The study investigates the effect of corporate governance characteristics on the financial performance of 124 Indian-listed companies that have undergone mergers and acquisitions during 2014–2020. It employs several performance measures, such as short-term capital market performance, long-term capital market performance, accounting-based and market-based measures, and firm-level control factors. The study found board size to be a positive and significant factor affecting short-term market performance. Further, it also documents weak linkages with other corporate governance variables like board independence, CEO duality, etc. Regarding control variables, leverage, the company's age, price-to-book ratio, and research and development expenses significantly impact the acquiring companies' financial returns. The study's findings add to our understanding of corporate governance's impact on performance in cases such as mergers and acquisitions.