Published Paper Details:

Corporate Governance (CG) has emerged as a critical determinant of sustainable corporate success and investor confidence globally. In India, following significant corporate scandals and regulatory reforms, the relationship between CG practices and firm performance has gained intense scrutiny. This research paper empirically investigates this relationship within the context of publicly listed companies on major Indian stock exchanges (BSE, NSE). Utilizing a mixed-methods approach, the study analyzes panel data for a sample of 250 non-financial NSE-listed companies over a five-year period (FY2019 to FY2023). CG is measured through a comprehensive index incorporating board characteristics (size, independence, diversity, meeting frequency, committees), audit quality (Big 4 affiliation, audit fees), ownership structure (promoter holding, institutional ownership, foreign ownership), and disclosure practices. Firm performance is captured using both accounting-based measures (Return on Assets - ROA, Return on Equity - ROE) and market-based measures (Tobin's Q, Market-to-Book Value Ratio - MTB). Control variables include firm size, leverage, age, and industry. Regression analysis reveals a statistically significant positive relationship between robust CG practices and superior firm performance across both accounting and market metrics. Key findings indicate that board independence, gender diversity, active audit committees, higher institutional ownership, and enhanced disclosure quality are particularly strong positive drivers. However, the study also identifies the persistent challenge of high promoter ownership concentration in India, which exhibits a complex, non-linear relationship with performance, suggesting potential entrenchment effects beyond certain thresholds. The paper discusses the implications of these findings for regulators (SEBI), company boards, investors, and policymakers, emphasizing the need for continued strengthening of CG frameworks, effective enforcement, and fostering a genuine culture of governance beyond mere compliance. Recommendations include enhancing board effectiveness, promoting shareholder activism, and leveraging technology for better monitoring.