Distressed M&A and international strategies: mapping the field through a systematic literature review
对71篇论文进行系统性文献综述，梳理困境并购的前因、决策和结果，识别关键主题如破产规避、交易结构、整合挑战等，为学者和政策制定者提供研究基础和实践建议。
Purpose While international business and strategic management have explored various dimensions of cross-border transactions, distressed mergers and acquisitions (M&As) remain underexamined despite their significant impact on firms’ strategic decisions (e.g. international marketing strategy) and financial resilience. This study conducts a systematic literature review (SLR) on distressed M&A, identifying key themes on antecedents, decisions and outcomes (ADO), as well as theories, contexts and methods (TCM). Design/methodology/approach A framework-based review synthesizes the literature on distressed M&A. The review examines 71 papers published by the end of 2024, distinguishing between transactions where the target company is distressed and those where the acquiring company faces financial distress. Findings The review identifies key motivations for distressed M&A, including bankruptcy avoidance and strategic reorganization for business continuity. Critical decision-making areas include deal structuring, financing, counterparty selection, post-M&A integration and cultural differences. While short-term performance improvements are common, long-term success is often hindered by integration challenges and high debt. Additionally, distressed M&A research mainly focuses on specific regions, especially the USA, limiting the applicability of findings to broader contexts. Originality/value This study provides theoretical insights by systematically reviewing distressed M&A literature, offering a foundation for future research in this evolving area. It also offers practical recommendations for policymakers, organizations and stakeholders to shape strategies to restructure firms and ensure business continuity.