Performance evaluation of state-owned enterprises from a public value perspective: a comparative analysis of Brazil, Germany, South Korea, France and India

Abstract

This article examines national and international models for evaluating the performance of state-owned enterprises (SOEs) from a public value perspective, focusing on Brazil, Germany, South Korea, France and India. The study adopts a conceptual framework in which public value results from the combination of financial performance, socio-environmental impact, operational efficiency, governance standards and effective contribution to public policies. A qualitative methodology was employed, based on documentary research, secondary data and the construction of a comparative matrix covering dimensions, indicators and their use in governmental decision-making. The findings show that, although countries converge around transparency, integrity and sustainability, their evaluation systems differ substantially in terms of institutional maturity, degree of centralization, measurement instruments and integration between performance assessment and public policy objectives. In Brazil, recent developments—such as the IG-SEST, the Annual Letter on Public Policies and Corporate Governance, and variable compensation programs—represent important progress, yet challenges remain regarding impact measurement and the alignment between public mandates and economic performance. The article concludes by presenting lessons and recommendations for strengthening the Brazilian model, drawing from international best practices.