final doesn’t guarantee that your object state is immutable

A final variable can be assigned only once but the state the object referenced by the variable can change.

This could be particular dangerous with collections if the developer assume that the values cannot be changed.

The final variable will reference always the same Collection Object but it will be possible to add and remove values.

The red reference cannot be changed (final). The values of the collection can change. The final keyword refers to the reference and not to the object.

final and performance gain ?

The use of final is intended mainly has good practice during the development phase to avoid that variables are modified accidentally.

In theory the JVM implementation could optimise the compiled code improving the performance of final variables during the runtime, e.g. avoid the synchronisation.

The performance gains are only assumptions and the performances could change with every new release of the JVM, for this reason the final variable should be used only with the goal of improving the quality of the code.

final keyword and effectively final variables and parameters

For some local variables you don’t need to specify the keyword final, the JVM assumes this variable is (effectively) final if:

The same rules are applied to the parameters of methods, constructors, lambda and exceptions. The JVM treats these parameters as local variables to determine if they are effectively final.

when final and effectively final variables are mandatory to avoid exceptions? inner classes: outer classes variables used in inner classes lambda: variables of the enclosing scope used in the lambda body

Java Exceptions

Local variable defined in an enclosing scope must be final or effectively final

Links

Language Specifications: https://docs.oracle.com/javase/specs/jls/se8/html/jls-4.html#jls-4.12.4