Relational Capital: Strategic Advantage for Small and Medium-Size Enterprises (SMEs) Through Negotiation and Collaboration |
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Authors: | Theresa M Welbourne Manuela Pardo-del-Val |
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Institution: | (1) Center for Effective Organizations, Marshall School of Business, University of Southern California and eePulse, Inc., 905 W. Eisenhower Circle, Suite 110, Ann Arbor, MI 48103, USA;(2) Department of Business Management, Universitat de València, Facultat d’Economia, Avda. Los Naranjos s/n, 46022 Valencia, Spain |
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Abstract: | Collaborative entrepreneurship research suggests that organizations will soon pursue more collaborative relationships throughout
a worldwide network of firms, driving a strategy of continuous innovation, specially small- and medium-size firms (SMEs).
Tapping into a body of literature that focuses on the importance of human capital in driving long-term success, we merge ideas
of collaborative research with a growing body of work on human capital or human resource management in SMEs. Our paper states
that it is not the human, per se, that is the real asset but the relationships those humans have that are the most inimitable
and important capital. We will discuss how companies use relational capital as the basis for collaborative entrepreneurship.
Consistent with our hypotheses, our exploratory study suggests that smaller firms place more value on relational capital than
do larger firms. We also have some indication that the key capital that differentiates low vs. high performance, regardless
of firm size, is the relational capital aspect. To sum up, relational capital is a fundamental asset for firms, but especially
for SMEs, and high performing companies are those that are able to negotiate with others and develop collaborative agreements,
thus placing a high value in relational capital. |
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Keywords: | Relational capital Human capital Collaborative entrepreneurship Negotiation Interfirm linkages SMEs |
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