“…On the other hand, some studies found that the effect of business diversification on banks' risks was negative (e.g., Sissy et al, 2017;Ovi et al, 2020;Li et al, 2021;Alouane et al, 2022;Ochenge, 2022). Regarding performance, some studies showed that business diversification positively affected banks' performance (e.g., Ferreira et al, 2019;Li et al, 2021;Uddin et al, 2021;Alouane et al, 2022;Kozak and Wierzbowska, 2022;Ochenge, 2022), while other studies implied that business diversification negatively affected banks' performance (e.g., Edirisuriya et al, 2015;Ngoc Nguyen, 2019). It is noteworthy that some studies demonstrated an insignificant impact on banks' performance (e.g., Edirisuriya et al, 2015); Raei et al, 2016;Abuzayed et al, 2018).…”