This research is part of a context characterized by increasing use of discussion to generate shareholder value enhanced by the economic crisis that occurred in 2008 and 2009 that has increased several questions related to the doctrine of maximizing shareholder value, especially regarding the strategies to achieve this goal. In this context, the definition and selection of the most appropriate strategy is shown as differential to face the challenges posed by the economic scenario regarding the issue of the performance of the company and its shareholder return. Thus, the main objective of this research was to compare the growth strategies ( mergers and acquisitions or organic growth ) with the performance of companies that have gone through a process of mergers and acquisitions from 2003 to 2013 based on the performance indicator defined as Tobin s Q. The survey was conducted by means of statistical tests with empirical data of publicly traded companies with shares traded on the São Paulo Stock Exchange and assessed indicators of stock returns of companies that went through the acquisition event as well as features transaction such as payment method, the number of buyers, the relative size between firms and the performance of these companies measured by Tobin s Q. The results showed that the available database for the reporting period is not sufficient to come to a definite conclusion about the impact of the aforementioned variables on stock returns.