This paper examines empirical evidence on SOE performance drivers and thus contributes to understanding the literature behind SOE performance as well contributions to policy formulation on such organizations. Data from annual reports of 24 SOEs selected from 9 countries across 7 industries in a regression model empirically estimated using linear mixed model within the framework of longitudinal data analysis. The study finds that in an SOE set up, good firm performance is driven by existence of strong boards, good liquidity position and independent industry regulation. Firm size and age are also found to be positively driving performance whilst gearing levels, government’s involvement in pricing, attempting to cater for all stakeholder interest and financial dependence on government are negatively related to performance of SOEs. Our study brings no conclusive result on the effect industry competition has on SOE performance. We conclude that SOE performance can be explained in terms of the following organizational theories: resource based theory, agency theory, stewardship theory and the public choice theory whereas the stakeholder theory does not hold in an SOE set up.