This empirical study aims to test the empirical and theoretical limitations of the universalistic perspective of strategic human resource management (SHRM) posed by Kaufman in 2010. We used the results of the 7th panel survey of 405 companies conducted in 2017 by the Korea Research Institute for Vocational Education and Training (KRIVET), and compared them with the data of the first survey of 454 companies in 2005 for longitudinal analysis. The results supported Kaufman’s theory. First, from the empirical point of view, managers in the field did not show as high level of trust and support as the universalist expected in terms of the general effect of high-performance work practices (HPWPs) on organizational performance. Second, we did not confirm a consistent effect of diminishing marginal utility of HPWPs. However, all the negative values of path coefficients of three performance indicators, albeit not all were significant, would be enough to raise a question about the perspective of “more is better” in the universalistic perspective. Finally, we found the phenomenon of declining significance levels of direct effects between HPWPs and performance indicators (HR, organizational, and financial outcomes) in accordance with distance. These findings could provide a reference for validity research of various performance indicators that are used for dependent variables of HPWPs. Further academic and managerial implications were also discussed.