Merger dan Akuisisi sebagai Strategi Keberlanjutan Usaha di Jepang: Tinjauan Literatur dan Studi Kasus Nidec Corporation
(Mergers and Acquisitions as a Business Sustainability Strategy in Japan: A Literature Review and Case Study of Nidec Corporation)
DOI:
https://doi.org/10.61656/sbamr.v8i2.469Keywords:
M&A, Keberlanjutan Usaha, Jepan, Kinerja Perusahaan, Produktivitas, Nidec CorporationAbstract
Purpose: This study aims to explore the role of Mergers and Acquisitions (M&A) as a strategy for long-term business sustainability in Japan and evaluate its effect on financial performance, productivity and post-merger integration demonstrated by the case of Nidec Corporation.
Method: The research technique is qualitative and relies on a Systematic Literature Review (SLR) from selected peer-reviewed academic papers on Japanese M&A. This is supported by the only case study of Nidec Corporation using the secondary financial data from their Annual Securities Report 2024. Market developments, governance reforms, ESG integration and post-merger management were synthesized by means of thematic analysis.
Findings: The results show that Japanese M&A tends to boost business scale and target firm shareholder wealth but the total long-term productivity and acquirer returns are neutral due to integration friction and cultural “anergy” effects. Nidec Corporation has adeptly leveraged M&A as a sustainable expansion engine through its "analyzer/prospector" methodology, the establishment of the "One Nidec" global governance model, the synergy between technology acquisitions and carbon neutrality targets (Vision 2025), and a stringent restructuring discipline.
Implications: The study theoretically shifts the M&A paradigm from shareholder wealth maximization in the short term to corporate value standards and stakeholder sustainability. In practice it stresses the importance of ‘patient capital’, people management and formal performance frameworks for post-merger integration. It calls for governance principles that encourage long-term corporate value to regulators instead of rigid defensive anti-takeover devices.
Originality: The study combines a comprehensive analysis of current Japanese M&A literature with empirical disclosures from Nidec Corporation’s 2024 Annual Securities Report. M&A is conceptualized as a strategic driver of corporate business sustainability, rather than as an emergency restructuring instrument.
ABSTRAK
Tujuan: Tujuan dari penelitian ini adalah untuk meneliti pentingnya merger dan akuisisi (M&A) sebagai strategi untuk mencapai kelangsungan bisnis jangka panjang di Jepang. Selain itu akan juga dievaluasi dampak dari M&A terhadap kinerja keuangan, produktivitas dan integrasi pasca merger sehubungan dengan Nidec Corporation sebagai contoh.
Metode: Penelitian ini menggunakan pendekatan kualitatif melalui tinjauan literatur sistematis (SLR) dari beberapa makalah ilmiah yang telah ditinjau sejawat tentang M&A di Jepang. Setelah menganalisis makalah tersebut literatur tinjauan akan dilengkapi dengan studi kasus dari Nidec Corporation yang akan dilakukan menggunakan data sekunder dari laporan tahunan sekuritas tahun 2024. Perkembangan terkait M&A di Jepang, tata kelola perusahaan, praktik ESG dan manajemen pasca merger akan ditinjau melalui analisis tematik.
Temuan: Dari analisis hasil studi tersebut jelas bahwa operasi M&A (Merger dan Akuisisi) di Jepang akan membantu dalam peningkatan skala bisnis dan membuat para pemegang saham dari organisasi sasaran menjadi kaya. Namun dalam beberapa kasus peningkatan produktivitas jangka panjang dan pengembalian investasi dari organisasi pembeli tidak terjadi. Alasan dari hal tersebut dapat dilihat dari adanya beberapa hambatan dalam proses integrasi dan budaya perusahaan yang berbeda dari organisasi yang berpartisipasi dalam M&A yang memiliki pengaruh negatif terhadap terciptanya sinergi. Dalam kasus Nidec Corporation operasi M&A digunakan sebagai sarana untuk melanjutkan operasi perluasan bisnisnya dalam kerangka pendekatan analis/penjelajah, tata kelola global "One Nidec" dan akuisisi teknologi terkait dengan netralitas karbon melalui Visi 2025.
Implikasi: Dari sudut pandang teori ini dapat dilihat bahwa selain mengatasi masalah memaksimalkan kekayaan pemegang saham dalam jangka pendek juga diperlukan untuk mengatasi masalah pengembangan nilai dan kelangsungan perusahaan bagi berbagai pemangku kepentingan.Dalam kenyataannya dapat diamati bahwa M&A yang sukses membutuhkan komitmen terhadap investasi jangka panjang, mengelola dan mengevaluasi sumber daya manusia dalam proses integrasi pasca M&A.
Orisinalitas: Penelitian saat ini mencakup integrasi dari wawasan penelitian M&A yang dilakukan di Jepang serta dari data empiris dari Laporan Tahunan Sekuritas 2024 dari Nidec Corporation.Maka dari itu M&A tidak hanya dipandang sebagai cara untuk menyelesaikan masalah dan merestrukturisasi bisnis tetapi juga sebagai alat untuk pengembangan berkelanjutan organisasi bisnis.
Kata Kunci: Merger dan Akuisisi, Keberlanjutan Usaha, Jepang, Kinerja Perusahaan, Produktivitas, Nidec Corporation.
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