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In the light of the growing importance of Corporate Governance (CG) in academic and industrial research, the present paper aims to answer the question: Does corporate governance impact Firm Performance and Firm Risk? Multivariate regression analysis was conducted on three models to answer the question, with firm performance and firm risk being the dependent variables. Different CG mechanisms (Board Composition, Board Size, Frequency of Meetings and Audit Committee) were considered as independent variables. The results of the regression analysis postulate that board composition, frequency of meetings and audit committee significantly impact the firm performance i.e., Return on Assets (ROA) and Profit Margin (PM). Board composition was also found to have a significant impact on firm risk where we used Beta as a proxy measure. Overall, the objective of the study was met, as all the three models showcase significant results. The present study provides important insights into fair CG practice, with scope for future research. [ABSTRACT FROM AUTHOR]