This study aims to determine the relationship between corporate governance and financial failure. Corporate governance principles aim to manage businesses with a transparent, fair, effective and auditable management approach. The corporate governance principles introduced aim to ensure sustainable growth and success of the business. The application sample of the study consists of businesses listed in the BIST manufacturing industry index. The information of 102 enterprises listed in the BIST manufacturing industry index and whose data were continuously accessible between 2015 and 2019 was compiled. In the study, Altman Z-Score was used to represent financial failure, and the variables number of board members, rate of female board members, free float rate, number of meetings, number of audit committee members, rate of independent members and number of audit committee meetings were used to represent corporate governance practices. Return on assets, total assets, sales and net profit margin variables were included in the model as control variables. As a result of the analysis, the number of board members was found to be positively related to financial failure, while the free float ratio and the number of meetings were found to be negatively related to financial failure.