This paper examines alternative Intellectual Capital (IC) investment policies in a dynamically complex system for explaining differences in firm performance. Such analysis is supported through the use of a System Dynamics (SD) simulation model. This paper is based on the hypothesis that to explain superior performance is not sufficient to look at the endowment of strategic resources, but it also requires an analysis of the dynamics of resources accumulation and depletion processes resulting from management policies. To assess IC impact on company performance, a conceptual framework and a SD simulation model have been built. Finally, alternative scenarios results are commented.