Title: Twenty years of mergers and acquisitions research: a thematic review study

Authors: Harshita Bhargave; Dinesh Tandon

Addresses: Chitkara Business School, Chitkara University, Patiala, India ' Chitkara College of Sales and Marketing, Chitkara University, Patiala, India

Abstract: The present study has reviewed significant research works in the domain of mergers and acquisitions. Through applying the principle of inclusion and exclusion, 250 research studies were identified as relevant for the years 2004 to 2023. Out of 250 research studies, 63 research studies are examined in the present review. These significant studies are presented in a thematic manner. Accounting and financial issues, the impact of M&A deals on stock prices, strategic aspects of M&A, and how M&A deals influence a nation's economy are the major areas of this research work. Some significant theories related to various stages of M&A are also exhibited. According to our findings, promising areas for future research are to analyse how an organisation's culture transforms after and during M&A, to study different forms of the synergy creation, to evaluate an all-around firm's performance, and to critically evaluate the impact of different theories on M&A deals.

Keywords: mergers and acquisitions; M&A; accounting and financial issues; strategy; stock markets; nation's economy.

DOI: 10.1504/IJSEM.2026.155279

International Journal of Services, Economics and Management, 2026 Vol.17 No.4, pp.355 - 371

Received: 12 Dec 2022
Accepted: 01 Oct 2023
Published online: 30 Jul 2026 *

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