There has been resurgence in interest in the relationship between corporate governance and firm performance as a result of major corporate scandals and failures around the world. Businesses invest a lot of tangible and intangible resources to achieve greater performance and a competitive advantage in the current volatile market. Therefore, the present study explores the relationship between risk management, board effectiveness, innovation and corporate governance: Additionally, it looks into the mediating and moderating effects of corporate governance and government policy. The resource-based perspective theory and agency theory were mostly employed in this study to examine the association between corporate governance and firm performance. However, results indicate that A good connection exists between risk management, board effectiveness, innovation and corporate governance. Results reveal that corporate governance significantly mediated the relationship between risk management, board effectiveness, innovation, and the firm’s performance. More importantly, government policy significantly moderated the relationship between corporate governance and firm’s performance.