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The aim of the current study is to investigate the mediating effect of innovation on the relationship of corporate governance (CG) and firm performance (FP) of the pharmaceutical industry of Indonesia. To achieve this objective, a self administered questionnaire was distributed among the 400 senior managers of the pharmaceutical industries of Indonesia which yield 77.5% response rate. The structural equation modeling (SEM) technique has shown that board size (BS), board independence (BI), board diversity (BOD) has significant association with the FP, while number of board committee (NOBC) has insignificant association with the FP. On the other hand, the indirect effect of study also shown that INNO has partial mediating effect on the relationship of BS, BI, NONC and FP, whereas, it did not significantly mediate on the relationship of BOD and FP. This shows that this is not a significant variable on the relationship of BOD and FP of the pharmaceutical industry of Indonesia. The current study added a body of knowledge in the form of empirical findings which could become an area of research in the future. The findings of the current study could provide help to the policy makers and corporate governors to manage the innovation of the organizations to increase their FP. The research limitations and future directions are also discussed in the end of the discussion.

INTERRELATIONSHIP BETWEEN INNOVATION, CORPORATE GOVERNANCE AND ORGANIZATIONS‘ PERFORMANCE: A CASE STUDY