M&A strategy refers to the decisions and actions undertaken by firms to acquire or merge with other companies as a means of achieving strategic objectives. The aim of studying the relationship between M&A strategy and firm performance is to understand how M&A activities impact the overall performance and success of firms. Researchers seek to identify the factors that influence the success or failure of M&A transactions and explore the various mechanisms through which M&A activities can create value for acquiring firms.

Game theory, on the other hand, provides a framework for analyzing strategic interactions between rational decision-makers. It is concerned with understanding how organizations make decisions in situations where their outcomes depend on the choices of others. Researchers aim to examine the various strategic options available to firms in M&A contexts, the incentives and motivations behind their decisions, and the outcomes that result from these interactions.

Innovation capability refers to a firm's ability to generate, develop, and implement innovative ideas and technologies. It encompasses both the firm's capacity to generate new knowledge and the processes and resources it has in place to translate that knowledge into commercially viable products, services, or processes. The study of the relationship between innovation capability and firm performance aims to understand how innovation contributes to the success and competitiveness of firms. Researchers seek to identify the factors that influence a firm's ability to innovate, the mechanisms through which innovation affects firm performance, and the conditions under which innovation is most likely to lead to superior performance.

The specific aims of research in this domain include examining how M&A strategy affects a firm's innovation capability and how innovation capability, in turn, influences the success of M&A transactions. By integrating these different perspectives, researchers aim to provide insights into how firms can strategically leverage M&A activities, game theory principles, and innovation capabilities to enhance their performance and competitive advantage in dynamic and uncertain business environments. The relationship between M&A strategy, game theory, innovation capability, and firm performance is a rich area of research that seeks to understand how these factors interact and influence each other. The intended focuses and specific aims of research in this domain revolve around uncovering the mechanisms and dynamics through which M&A strategy, game theory, and innovation capability shape firm performance and provide strategic guidance for firms operating in dynamic and competitive markets.