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Corporate governance plays an essential role in creating a culture based on performance achievement. Within this framework, the objective of this article is to analyze the theoretical foundations of organizational governance from a perspective focused on financial performance. Indeed, financial performance offers to cooperative societies opportunities for development and resilience in times of crisis. To this end, it is essential to have a good governance in order to contribute effectively and significantly to the achievement of financial performance. Therefore, this paper provides a theoretical analysis of the relationship between the governance mechanisms of organizations, particularly cooperative societies, and financial performance. The results of this study show that indicators based on accounting are the most suitable for measuring financial performance in the case of cooperatives. Furthermore, the characteristics of the board of directors and the democratic power of the board are factors that influence the financial performance of cooperatives.