, social media, and official websites. (4) Characteristics require supervision and the development of competencies related to character education within the organization. (5) Regarding the online zonation pathway for new student admissions (PPDB), there are various issues such as prospective students not re-registering after the PPDB at SMAN 3 Tanjungpinang, insufficient supervision post-PPDB implementation, the absence of regulations governing post-PPDB implementation, the addition of offline registration at SMAN 2 Tanjungpinang leading to overload, and even mergers.

Corporate Restructuring is a method used by companies with the aim of improving and maximizing the performance of a company, so that the company is able to develop, or at least can adapt to the situation faced. There are 4 (four) forms of corporate restructuring, namely: merger, amalgamation, takeover, and separation of the company. The legal consequences of a merger and amalgamation are the same, namely the transfer of assets and liabilities, the transfer of shareholders of the company and the loss of the legal entity status of a company due to the merger and amalgamation. The merger was carried out by 3 banks which later became Bank Syariah Indonesia (BSI). The merger process has its main source of strength in the form of high asset capital, so that BSI is expected to be able to provide financing services needed by the community

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.

Integration, merger, and conglomeration are increasingly common strategies implemented by companies in Indonesia to increase competitiveness in the increasingly tight global market. Corporate integration, both vertically and horizontally, is expected to create operational efficiency and expand market share, however, this process still faces challenges in terms of supervision of healthy business competition. Mergers as an instrument to strengthen market position in the financial sector and other industries also have the potential to reduce the level of market competition, which requires strict supervision by institutions such as the Business Competition Supervisory Commission (KPPU). Conglomeration, on the other hand, is a diversification strategy carried out by large companies to maintain financial stability, but also risks creating market dominance that is detrimental to small business actors. The findings in this article show that although this strategy provides efficiency benefits, strict regulation and fair supervision of business competition are needed to maintain market balance and support sustainable economic development. The implications of competition policy in Indonesia must continue to be adjusted to global dynamics and digitalization developments that affect integration and merger practices.

The unhealthy financial condition of 7 state-owned construction companies in Indonesia has prompted the Indonesian government to pursue mergers through the Ministry of State-Owned Enterprises. This study analyzes the impact of these mergers on the 7 state-owned construction companies in Indonesia based on the synergy theory. This research is a literature study that uses previous research findings as a basis to reinforce the impact of mergers analyzed based on the synergy theory. According to the results of the literature analysis conducted, the synergy theory suggests that merging the 7 state-owned construction companies can be expected to increase profitability and improve financial health. This is because mergers can enhance efficiency, and market power, and strengthen the companies financial condition.

Accounting regulates how an entity runs properly in accordance with existing regulations, one example of which is the accounting treatment in business combinations. Accounting regulates how business combinations occur by referring to standards or regulations, one of which is contained in PSAK 22 which discusses business combinations. The discussion of PSAK 22 also explains how accounting treats the goodwill of an entity. The aim of this analysis is for us to understand how accounting treats business combinations where there is goodwill or added value from various aspects, including loyalty, good name and so on. Writing research in this journal uses a library research approach and method, using qualitative methods sourced from literature, scientific articles, or other supporting documents. Generally, business combinations are carried out using 2 methods, the Purchase Method and also the Pooling of Interest method. The difference between the two lies in the assessment of an asset, whether there is an increase or decrease, which will later be calculated to determine the value of the asset or liability, or what is called goodwill, whereas for pooling of ownership, there is no goodwill because all companies are considered the same or equivalent. From this research it was found that Goodwill recognition due to business mergers, especially those that occurred in Indonesia, has been implemented by several companies. Goodwill is recorded in the Company's consolidated balance sheet separately. The Company considers various aspects, one of which is the controlling and non-controlling interests in the Company.

The aim of this research is to analyze the comparison of financial performance and stock returns before and after mergers and acquisitions which are moderated by good corporate governance. This research applies comparative quantitative methods, using secondary data. A population of 21 companies that have carried out merger and acquisition activities were registered with the KPPU in 2021 and listed on the IDX during the 2019-2023 period. A sample of 11 companies was obtained with a 4 year observation span using the purposive sampling method. The data analysis used was IBM SPSS version 27 software with hypothesis testing, namely paired sample t-test, t test, R2 test, and MRA test. The research results show that the ROA, CR, DER, TATO, EPS and Stock Return variables do not show differences before and after carrying out mergers and acquisitions. The proportion of independent board of commissioners cannot moderate the influence of ROA, CR and EPS on merger and acquisition performance. The proportion of independent board of commissioners can moderate the influence of DER, TATO, and Share Return on merger and acquisition performance.

