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<p>Besides more than four decades of research on mergers and acquisitions (M&amp;A) strategy, disparate findings remain about its role in the M&amp;A process and its contribution to value creation. The inconclusive findings in M&amp;A research are partially attributable to coarse-grained research, collapsing complex phenomena (e.g., M&amp;A strategies) into single variables. Therefore, this manuscript employs a systematic literature review (SLR) methodology to investigate the role of M&amp;A strategy for value creation and provides a nuanced view of M&amp;A strategy and how it is influenced by interaction factors. Based on a SLR, we identified and reviewed 92 papers to understand the role of M&amp;A strategy for value creation. The proposed integrative framework highlights that different M&amp;A strategies can lead to the same outcomes, depending on given interaction factors. Furthermore, our findings suggest that the inconclusive findings of M&amp;A research can be partially attributed to coarse-grained research that investigated the influence of a single variable on the value creation potential of a M&amp;A strategy, neglecting the influence of numerous variables. This study advances the current understanding of the role of M&amp;A strategy for value creation by developing an integrative framework that highlights that the value creation potential of a given M&amp;A strategy hinges on interaction factors. Also, this article proposes avenues for further research and provides practical and theoretical implications.</p>

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Navigating the M&A landscape: a systematic literature review on the role of M&A strategies for value creation

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年6月23日

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  • Arved Schneider,
  • Dominik Kanbach

摘要

Besides more than four decades of research on mergers and acquisitions (M&A) strategy, disparate findings remain about its role in the M&A process and its contribution to value creation. The inconclusive findings in M&A research are partially attributable to coarse-grained research, collapsing complex phenomena (e.g., M&A strategies) into single variables. Therefore, this manuscript employs a systematic literature review (SLR) methodology to investigate the role of M&A strategy for value creation and provides a nuanced view of M&A strategy and how it is influenced by interaction factors. Based on a SLR, we identified and reviewed 92 papers to understand the role of M&A strategy for value creation. The proposed integrative framework highlights that different M&A strategies can lead to the same outcomes, depending on given interaction factors. Furthermore, our findings suggest that the inconclusive findings of M&A research can be partially attributed to coarse-grained research that investigated the influence of a single variable on the value creation potential of a M&A strategy, neglecting the influence of numerous variables. This study advances the current understanding of the role of M&A strategy for value creation by developing an integrative framework that highlights that the value creation potential of a given M&A strategy hinges on interaction factors. Also, this article proposes avenues for further research and provides practical and theoretical implications.