Abstract: The problem. The purposes of the study were (a) to provide empirical evidence that the performance of privatized firm is relatively proportional to the degree of the success of privatization, environmental turbulence strategic aggressiveness, and general management capability, (b) to identify behaviors and actions that are prime predictors of the success of privatization, and (c) to test Ansoff's Strategic Success Hypothesis. Method. This study explored 10 formerly state-owned enterprises from the State Enterprise Policy Office database. A total of 125 surveys were received from participants that included privatization leaders, managers of the firms, others who had been personally responsible for guiding the privatization, and the National Economic and Social Development Board (NESDB). Pearson correlation was used to investigate the relationships between the variables, which included top management support for privatization, the adequacy of the power base, the privatization leader's anticipation of challenges throughout privatization, the involvement of participants, the rewards and incentives for participants, the resistance to privatization, the strategic aggressiveness gap, the general management capability gap, the strategic behavior gap, the success of the privatization, and the performance of the organization. The t test was used to determine the differences in the mean success of privatization of: (1) diagnosis of support/resistance and (2) segmenting of planning and implementation of privatization. A one-way ANOVA analysis followed by the Scheffe test was used to determine the differences in the means success of privatization of: (1) development of acceptance for privatization and a shared vision of the organization's position in its future environment, (2) development of knowledge/information and planning skills, and (3) implementation sequence of strategies and capabilities. Results. The Pearson correlations showed that there were significant relationships among the key variables mentioned above ( p < 0.01 or p < 0.05): The results of t tests indicated that privatizations that conducted a diagnosis of support/resistance and used a modular approach in the planning and implementation process were more successful than privatizations that did not conduct a diagnosis and use a modular approach. One-way ANOVA results indicated that there were significant differences in the mean success of privatization among four initiation times for development of acceptance and shared vision as well as that of knowledge and planning skills. In addition, privatizations that developed an acceptance and a shared vision as well as knowledge and planning skills before the development of strategies and capabilities were more successful than privatizations that did not develop or developed these at different initiation times. According to additional findings, multiple regression analysis revealed the 7 strongest predictors of the success of privatization. The Pearson correlation revealed a strong inter-correlation between strategic aggressiveness gap, general management capability gap, strategic behavior gap, and performance of the organization.