“…Many previous studies address the impact of diversification on different corporate activity aspects: reinvestment strategies (Mackey & Barney, 2013), capital costs and structure (Hann et al, 2013), the effects of banking activity diversification on stock markets (Sawada, 2013), company's value (Kuppuswamy et al, 2014;Hyland, 2003;Jara-Bertin et al, 2015;Nazarova, 2015), the profitability of business operations (Zahavi & Lavie, 2013;Becerra & Santaló, 2006;Santarelli & Tran, 2016;Knapková et al, 2019;Bilan et al 2019), and the need of technologies for the implementation of the diversification process (Li et al, 2013;Wang et al, 2014). Many studies focus on the impact of corporate ownership on the processes of diversification (Chung, 2013;Hernández-Trasobares & Galve-Górriz, 2016;Schmid et al, 2015;Sanchez-Bueno & Usero, 2014).…”