This paper investigated the link of diversification and performance on 569 Malaysian Public Listed Companies (PLCs). Specifically, the findings indicate that return on assets (ROA) and return on equity (ROE) has negative effect, while enterprise value has positive effect on product diversification strategy. Besides, the geographic diversification strategy has a positive effect on enterprise value. Significantly, this paper found a negative moderating effect of geographic diversification on product diversification and performance link, along with a negative moderating impact of product diversification on geographic diversification and performance link. The findings provide some decision making guidelines regarding the selection of diversification strategies for Malaysian PLCs based on particular corporate performance targets. Moreover, this research enriches the body of knowledge on diversification strategies and their interaction impacts as well as putting forward solid suggestions for the Malaysian policymakers.