One of the important issues of accounting and financial management literature is company ownership, because this belief that the mechanisms of corporate governance are hiring the abilities, which have straight effect on the abilities of investors to make the management use the existed resources in organization effectively. Working capital management is one the other part which plays a critical role in management structure of a company. Ineffective policies of working capital management can be followed by a weak corporate governance and result in reducing the wealth of stockholders. This research includes influential analysis and actions of corporate governance on effectiveness of working capital management between listed firms of Tehran Stock Exchange. To do so, variables of percent of institutional ownership, concentration of institutional ownership, size of board, independence of board, and segregation the tasks of chairman and vice chairman as mechanisms of corporate governance and variables of duration of accounts receivable, duration of keeping inventory, duration of accounts payable, and cash flows of company as the measures of effectiveness of working capital management are taken to account. The required data were gathered annually during 2006-2011. According to econometric propositions, the regression method based on panel data based on constant effects for all hypotheses of research is chosen and analysis of data followed. the findings of this study indicate that corporate governance plays some role in improving the efficiency of working capital management.