Managers of public policies and international funds often must prioritize their projects of investments. The theory of Industry-based view proposes a correlation between the munificence of resources in a country and the performance of their companies. The identification of the country’s degree of development associated to the company’s performance may be helpful to public administrators to identify priorities in investments.

This paper analyzes empirically the macro-micro relationship between the country’s resources abundance and company performance found in the Institution-based View literature. This relationship was shown in a previous works of Peng and Luo (2000) that analyzed the impact of interpersonal relationships of the Chinese managers (guanxi) in the performance of their companies. This paper also extends the work made by Wan and Hoskisson (2003) that evidenced the influence of 6 western European countries’ characteristics in their company’s diversification strategies. The creation of institutions and factors indicators allowed us to show the different impacts of country’s environment in firm capabilities (market and non-market) and in diversification strategies (products and international inbound). The World Bank’s database was used to create the indicators (WDI) and to select the sample of companies (WBES). The result shows that the country environment moderate the correlation of strategic and market-capability variables with Markup and EBITOA (ebit on asset) of the companies.