UTICAJ STRATEGIJE DIVERZIFIKACIJE NA FINANSIJSKE PERFORMANSE KOMPANIJA
THE IMPACT OF DIVERSIFICATION STRATEGY ON CORPORATE FINANCIAL PERFORMANCE

Summary/Abstract: Although diversification strategy is often cited as a mechanism for enhancing competitiveness and reducing risk, there is a limited number of empirical studies that continuously examine the impact of different forms of diversification on financial performance. In particular, the long-term effects of related and unrelated diversification compared to focused business operations remain insufficiently explored, especially in the context of contemporary economic instability. This study analyzes the financial performance of 109 companies over the period 2009–2024, classified according to their diversification strategy as focused, related diversified, and unrelated diversified firms. The sample includes companies from various industries and has a global geographical scope. The research applies three complementary methods—descriptive statistics, trend analysis, and combined analysis of variance (ANOVA)—to identify statistically significant differences in key performance indicators such as ROA, ROE, EBIT, and EBITDA margins. The results indicate that related diversification, although not statistically superior, provides the highest level of stability and profitability in the long run. Companies pursuing this strategy exhibit more consistent and resilient financial performance (EBIT, EBITDA, ROA, ROE), primarily due to synergy effects and efficient resource allocation. In contrast, focused and unrelated diversification strategies are associated with greater volatility and risk. The time dimension has a significant impact on performance, emphasizing the need for a contextual and dynamic approach to evaluating diversification strategies.

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