Resumen:
We show that evaluating the sustained competitive advantage (SCA) of a firm according exclusively to superior economic performance sustained for a given period of time hides, in fact, alternative manifestations of SCA. We suggest that SCA is a multidimensional construct that may be subject to different, complementary operationalizations in empirical tests. We propose an untapped dimension of SCA related to the degree of autonomy of a firm relative to its industry rivals and present a new measure, inspired in the CAPM (capital asset pricing model), to capture it. This measure reflects the resilience of a firm against economic recessions and industry turmoil. We show the benefits of the proposed alternative measure of SCA based on firm autonomy through its application to the position of Southwest Airlines in relation to the US airline industry (1982-2003).
