Vantagem competitiva, cria？？o de valor e seus efeitos sobre o desempenho

competitive advantage is the main hypothesis to explain the firm performance heterogeneity. however, competitive advantage is frequently simplified and empirically treated as profitability, despite its implications for the overall firm performance. considering that, this article develops a metric for competitive advantage by means of the analysis of its effects over financial performance, combining the curves of profitability and market share growth. using a multilevel model, the individual results for each firm is isolated and tested against each sector mean. the model is applied to a sample of american companies (compustat), in four intervals during the period of 1990 to 2009. the results reveal different competitive configurations, in which 16% of the firms are positioned in advantage and 16,5% in disadvantage (2005-2009),considering that the analysis for the other intervals demonstrated stability of the results.