This study leverages the upper echelons theory to investigate the effect of board diversity (gender, age, education, and tenure) on the strategic orientation of a firm in terms of its exploration- exploitation. It also investigates the moderating role of the technological intensity of the industry for analyzing the relationship between board diversity and exploration–exploitation of the firm. The technological intensity of the industry is classified as high-tech and low-tech. This study brings to light the role of the contingency factors in influencing the board's strategic choice. The study is based on panel data set of Indian Top-200 companies listed on the National Stock Exchange for the period between 2010 and 2015. The present study's findings indicate that an increase in board diversity leads to more exploration than exploitation. Further, the effect of board diversity is more pronounced in high-tech than the low-tech industries.

中文翻译：

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董事会多元化和战略定位：来自印度的证据

本研究利用高层理论来调查董事会多元化（性别、年龄、教育和任期）对公司在探索-开发方面的战略定位的影响。它还调查了行业技术强度的调节作用，以分析董事会多样性与公司探索-开发之间的关系。行业技术强度分为高技术和低技术。本研究揭示了权变因素在影响董事会战略选择方面的作用。该研究基于 2010 年至 2015 年期间在国家证券交易所上市的印度前 200 强公司的面板数据集。本研究的结果表明，董事会多元化的增加导致探索多于开发。