FINANCIAL TECHNOLOGY, GOVERNANCE STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED FIRMS IN NIGERIA

This study examines how corporate governance structures influence the financial performance of listed Nigerian consumer‐goods firms, with financial technology (FinTech) investment as a mediating factor. Drawing on data from ten firms over eleven years (2014–2024), governance is measured by board size, board independence, and board gender diversity; FinTech investment is proxy by R&D expenditure; and financial performance by Return on Equity (ROE). Using panel regression and interaction‐term analysis, results indicate that board size has a positive, significant direct effect on ROE, whereas board independence exhibits a negative direct effect. Board gender diversity positively correlates with ROE but is not independently significant. FinTech investment exerts a significant negative direct impact on ROE, reflecting short‐term R&D costs. However, FinTech moderates these relationships: it attenuates the ROE gains from larger boards, reverses the adverse effect of board independence into a strong positive influence, and diminishes the marginal benefit of board gender diversity. These findings suggest that while larger boards generally enhance profitability, their benefit wanes with higher digital spending; truly independent directors become critical only when overseeing substantial FinTech initiatives; and gender diversity’s positive effect requires targeted digital expertise. The study contributes to governance literature by illustrating the conditional (mediated) role of FinTech in translating board attributes into sustainable profitability.