Firm Performance Before and After Horizontal Merger and Acquisition Effectiveness and Efficiency Performance on Hotel Industry in Indonesia

Adi Sopyan (Sekolah Tinggi Manajemen Pariwisata dan Logistik Lentera Mondial)

Jurnal Manajemen Pariwisata dan Logistik (JMPL)
Vol 3 No 1 (2025): Jurnal administrasi perkantoran, kesekretarisan, Manajemen, Perhotelan, Pariwisat

The literature frequently highlights synergy as the main goal behind M&As, research often shows a lack of success, casting doubt on the potential to achieve these synergies. One area that has not been extensively explored is the overall impact of M&As. This study seeks to examine how marketing effectiveness and efficiency influence firm performance, and how these effects vary before and after a horizontal M&A. We developed hypotheses and tested them Hotel Industry in Indonesia. Our results indicate that marketing effectiveness positively impacts firm performance both before and after the M&A, with a stronger effect observed after the M&A. Conversely, efficiency does not affect firm performance before the M&A but shows a positive impact afterward.