Using a literature research methodology, this paper investigates how business combination accounting was implemented both before and after PSAK 22, which is now known as PSAK 103 on Business Combinations. This research analyzes profit margin, return on equity (ROE), and return on assets (ROA) to assess the impact of PSAK 22 on the business's financial performance. Prior to PSAK 22, businesses often employed the "purchase method" or "pooling of interest." Results from prior research indicate that ROA, ROE, and profit margins are significantly impacted by business combinations. Although financial performance is frequently improved by mergers and acquisitions, the outcomes differ among industries. This article requires a broader range of information in order to function as a reference for future study on business combinations with PSAK 22/103 case studies and more diverse variables.

. Business mergers are carried out with many goals, including increasing company profitability and efficiency. This research contains the application of business combination accounting to the merger of PT Indosat Ooredo Tbk. with PT Hutchison 3 Indonesia with the implementation of PSAK 22. The aim of this research is to determine the impact of business combinations on company performance and income. The research method used is a literature study of journals, websites and previous articles. The results of this research include an overview of the application of business combination accounting and its impact on company performance and income. Through financial performance analysis carried out using ROA, ROE, PER and NPM, the results show a rapid increase after the merger of PT Indosat Ooredo Tbk. with PT Hutchison 3 Indonesia. This research encourages companies to maintain their achievements and maintain the trust of investors and customers.

Considering the importance of economic activities in maintaining national stability, sharia banking is considered as an approach to boosting the nation's economy. Bank Rakyat Indonesia Syariah (BRIS), Bank Negara Indonesia Syariah (BNIS), and Bank Syariah Mandiri (BSM), three sharia banks that were previously in existence, have merged as a result of the growth of the sharia banking sector in Indonesia, into one business entity. The process of merging two companies into one, where one takes a new name and the other is dissolved while all its assets are combined into the still operating business, is known as a merger. Of course, mergers are carried out with a specific purpose, as is currently experienced by the banking industry. In the context of these concerns, researchers plan to explore the impact of the consolidation of three state-owned sharia banks on the development of Indonesia's sharia economy. The influence of PT business combinations is revealed through the use of a literature observation approach in this research. Indonesia's sharia economic growth will be considered with a focus on Bank Syariah Indonesia (BSI) Tbk. Secondary data for this research was obtained from various sources, including scientific journals, e-books, and other relevant sources. This research aims to investigate the influence of the Indonesian Sharia Bank (BSI) business combination on the development of the sharia economy in these countries

The purpose of this research is to find out how the legal rules regarding cooperation agreements in business activities are viewed from a business law perspective and what forms of cooperation in trade activities can be carried out by company management. By using normative juridical research methods, it is concluded: 1. The legal rules regarding cooperation agreements in business activities are reviewed from the perspective of business law, referring to Civil law, especially Article 1313 of the Civil Code, which states that "An agreement is an act in which one or more people bind oneself to one or more other people." So it is clear that agreements give rise to agreements, as well as the Trade Code and Indonesian laws and regulations in various forms of business entities. 2. Forms of cooperation in trading activities that can be carried out by company management, such as Mergers, Consolidations, Joint Ventures and Franchising. A merger is a combination of one or several business entities so that from an economic point of view they are one unit, without merging the merged business entities. Consolidation/merger between two or more business entities that combine themselves to merge into one and form one new business entity (consolidation). This aims to "make healthy" the business entity concerned or what is usually called restructuring. Joint Venture is an agreement between two or more parties to collaborate in an activity. Franchise Agreement in which one party is given the right to exploit and/or use the rights to intellectual property or inventions, or business characteristics owned by another party in exchange for compensation based on the terms and/or sale of goods and services. 1 Article. 2 Lecturers at the Faculty of Law, Unsrat, Manado. Master of Law.