Post-merger governance and performance in public, non-profit and private organizations in an international context: A systematic literature review

Historically, mergers have been a way for businesses and organizations to expand their operations through external growth. The objective of this study is to analyse the current and future trends in merger processes in the context of two research aspects: 1) the relationship with governance principles in both private and public sector organizations and 2) the current situation and prospects for international or domestic mergers. In order to fulfill the research objectives, a criterion-based selection and analysis of relevant literature were conducted — articles selected from an authoritative database (Scopus). It was found that in the context of corporate mergers, governance theory is of critical importance because the quality of governance can influence post-merger outcomes, and effective corporate governance mechanisms can mitigate risks arising from the behaviour of managers or employees. Based on the result of this study, it is suggested that the research in the field of mergers and governance mechanisms can significantly benefit from further studies that include the advanced analysis of various countries with diverse economic environments.