Corporate Governance (CoGv) has gained significance with an increase in the number of enterprises and has evolved with several prescriptions from scholars and broader audiences (shareholders and stakeholders). Another reason for this growing significance can be attributed to the pressing social and environmental concerns that these enterprises share. This study focuses on Small and Medium Enterprises (SMEs) in India. It proposes a conceptual model and attempts to provide insight into the role of corporate governance in enhancing Firm Value (FV). Some studies have established a positive relationship between these two variables. However, this relationship can be further enhanced by variables such as Corporate Social Responsibility (CSR) and Organizational Identification (OI). The proposed conceptual model has been empirically tested to check whether these variables have contributed to enhancing FV. The study uses Partial Least Squares-Structural Equation Modeling (PLS-SEM) along with SmartPLS. It provides empirical evidence on the mediating influence of CSR and OI and the mediating effect between CoGv and FV. Based on the findings, theoretical and managerial implications are also proposed.