Stakeholder and merger and acquisition research: A structured literature review

Simon Segal*, James Guthrie, John Dumay

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

8 Citations (Scopus)


This paper reviews literature that links stakeholders and mergers and acquisitions (M&A) to develop insights into how such research is developing, critique the research, and outline future research opportunities, not least in accounting and finance. Using a structured literature review (SLR) approach, we find such research is expanding in investigating diverse stakeholders and in analytic approaches, research methods and disciplines. With a shareholder focus, accounting and finance publications still largely ignore non‐shareholder stakeholders in researching M&A. The literature is dominated by a unidirectional analysis that primarily considers the effect M&A has on stakeholders, falls short in investigating inter‐ and intra‐stakeholder relationships and in eliciting the complex web of relationships between an M&A process and stakeholders.
Original languageEnglish
Pages (from-to)2935-2964
Number of pages30
JournalAccounting & Finance
Issue number2
Early online date12 Aug 2020
Publication statusPublished - Jun 2021


  • Mergers and acquisitions
  • Stakeholders
  • Structured literature review


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