This paper analyzes the complex association between strategic management and performance, emphasizing the dynamic aspects of the problem. It considers a sample of 149 medium and large Brazilian companies. A longitudinal approach is used considering three periods of time. It provides evidence that the traditional strategic management models are capable of explaining, in most cases, the performance of companies over time. Main conclusions demonstrate that constantly successful companies are those which manage to construct internal favorable conditions associated to objectives, competitive resources and structural characteristics and, only partially, to competitive environment. Macroenvironment and the competitive strategy itself, in general, seem to be less important.