The orthodox economic theory investigates firms that are homogeneous producers of single products. However, nowadays the diversified companies, which operate in different business segments, are of great research interest.  Businesses with multiple lines with customized Value-based management approach tend to be the dominant feature of the most Emerging markets landscape.

There is lots of academic empirical research devoted to diversification effect on firm value, but the empirical evidence of corporate diversification concentrates mainly on developed countries with only a few investigations undertaken especially for Emerging markets. 

Market imperfections, information asymmetry, and inefficient governance systems, high risks allow us to consider Russian market as the Emerging market.  According to these prerequisites diversification strategy valuation tends to be much more sophisticated, as it initially seems to be.  Generally, the aim of our research is to examine the diversification strategy value of Russian companies. Our motivation to analyze Russian companies is based mainly on insufficiency of empirical studies, so we want to fulfill this gap and to enrich the tools of Emerging markets research.