Kajian literatur pada kinerja perusahaan pasca merger: Strategi motif, struktur pembayaran, dan kesesuaian industri

Hanin Febriana

doi:10.54957/akuntansiku.v4i3.1960

Authors

Hanin Febriana Universitas Pembangunan Nasional Veteran Jakarta

DOI:

https://doi.org/10.54957/akuntansiku.v4i3.1960

Keywords:

Kesesuaian Industri, Kinerja Pasca Merger, Strategi Motif, Struktur Pembayaran

Abstract

Penelitian ini bertujuan untuk menelaah secara sistematis literatur mengenai faktor-faktor yang memengaruhi kinerja perusahaan pasca merger. Kajian ini memfokuskan pada tiga variabel utama, yaitu motif merger, struktur pembayaran, dan kesesuaian industri, serta hubungannya dengan kinerja pasca merger. Metode penelitian menggunakan kajian literatur terhadap 27 artikel jurnal yang dipublikasikan pada periode 2020-2024 dan memenuhi kriteria inklusi yang telah ditetapkan. Analisis dilakukan dengan menkajian temuan empiris dari berbagai konteks negara dan sektor industri. Hasil kajian menunjukkan bahwa motif merger berbasis sinergi merupakan faktor yang paling konsisten berkontribusi terhadap peningkatan kinerja pasca merger. Struktur pembayaran menunjukkan hasil yang lebih bervariasi, di mana pembayaran tunai cenderung memperoleh respon pasar yang lebih kuat, sementara pembayaran saham efektif pada kondisi dan sektor tertentu. Kesesuaian industri terbukti mempercepat integrasi operasional dan meningkatkan stabilitas kinerja, meskipun dampaknya tidak bersifat mutlak. Perbedaan temuan antar studi dipengaruhi oleh konteks negara, kondisi pasar, dan karakteristik industri. Penelitian ini memberikan kontribusi dengan menyusun model konseptual terintegrasi yang mengaitkan motif merger, struktur pembayaran, dan kesesuaian industri terhadap kinerja pasca merger.

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