The Influence Of Executive Team Heterogeneity On Diversified Strategic Choices - The Regulatory Role Of Entrepreneurial Orientation

Diversification strategy as an important strategic choice of enterprise, with the continuous development of economy, many enterprises begin to reach different assets,and business areas, in order to strengthen itself in crisis in the damping capacity. The relationship between diversification strategy and enterprise performance of primary concern in the present research, the effect of diversification strategy factors is few, and mainly concentrated on the financial situation of the enterprise resources ability, the organizational factors, the main body of the implementation strategy and the strategy of the main body of the "person" -- the blind,the enterprise is a "no one organization". Top management team, as the decision-making level, plays an important role in the process of enterprise diversification strategy decision and implementation. Therefore, based on the theory of higher order, this paper analyzes the characteristics of TMT heterogeneity, and analyzes the impact on the diversification strategy. In this paper, the heterogeneity of top management team is divided into age heterogeneity, tenure heterogeneity, education heterogeneity and the heterogeneity of professional background. At the same time, this paper also introduces the moderating variables of entrepreneurial orientation,entrepreneurial orientation is a special enterprise, is a preference for entrepreneurial activity mode of thinking, mode of thinking for the specific performance of the individual's attitude or intention, and will make decisions on its behavior influence, its strength will affect the relationship between executives team heterogeneity and diversification strategy.In order to verify the hypothesis, collected by the 379 companies listed in the December 31,2015 gem in Shenzhen, 1226 observation sample data analysis, the following conclusions are obtained: (1) TMT tenure heterogeneity has a positive impact on the level of diversification of enterprises; (2) the executive team education level heterogeneity the positive influence on the level of diversification of enterprises; (3)entrepreneurial orientation has a positive moderating effect on the relationship between TMT tenure heterogeneity and diversification; (4) entrepreneurial orientation has a positive moderating effect on the relationship between TMT heterogeneity and education level of diversification.This study enriches the research between TMT heterogeneity and diversification strategy, also try to explore both the moderating effect: entrepreneurial orientation, also how to set up efficient management team for the gem enterprises implement the diversification strategy, how to integrate the executive team resources, less team conflict to provide meaningful reference and guidance.