Although stakeholder norms originating in developed economies influence firms’ board composition, including board diversity, less is known about firms in emerging economies, specifically India. In this heterogeneous institutional context, firms’ strategic choices are subject to changing institutional forces and complex social structures. Bridging the institutions-based view with the network theory, this study examines Indian MNEs’ strategic choices regarding an important socio-economic diversity, namely board caste diversity. Specifically, we contend that Indian firms’ exposure to stakeholder norms from developed economies would increase their board caste diversity. However, such adaptations can face constraints and opportunities embedded in multiple social structures of India. Analyses of three large Indian datasets between 2010 and 2018 suggest that Indian MNEs’ board caste diversity is indeed driven by their exposures to stakeholder norms from developed economies. Further, such adaptations are strengthened when firms occupy key positions – prominence (centrality) and brokerage – in a network with market-based affiliations (i.e., banks), but are weakened when firms occupy prominence (centrality) and brokerage in a network with tradition-based affiliations (i.e., family and kinship). Our findings imply that managers should be cognizant of interactions between local social structures and international exposure in organizational adaptation toward stakeholder orientation in emerging economies. Managers are also advised to assess the often divergent effects on firms’ learning and adaptations from varying network affiliations.

尽管源自发达经济体的利益相关者规范会影响公司的董事会组成，包括董事会多元化，但人们对新兴经济体（尤其是印度）的公司知之甚少。在这种异质的制度背景下，企业的战略选择受制于不断变化的制度力量和复杂的社会结构。将基于制度的观点与网络理论联系起来，本研究考察了印度跨国公司在重要的社会经济多样性（即种姓多样性）方面的战略选择。具体而言，我们认为印度公司接触发达经济体的利益相关者规范会增加其董事会种姓的多样性。然而，这种适应可能面临印度多种社会结构中嵌入的限制和机遇。对 2010 年至 2018 年期间三个大型印度数据集的分析表明，印度跨国公司的董事会种姓多样性确实受到它们对发达经济体利益相关者规范的影响。此外，当公司在具有市场附属机构（即银行）的网络中占据关键位置（突出（中心）和经纪）时，这种适应会得到加强，但当公司在具有传统的网络中占据突出（中心）和经纪时，这种适应就会减弱- 基于从属关系（即家庭和亲属关系）。我们的研究结果表明，在组织适应新兴经济体的利益相关者导向时，管理者应该认识到当地社会结构与国际风险之间的相互作用。