This paper investigates performance drivers in a State Owned Enterprise from a perspective of contending organizational theories. It is based on BPC, an SOE that has gone through varied performance trends under different business models over the last 44 years. The study uses both qualitative and quantitative data from the last 15 years and finds that good performance has been supported by notions of the agency, stewardship and resource theories while a blanket pursuit of the stakeholder theory

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... ndermined sustainable performance, just as public choice theory implications. Two perspectives emerge: a broadened view of the agency theory reconciling traditional shareholder centric interests with those of the wider society and a residual societal benefits inherent in the public choice theory.