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The paper reviews existing empirical research where long-term performance (LTP) of firms is the dependent variable. The purpose of this paper is to structure and classify the existing research, outline the shortcomings, and chart the avenues for future research in the area of LTP.

The paper is a review of the existing empirical literature. It surveys the existing studies and proposes new directions of empirical research.

The paper argues that there is a disconnection between the principal theories in strategy and the existing empirical findings. In particular, while the resource-based view (RBV) and dynamic capabilities view aim to predict sustainable competitive advantage and sustainable firm performance, few empirical papers examine the LTP consequences of resources and dynamic capabilities.

The paper shows where future research efforts should be concentrated by outlining shortcomings in existing research.

The paper compares ways to measure LTP that will be useful to corporate executives. The paper also outlines factors that have been shown to affect LTP. These findings can be used by executives planning their strategy.

The paper is a first review of LTP. It also contributes to the debate in strategy on the RBV and dynamic capabilities.