This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms. The impact of corporate governance and financial leverage differs between manufacturing and service industries. Results show that board size negatively impacts the value of American manufacturing firms, and CEO duality, audit committee, financial leverage, firm size, and insider holdings positively impact the value of American manufacturing firms. Findings also show that board size negatively impacts the value of American service firms, and financial leverage and return on assets positively impact the value of American service firms. This study contributes to the literature on the factors that affect firm value. The findings may be useful for financial managers, investors, and financial management consultants.