Majority of the national codes of corporate governance have been undergone several revisions. Literature lacks of empirical evidences to show the effectiveness of progressive code revisions, while the majority only focuses on the effect of a specific code revision. This study fills the research gap using worldwide evidences from 35 countries, covering 2007-2014. This study shows that higher cumulative number of code revisions significantly improves the relationship between corporate governance score and firm value. However, increasing number of new practices released from each revision gives a significant negative effect to the relationship, especially on increasing board function new practices. Additional analysis reveals that capital market pressures matter to the effectiveness of code revisions, and the market specifically puts pressure to the compliance with the new practices on board structure, compensation and shareholder right protection, rather than board function. Lastly, this study reveals the effectiveness of code revisions between developed and developing countries.