Corporate governance (CG) is the process and structure through which the affairs of a firm are managed for enhancing business prosperity and corporate accountability, and the ultimate objective of CG is to ensure the shareholders' wealth. A good corporate governance practice is regarded as an important aspect in reducing risks for investors, attracting capital for investment, and improving the performance of companies in the long run. The objective of this paper was to explore the relationship between the firms' performance and corporate governance practices. The paper analysed board of directors and financial performance of major listed companies in the National Stock Exchange (NSE) S&P CNX Nifty during the study period. The study found that the corporate governance structure which incorporated government ownership created more opportunities and resources for better financial performance of the sample firms.

1. Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(3), 377-397.
2. Borokhovich, K., Parrino, R., & Trapani, T. (1996). Outside directors and CEO selection. Journal of Financial and Quantitative Analysis, 31(1), 337-355. DOI: 10.2307/233139
3. Denis, D. J., & Denis, D. K. (1995). Performance changes following top management dismissals. Journal of Finance, 50 (4), 1029-1057. DOI: 10.1111/j.1540-6261.1995.tb04049.x
4. Garg, A. K. (2007). Influence of board size and independence on firm performance: A study of Indian companies. Vikalpa, 32(3), 39-60.
5. Hashim, H. A., & Devi, S. S. (2008). Corporate governance, ownership structure and earnings quality: Malaysian evidence. Research in Accounting in Emerging Economies, 8 (1), 97-123.
6. Karpagam, V. (2013). Impact of corporate governance factors on the firm performance of NSE listed companies in India. SMART Journal of Business Management Studies, 9 (2), 72-87.
7. Karpagam, V., & Selvam, M. (2013). Impact of corporate governance mechanism and firm performance with special reference to BSE listed companies in India. DOI : <a href=http://ssrn.com/abstract=2247877 target="_blank">http://ssrn.com/abstract=2247877</a>
8. Karpagam, V., Selvam, M., & Babu, M. (2013). Impact of ownership structure on corporate performance with special reference to BSE listed companies. International Journal of Accounting and Financial Management Research, 3 (1), 133-140.
9. Kumar, J. (2003). Ownership structure and corporate firm performance. DOI : <a href=http://dx.doi.org/10.2139/ssrn.464521 target="_blank">http://dx.doi.org/10.2139/ssrn.464521</a>
10. Kumar, J. (2004). Does ownership structure influence firm value ? Evidence from India. The Journal of Entrepreneurial Finance and Business, 9 (2), 61-93.
11. Kumar, N., & Singh, J. P., (2012). Outside directors, corporate governance and firm performance: Empirical evidence from India. Asian Journal of Finance & Accounting, 4 (2), 39-55. DOI: <a href=http://dx.doi.org/10.5296/ajfa.v4i2.1737 target="_blank">http://dx.doi.org/10.5296/ajfa.v4i2.1737</a>
12. Najjar, N. J. (2012). The impact of corporate governance on the insurance firm's performance in Bahrain. International Journal of Learning and Development, 2 (2), 1-17. DOI: <a href=http://dx.doi.org/10.5296/ijld.v2i2.1412 target="_blank">http://dx.doi.org/10.5296/ijld.v2i2.1412</a>
13. Sarkar, J., Sarkar, S., & Sen, K. (2012). A corporate governance index for large listed companies in India (Working Paper WP-2012-009). Indira Gandhi Institute of Development Research, Mumbai. Retrieved from <a href=http://www.igidr.ac.in/pdf/publication/WP-2012-009.pdf target="_blank">http://www.igidr.ac.in/pdf/publication/WP-2012-009.pdf</a>
14. Selarka, E. (2005). Ownership concentration and firm value: A study from Indian corporate sector. Emerging Markets Finance and Trade, 41 (6), 83 - 108.
15. Srivastava, A. (2011). Ownership structure and corporate performance: Evidence from India. International Journal of Humanities and Social Science, 1 (1), 23-29.
16. Velnampy, T., & Pratheepkanth, P. (2013). Corporate governance and firm performance: A study of selected listed companies in Sri Lanka. European Journal of Commerce and Management Research, 2 (6), 123-127.
17. Xu, X., & Wang, Y. (1999). Ownership structure and corporate governance in Chinese stock exchange. China Economic Review, 10 (1), 75-98.
18. Yusoff, W. F.W., & Alhaji, I. A. (2012). Corporate governance and firm performance of listed companies in Malaysia. Trends and Development in Management Studies, 1(1), 43-65.