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Iran is among developing countries which represent interesting in regard to corporate governance mechanisms, because operating firms in them don’t follow usual norms and incomplete commodity markets, managerial intellectual capital is prolific in those countries. Therefore, our research intends to examine the relationship between corporate governance and firm performance. A sample consists of 1,276 company-year observations (for 116 companies during 11 years from- 2011 to 2021. The data is extracted from audited financial statements and macroeconomic indicators are obtained from international databases (for example: The World Bank). Both categories of book value (return and asset and return on equity) and market value (Q-Tobin) performance indicators are used in this research to increase result credibility. 

Our findings show no relationship between board size and performance indicators (both market based and booked value based). Other findings implicate positive relationship between non-executive boards and performance. Finally, research results suggest negative adjustments in presence of institutional macroeconomic factors, some economic and institutional factors had negative adjustment in presence of ROA and ROE. Using market-based proxy for company performance provided similar results regarding negative adjustment of institutional macroeconomic factors.

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