"How do firms and teams outperform competitors in highly regulated environments? Despite the considerable amount of research aimed at explaining the nature of firms’ competitive advantage, scholarship has not reached a shared interpretation about the drivers of success for business organizations. This divergence of opinions has two major reasons. First, scholars have not sufficiently considered the impact of external and environmental constraints on management, and thus performance. Among the several external constraints that organizations face, external regulations constantly influence organizations’ activities, and thus their outcomes. Consequently, firms that learn how to adapt to continuous environmental changes and constraints increase their likelihood of survival and success. Second, scholars tend to concentrate their analysis on one single determinant at a time, such as the effect of firm resources, technological innovation, management team composition, or strategic relations. Although scholars agree that firms reach success because they develop inimitable dynamic capabilities, a multilevel concept, few studies tackle more than one aspect at a time. Within highly regulated environments, no study has thus far compared the magnitude of all the major sources of competitive advantage, deriving from the diverse levels of dynamic capabilities. It is critically important for the future of management science to advance a general theory about competitiveness in dynamic, yet highly regulated environments, which compares the impact of different sources of competitive advantage. By studying the Formula One industry, a highly regulated industry at the core of the European automotive sector, this work will respond to a fundamental but still unanswered research question in management literature."