Knowledge Management (KM) especially in developing countries in recent years has generated much interest tobe incorporated as a strategy to enhance business competitiveness. However the results of several recent studieson the subject especially in Europe indicate that it cannot be concluded on the direct causal relationship betweenknowledge management and the results of the business activities. In this regard, the results of this studyperformed with a sample of 386 managers from 58 large and medium size enterprises in Bogota evidence theabsence of direct relationship between these variables under study. This may result due to the fact that the impactof KM in the results of enterprises depends also on the specifics of each organization and/or the fact that theirresults are consequence of a number and not only one variable of the enterprise administrative field.