The purpose of this study was to investigate the relationship between diversity and bankruptcy risk. The statistical population of this study includes all companies listed in Tehran Stock Exchange during 2018-2007. The sample is based on the systematic elimination method of 82 companies. The product Diversification strategies are divided into related, unrelated, total, and Competitive Diversification. Also, the bankruptcy risk is based on the Z index. The method of research is based on multivariable regression with panel data model using ordinary least squares method. Research evidence suggests that by adopting product Diversification strategies, companies' reaction to the bankruptcy risk is negative. In other words, companies can use Diversification strategies as a mechanism to get rid of bankruptcy when they are in critical situations. With 1% increase in diversity strategies, the risk of bankruptcy in the direction of adoption of the Diversification strategy was 2. 20%, the non-relevant Diversification strategy was 9. 9%, the Diversification strategy was 4. 2% and the adoption of the Competitive Diversification strategy was 0/15% decreases.

One of the kinds of strategies that organizations can adopt to develop their business, is conglomerate Diversification strategy. The right selection this strategy when organizations have high financial and managerial ability, will increases organization Competitive advantage. This study aims to prioritize and selection the best conglomerate Diversification strategy for andishe gostar khayyam firm due SWOT analysis. This firm due to its high ability to manage the company, has decided to establish a new business. To achieve this goal, in this study, ANP and Dematel techniques in fuzzy coditions is used. In this study, the interviews with the experts and the firm's strengths and weaknesses and the opportunities and threats that affecting in the selection strategy were determined. Then the network model for investigation due current literature and determined factors was drew and The investigation questionnaire was distributed between experts. Ultimately, the best conglomerate Diversification strategy obtained and results for administration sent and the firm implement selected strategy.

Growth and development are always one of the most important goals of any irm. But, new challenges in the world such as scarcity of resources and high competition have forced them to search some sustainable resources for achieving Competitive advantage. Thus, Diversification strategies that are entering new but related businesses- for creating synergy and the best use of resources- have been the best selection. So the question is: "how these strategies can help to gain the benefits of Diversification and achieve Competitive advantage?" The first step to answer this question is finding the best approach which can explain Competitive advantage in multibusiness or diversified corporations. This article is going to do so with describing, comparing and selecting the best strategy for this situation.