Purpose This paper aims to explore how corporate governance drives earnings performance (earnings per share) in developing economies, with internal control and national governance as key influencers. It examines five core dimensions: agency costs, transparency, resource efficiency, risk mitigation and compliance. Design/methodology/approach It uses panel regression as the baseline estimator, supported by textual analysis and an adopted index, to examine governance–earnings performance links in Fijian listed firms. Robustness is evaluated through two-stage least square, alternative proxies, industry effect, power analysis and lagged models using South Pacific Stock Exchange firms from 2017 to 2023. Findings Effective governance boosts earnings performance strengthened by internal control and supportive national regulation. Five key dimensions strongly influence earnings performance, with internal control enhancing their impact. Practical implications The study urges policymakers to advance culturally aligned governance and stronger internal control in Fiji’s emerging market setting. For corporate entities and investors in shaping their understanding of corporate governance and controls mechanism in the Fiji institutional context. Social implications Strengthening governance in Fiji boosts public trust, reduces corruption and supports financial inclusion, while fostering human capital and aligning with key sustainable development goals (SDGs). Originality/value This study explores corporate governance, internal control and regulatory quality in developing economies, using Fiji and five key governance dimensions as a case.
Tang et al. (Mon,) studied this question.