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Financial flexibility can have a profound influence on an organization as well as the global economy. Accordingly, corporate managers, academic scholars, business practitioners, and the government have extensively studied the sources and importance of financial flexibility and how to achieve it. Therefore, the principal objective of this study is to propose a useful approach by focusing on the effects of corporate governance on achieving financial flexibility. To this end, this study considered unbalanced panel data from the years 2007 to 2020, yielding 14,088 firm-year observations. The data is obtained from China Stock Market and the Accounting Research Database (CSMAR). The researcher primarily used fixed-effect ordinary least squares (OLS) and system GMM regression for analysis. This study also detects endogeneity by applying the Durbin–Wu–Hausman test. Furthermore, it controls endogeneity by …