Do mergers and acquisitions create value? Many empirical studies have failed to resolve this question, producing what the literature terms the M&A paradox. Acquisitions remain one of the most pursued corporate strategies despite ambiguous evidence on their financial outcomes. This thesis investigates the paradox directly through a comparative analysis of domestic transactions in Italy and Germany, two relationship-based economies that share a governance tradition yet differ structurally in their institutional architecture, which makes the comparison particularly informative. The analysis is conducted on two levels: a comparative analysis and an empirical investigation. In particular, the comparative analysis examines the three Italian corporate governance models, characterized by greater flexibility, and the German two-tier model, which is characterized by employee co-determination.