STUDY OF THE KNOWLEDGE MANAGEMENT ON THE ORGANIZATIONAL RESULTS:ANALYSIS OF THE MEDIATING EFFECT OF THE DIRECTIVE COMPETITIONS. In the future, the only sustainable competitive advantage will be the creation of organizational knowledge and its good management (Drucker, 1993;Grant, 1996;Teece, 1998).In the new economy, the knowledge is not one more of the production factors. One has become the main factor (Drucker, 1994).This vision is being translated in the enterprise scope in an increasing interest by the measurement of the intangible assets like the intellectual capital. The intention of the present investigation would be to study the mediation of the Directive Competitions, in the relation between the Knowledge Management and the Organizational Results, in order to the generation and sustainability of a series of distinguishing competitions, on which to maintain an advantage competitive differential. In the first place we have come to make a conceptual approach to the basic concepts of information, knowledge, organizatational capacities and caracteristics, as well as to those of strategic competitions, resources and assets. Secondly, once entered in the scope of the knowledge and the learning in the organizations, we have been centered in the definitions and models (theoretical and practical) existing in scientific literature and actually professional on the Knowledge Management. Models like those of Nonaka and Takeuchi (1995), Kaplan and Norton (1996), Edvinson (1996), Brooking (1996), Sveiby (1997), Drogonetti and Roos (1998), Good (1998) and Camisón and Palacios (1999), show the interest that are provoking in our surroundings, international as much national, the influence of the Knowledge Management in the economic and non economic organizations. Is every day more evident that the management of the organizations cannot be made as traditionally come taking place. Concepts like the globalization and the generalization of the technologies of the information cause that it is necessary a fast and flexible adaptation to the circumstances of the surroundings. In the enterprises, we see as the productivity to low cost remains overflowed by intensive economies in cheap manual labour force. But simultaneously, organizations perceive that they cannot compete with same strategies. In this sense, the option by the Knowledge Management, the Development and the Innovation, appears like an alternative necessary to consider. Nevertheless, in the direction of the companies, as much at national level as at local level, a lack of awareness of the evolution of the international markets is perceived, in the measurement in which absolutely they are not convinced that the Knowledge Management influences positively in the own Organizational Results, tangible and intangible. In altars to demonstrate this relation, our investigation wants to put a sand grain, on the hypothesis that this relation is intermediate of the Directive Competitions, that is to say, by the observable and habitual behaviours that contribute to the success in a task or function (Chinchilla and Cardona, 1999). The made work of investigation tries to raise a model of mediation of the Directive Competitions between the Organizational implantation of a system of Knowledge Management and Results, on the base of a study in depth of scientific literature and the practical application of these systems, and with an empirical study in the scope of the Valencian Community.