Purpose: The basic motive of business is earned profit and increase per value of shares for investors. It’s possible when the pioneers (Management of business) invest the funds in efficient ways, otherwise, the business may go to liquidation, bankruptcy, or insolvency. So, in the study the researcher find out the guidelines of good corporate governance on investment efficiency. The corporate governance segregated into two parts: In a board structure includes board independence, board size, board meeting while in Audit structure includes audit quality, audit committee independence, audit committee meetings. Methodology: In this study adopted a descriptive research design. For this research selected a 530 observation for the periods from 2010-19. In this study secondary source of panel data were used to collect the data. Quantitative data was analyzed by employing descriptive statistics, Pearson Correlation Matrix and Two-Step System GMM from Social Science (Stata) version 12. Finding: In this study revealed the positive and significant coefficient 0.1890 (p=0.000) effect of Board Independence that adding some independent directors to the board may increase the investment efficiency of firms. The Negative and significant coefficient – 0.0035 (p=0.014) of board meetings with investment efficiency prevails that arranging quarterly, and yearly does not impact investment efficiency in developing countries. The negative and significant coefficient -0.0129 (p=0.000) of Board Size prevails that a lesser board size would be more effective in reducing problems with free riders, communication breakdowns, monitoring issues, and shortcomings. To put it briefly, managing a firm effectively requires a focus on quality above quantity may increase investment efficiency. The negative and significant coefficient -0.4136 (p=0.029) of Audit committee Independence and Investment efficiency prevails that audit committee independence closely monitors the financial reports and detects management misappropriations. The lessor in size may easily and quickly monitor the financial reports with suggestions for the betterment of investors and other stakeholders. The positive and significant coefficient 0.0069 (p=0.000) of Audit Committee Meeting and Investment Efficiency prevails that meeting of the audit committee may enhance the investment efficiency. It may be quarterly, or twice a year reduces problems in financial reporting. The positive and coefficient 0.0680 (p=0.000) of Audit quality and Investment Efficiency prevail that 4 big firms when audited a company, and then they may enhance the quality of investment efficiency. Unique Contribution to Theory, Practice and Policy: In this study, the researcher find out the impact of guidelines of good corporate governance in manufacturing sector listed in Pakistan Stock exchange. In order validate the result more; free cash flow theory has been adopted in manufacturing sector of Pakistan.