This study utilized universal and contingency approaches to empirically investigate the effects of entry barriers on new venture performance. Consistent with prior research utilizing the universal approach, this study found only limited support for the direct independent effects of entry barriers on performance. Conversely, this study provides strong support for utilizing the contingency approach to examine the complex effects of entry barriers on divergent performance measures. Overall, contingency models incorporating the theoretically justified moderating effects of industry life cycle stage and venture strategy explained 31, 61, and 45 percent of the variance in profitability, shareholder wealth creation, and sales growth respectively. Copyright © 2001 John Wiley & Sons, Ltd.

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Using a sample of 115 manufacturing ventures, this study examined elements of industry structure which prior theory and research in the fields of industrial organization economics, strategic management, and entrepreneurship suggest are the most important structural characteristics of industries. Future researchers should carefully select the particular operationalization of industry structure as our research demonstrates that the influence of industry structural elements on measures of firm performance is strongly dependent upon the particular operationalization utilized. In addition, measures of industry structure were found to have a differential impact on alternative measures of firm performance, suggesting that different performance measures are not interchangeable proxies for one another. © 1998 John Wiley & Sons, Ltd.

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