The purposes of this paper are to identify critical success factors (CSFs) for e-business and to investigate the explanatory power of these CSFs on firm performance. Research results show that respondents rate goods as the most important, followed by services, operation, customer, and logistics. On the other hand, respondents evaluate security as the least important, followed by privacy, expertise, evaluation, and strategy. Regression analyses reveal that payment, evaluation, customer, services, logistics, and security have significant explanatory power on firm performance in terms of Tobin`s q and customer, services, and security in terms of ROA. Regression analyses on high performance firms show that all five statistically significant factors, goods, operation, customer, services, and logistics, exactly match the top five CSFs rated by respondents.