Corporate Governance and Financial Performance of Food and Beverage Companies in Nigeria

This study examines the relationship between corporate governance and the financial performance of listed food and beverage companies in Nigeria. An ex post facto research design was adopted, using secondary data extracted from the annual reports of 10 listed companies over the period 2016–2025. Data were analysed using descriptive statistics and panel regression techniques, including pooled ordinary least squares, fixed effects and random effects. Financial performance was measured using return on assets (ROA) and return on equity (ROE), while corporate governance was represented by board size, board independence, board meetings, board diversity, audit committee meetings, audit type and audit report lag. The reported results indicate that board size has a significant positive relationship with financial performance, whereas board independence exhibits a significant negative relationship. Board meetings, board diversity, audit committee meetings, audit type and audit report lag generally show statistically insignificant relationships with performance. Leverage is positively and significantly associated with ROE in the reported model. The study highlights the importance of effective board composition and oversight in promoting financial performance among listed food and beverage companies in Nigeria.