OICC Press Agricultural Marketing and Commercialization 2676-7570 8 1 2024 04 16 Investigating the Relationship between Company Diversification and Systematic Risk by Studying the Cash flow of Companies Listed on the Tehran Stock Exchange 11 21 10.71735/amc.2024.5546 EN Zahra Houshmand Negabi Department of Accounting and Management, Islamic Azad University, Islamshahr Branch, Ira Fatemeh Pirhayati Department of Accounting and Management, Islamic Azad University, Islamshahr Branch, Ira Mohammad Pirhayat Department of Accounting and Management, Islamic Azad University, Islamshahr Branch, Ira Journal Article 2024 04 16 The main objective of this study is to investigate how cash flow and systematic risk can affect corporate diversification. When it comes to investment decisions and financial considerations in companies, diversification plays a crucial role. Studies indicated that corporate diversification influences employees’ productivity, cash retention, investment costs and overall company value. Diversification helps companies reduce risks when they encounter economic or market conditions. In other words, it assists companies in anticipating and preventing market changes and disruptions, thereby minimizing the impact of systematic risks. This research follows a descriptive and ex-post facto approach, categorized as cause and effect. The analysis of variables has been performed using multiple linear regression. Data from 118 companies between 2018 to 2022 were collected for research purposes. In order to analyze the data and test the hypotheses, Excel and EVIEWS software have been employed. The findings of this study indicate a relationship between systematic risk and corporate diversification. However, cash flow of companies and corporate diversification exhibited no significant correlation. Additionally, the results suggest that cash flow acts as a moderating variable that significantly influences the relationship between corporate diversification and systematic risk.