Governance paradigms in state-owned enterprises (SOEs) within Zambian contexts have been a subject of interest for scholars and policymakers alike, given the significant role SOEs play in the national economy. No empirical data were collected; therefore, the analysis focuses on theoretical exploration of existing literature. This article contributes to the understanding of governance paradigms in Zambian SOEs by providing a conceptual model that integrates existing governance theories with practical considerations for effective management. Future research should focus on empirical studies to validate theoretical propositions, while policymakers could consider adopting participatory management models as a strategic intervention to enhance SOE performance and accountability.