عنوان مقاله [English]
The purpose of this study was to investigate the impact of diversification strategy to reduce the risk of bankruptcy of the firms listed in the Tehran Stock Exchange. In this regard, the two criteria of business is used commercial and geographical diversification as a measure of diversification strategy. To measure the bankruptcy risk of firms has been used of discriminant analysis model. Tehran stock exchange listed firms constitute statistical population of the research and the sample was selected imposing conditions of the research variables to 88 firms during 2011-2016. Statistical technique of panel data regression was used to analyze data and test the hypotheses. According to the results, the bankruptcy risk decreases by increasing commercial diversification. In fact, investigated companies to implementation diversified product strategy can increase their share of the market and reduce the bankruptcy risk. The results also show there isn't a significant relation between the geographical diversification and bankruptcy risk.