The occurrence of the Global Crisis can have detrimental impacts on all companies, significantly increasing the risk of bankruptcy. Therefore, companies must devise strategic plans, and diversification is one of the methods that can help them withstand challenging situations. Past research on the effect of corporate diversification on firm performance during crises has not been conclusive and often centered on a single type of crisis, possibly disregarding the overall effectiveness of diversification.
This research investigates how two diversification strategies, namely geographic diversification (GD) and product diversification (PD), impact a company's performance in various situations, including the 2008 financial crisis and the COVID-19 pandemic. As both crises had different causes and impacts, a strategic fit analysis had to be done to comprehend which strategy works optimally for each crisis and fill the literature gap.
Based on an analysis of data from 2006 to 2021 encompassing Taiwan's leading 100 manufacturing firms, this study highlights the importance of strategic decision-making in times of crisis. It reveals that companies should exercise careful consideration when choosing between diversification strategies. The results demonstrate that while PD can offer some resilience, GD proves to be more effective and adaptable in navigating through crises. These findings contribute to the gap in corporate diversification strategies during challenging periods, underscoring the significance of comprehending the crisis's nature and employing a comparative analysis of different metrics.

The occurrence of the Global Crisis can have detrimental impacts on all companies, significantly increasing the risk of bankruptcy. Therefore, companies must devise strategic plans, and diversification is one of the methods that can help them withstand challenging situations. Past research on the effect of corporate diversification on firm performance during crises has not been conclusive and often centered on a single type of crisis, possibly disregarding the overall effectiveness of diversification.
This research investigates how two diversification strategies, namely geographic diversification (GD) and product diversification (PD), impact a company's performance in various situations, including the 2008 financial crisis and the COVID-19 pandemic. As both crises had different causes and impacts, a strategic fit analysis had to be done to comprehend which strategy works optimally for each crisis and fill the literature gap.
Based on an analysis of data from 2006 to 2021 encompassing Taiwan's leading 100 manufacturing firms, this study highlights the importance of strategic decision-making in times of crisis. It reveals that companies should exercise careful consideration when choosing between diversification strategies. The results demonstrate that while PD can offer some resilience, GD proves to be more effective and adaptable in navigating through crises. These findings contribute to the gap in corporate diversification strategies during challenging periods, underscoring the significance of comprehending the crisis's nature and employing a comparative analysis of different metrics.

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