What is the impact of industry effect, the company effect, and the institutional effect on the performance of companies based in Peru? This research rises from this question, and it seeks to contribute, theoretically, to find new interactions between the three effects (industry, company, and institutions) from new factors that might arise as relevant from the perspective of resources and capabilities. Similarly, the introduction of a new model that complements the existing paradigm opens up new opportunities to evaluate the performance of the company in an emerging country. Also, on a practical level, managers of companies in Peru would have the opportunity to understand the components of each of these three effects and the impacts that they cause on the results of the company.