Yes definitely, if a firm fully adopt CG policy ,it indicates transparency , and Professionalism of Financial statements preparation, so it helps to increase the firm's value.

It should affect both firm performance and value. I suggest reading the following papers:

1. Corporate governance and firm performance (Bhagat and Bolton, 2008, Journal of corporate finance) ( https://www.sciencedirect.com/science/article/abs/pii/S0929119908000242)

2. Corporate governance and firm value: International evidence (Ammann et al., 2011; Journal of Empirical Finance) ( https://www.sciencedirect.com/science/article/abs/pii/S0927539810000757)

Happy reading

Yes, corporate governance control mechanisms can have a direct impact on a firm's financial performance and value. Effective corporate governance can enhance a company's competitiveness and increase its ability to attract investment, while poor governance can lead to a decline in financial performance and a decrease in the company's overall value.

Corporate governance control mechanisms, such as the composition and independence of the board of directors, the level of transparency and accountability, the existence of risk management policies and procedures, and the alignment of executive compensation with company performance, can help to ensure that a company operates efficiently, effectively, and ethically.

When these mechanisms are well-designed and effectively implemented, they can help to mitigate risks, enhance decision-making processes, and ensure that the company is being managed in the best interests of all stakeholders, including shareholders, employees, and customers.

On the other hand, when these mechanisms are poorly designed or implemented, they can lead to a lack of transparency, conflicts of interest, and an increased likelihood of fraud or other unethical behavior. This can erode investor confidence, damage a company's reputation, and ultimately lead to a decline in financial performance and value.

In summary, effective corporate governance control mechanisms are essential for ensuring the long-term success and sustainability of a company, and can have a direct impact on financial performance and value.