Abstarct: In this research, an attempt was made to examine the effect of the competitiveness of companies on the relationship between the specific approach of investors and the excess returns of stocks. Also, it has been investigated how the competitiveness of companies affects the relationship between the specific approach of investors and the additional yield of stocks in the conditions of financial crisis of companies. The information related to 125 sample companies in different industries of the stock exchange and in the 14-year period of research, i.e. the period of 2020-2021, and analyzed on a daily, monthly and yearly basis (in total 1750 companies-year) to investigate the relationship between the variables to test the research hypothesis (it should be noted that the data of 2015 was also used in the calculation of some research variables). The results obtained from the statistical methods used show that the special approach of investors has had a positive and significant effect on the additional return of stocks. Investors and excess stock returns indicate that in the group of companies with intense competition in the product market, the specific approach of investors has had a significant impact on the excess stock returns. The results obtained in the group of companies with weak competition show that the specific approach of investors in this group of companies does not have a significant effect on the additional return of shares and it can be said that in the conditions of weak competition in the product market, The impact of investors' specific approach on stock returns has decreased. The results obtained from the effect of competitiveness on the effect of the special approach of investors on the additional returns of the companies' shares, taking into account the state of their financial crisis, show that in the presence of a financial crisis, the type and intensity of the effect of the special approach of capital Investors have been affected by the additional yield of stocks and we have witnessed a decrease in the significance level or a change in the type of influence.