The Study On The Influence Of Board Diversity On Corporate Strategic Change

In the transformation of the economic and financial crisis,corporate governance and strategic matching problem is gradually highlighted,the board governance is the core of corporate governance,the board serves as a mission to develop and monitor the implementation of corporate strategy.The diversity of the board of directors has become the norm of the existing corporate governance,on the one hand,the diversity of the board can increase supervision,on the other hand,the diversity of the board can introduce more resources for the board,so,whether the diversity of the board is conducive to the formation of enterprises to adapt to changes in the external environment and the strategic change is the core issue of this paper,especially gain new competitive advantage of enterprises in different operating conditions by adapting to the environment.Based on the upper echelons theory and resource dependence theory,this paper discusses the relationship between the board diversity and strategic change,the board diversity is divided into the diversity of the governance structure of the board of directors,the diversity of the knowledge and experience of the board of directors and the board's power level diversity.The strategic change of enterprises is also divided into marketing-oriented strategic change,research and development oriented strategic change,investment-oriented strategic change,management-oriented strategic change,product-oriented strategic change and financial-oriented strategic change according to their core measurement indicators,the enterprise performance is as a regulatory variable to study whether enterprises under different operating conditions will affect the relationship between the board diversity and strategic change.This paper selected a-share listed companies from 2011 to 2015,totally 910 enterprises in China as the research sample,using Stata12.0 software for data analysis and hypothesis testing,the results show that the diversity of the governance structure of the board of directors has no significant effect on the strategic change of the enterprise,but the better the performance of the enterprise will strengthen the negative influence of the diversity of the governance structure of the board on the investment-oriented strategic change.The diversity of knowledge and experience of the board of directors has a significant positive impact on marketing-oriented strategic change,research and development oriented strategic change,management-oriented strategic change and investment-oriented strategic change,and the better the performance of enterprises will weaken the impact of enterprise knowledge and experience diversity on investment-oriented strategic change.The board's power level diversity has a significant negative impact on research and development oriented strategic change and management-oriented strategic change,and positively affects marketing-oriented strategic change.Therefore,the governance of the board of directors should pay attention to the effect of multi-dimensional governance,especially the diversity that the board of directors may have on the strategy of corporate strategic change,the board should gradually change the role from simple pursuit of formal compliance to be able to play its role of strategic decision-making,enhance awareness of strategic crises,ensure the maximum efficiency of decision-making by the board of directors,and give full play to the expert advisory role of human capital in the board of directors.