Purpose: A large body of literature showed that word reading and listening comprehension-two proximal predictors of reading comprehension according to the simple view of reading -- are related. Grounded on the direct and indirect effects model of reading, we examined the extent to which the relation is explained by domain-general cognitions or executive functions (working memory and attentional control) and emergent literacy skills (language and code-related skills including morphological awareness, phonological awareness, orthographic pattern recognition, letter naming fluency, and rapid automatized naming). Method: Data were from English-speaking children in Grade 1 (N = 372; 52% boys; 60% White children, 26% African American children, 6% multiracial children, 6% Hispanic children, and 2% Asian American children). Results: Results from structural equation models showed that word reading and listening comprehension were moderately related (0.54). When working memory and attentional control were included as predictors, the relation became weaker (0.39). When morphological awareness was additionally included, they were no longer related (0.05). The other emergent literacy skills did not add explanatory power beyond executive functions and morphological awareness. Conclusion: These results indicate that executive functions and morphological awareness largely explain the shared variance between word reading and listening comprehension for English-speaking beginning readers. [This is the online version of an article published in "Scientific Studies of Reading."]