This study uses four types of boards-Caretaker, Statutory, Proactive and Participative to explore whether corporate governance mechanisms play essential roles in investment decisions (stock prices and financial distress). Further, we use corporate control types (management-controlled firms and owner-controlled firms) to examine the above effects to know whether strong corporate governance mechanisms can facilitate to investment decisions. The findings show that corporate governance mechanisms can affect investment decisions. Owner-controlled firms get more positive stock evaluation and are less likely to get into financial distress than management-controlled firms, revealing that firms adopting good corporate governance practices can get positive evaluation from the perspective of investors.