This paper investigates the extent to which governance affect firms' cost of equity capital in Asian countries by employing a regression model on panel data of the 24 Asian countries over the period of 2006 to 2015. The results depict that Quality of Corporate Governance (QCG) index has significant relationship in reducing cost of equity for firms in Asian countries. The results also indicate that explicit corporate governance variables like; board independence, audit committee independence, ownership concentration and CEO duality have also significant association with firm‟s cost of equity in Asian countries which is in accordance with the agency theory.