Dividend policy is one of the most important issues that has been widely studied in modern financial literature. Decisions related to dividend payment are one of the basic components in the management policy of companies and one of the most important topics in the financial literature; on the one hand, it is a factor affecting the future investments of companies, and on the other hand, many shareholders with a short-term investment horizon want cash dividend distribution. Therefore, the purpose of this study is to study the effect of financial constraints on the relationship between customer focus and dividend policy. The statistical population of the study is companies listed on the Tehran Stock Exchange and the sample under study includes 160 companies listed during the years 2019 to 2023. The research method is descriptive and in terms of the relationship between variables, it is causal-correlation, and in terms of the purpose, it is applied and in terms of the event, it is post-event. The regression method and panel data as well as the fixed effects model have been used to process and test the hypotheses. The results of the analysis of the research hypothesis showed that the effect of financial constraints has a negative and significant effect on the relationship between customer focus and dividend policy.