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Using data from companies in Taiwan’s electronics industry, this study examines the effect of corporate ownership on firm innovation efficiency and performance. We use a network-typed data envelopment analysis (DEA) approach to calculate firm-level innovation efficiency, which is composed of the R&amp;D efficiency and the commercialization efficiency, respectively. We find that overall innovation efficiency is positively correlated with institutional ownership and directors’ ownership. In addition, R&amp;D efficiency is positively associated with ROA and commercialization efficiency positively correlates with Tobin’s Q. R&amp;D efficiency partially mediates the relationship between ownership-control deviation and ROA. However, commercialization efficiency plays a mediating role for institutional ownership on a firm’s Tobin’s Q. Our findings point to a bright side of the role of corporate governance in terms of its effects on corporate innovation and the effects of such innovation, in turn, on firm performance.

Corporate ownership and firm performance: a mediating role of innovation efficiency