Kinerja Keuangan Pasca-Merger dan Akuisisi: Tinjauan Literatur tentang Managerial Hubris, Premi Akuisisi, dan Risiko Impairment Goodwill

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Merger dan akuisisi (M&A) bertujuan menciptakan sinergi, meningkatkan efisiensi, dan memperkuat daya saing perusahaan. Namun, manfaat ekonomi pasca-M&A tidak selalu terealisasi karena keberhasilan transaksi dipengaruhi oleh kualitas keputusan investasi, ketepatan valuasi, dan kemampuan integrasi. Penelitian ini bertujuan menyintesis hubungan antara managerial hubris, premi akuisisi, goodwill, risiko impairment, dan kinerja keuangan pasca-M&A. Penelitian menggunakan pendekatan Systematic Literature Review (SLR) terhadap 10 artikel utama periode 2021–2025 yang dianalisis secara tematik dan naratif. Hasil kajian menunjukkan bahwa managerial hubris dapat mendorong estimasi sinergi yang terlalu optimistis dan pembayaran premi akuisisi yang tinggi, sehingga meningkatkan nilai goodwill dan risiko impairment ketika manfaat ekonomi yang diproyeksikan tidak terealisasi. Pengalaman akuisisi juga tidak secara otomatis meningkatkan kinerja, tetapi perlu diubah menjadi pembelajaran organisasi dan kapabilitas integrasi. Selain itu, kompetensi manajerial dan tata kelola berperan dalam meningkatkan kualitas keputusan dan membatasi diskresi dalam pelaporan goodwill. Kajian ini menegaskan pentingnya pendekatan terintegrasi dalam menganalisis kinerja pasca-M&A dengan menghubungkan perilaku manajerial, kualitas valuasi, realisasi sinergi, goodwill, dan tata kelola perusahaan.

Mergers and acquisitions (M&A) are corporate growth strategies aimed at creating synergies, improving efficiency, and strengthening firms’ competitive positions. However, the expected economic benefits of M&A are not always realized, as transaction outcomes depend on the quality of investment decisions, valuation accuracy, and post-acquisition integration capabilities. This study aims to synthesize the relationships among managerial hubris, acquisition premiums, goodwill, impairment risk, and post-M&A financial performance. A Systematic Literature Review (SLR) approach was employed to analyze 10 key articles published between 2021 and 2025. The selected studies were synthesized using thematic and narrative analysis. The findings indicate that managerial hubris may lead to overly optimistic synergy estimates and excessive acquisition premiums, thereby increasing recognized goodwill and the risk of impairment when projected economic benefits fail to materialize. Acquisition experience does not automatically improve performance; rather, it must be transformed into organizational learning and effective integration capabilities. Managerial competence and corporate governance mechanisms also play important roles in improving decision quality and constraining managerial discretion in goodwill reporting. This review highlights the importance of an integrated approach to understanding post-M&A performance by linking managerial behavior, valuation quality, synergy realization, goodwill consequences, and corporate governance mechanisms.