Social capital and responsible relationships for the value creation in SMEs

Purpose – Corporate Social Responsibility theory can be seen as a wide expression of the service
dominant logic approach. Each of them have a common denominator in the stakeholder theory, but
the CSR approach seems to enounce the relationships with all stakeholders and it interprets the
value concept under a triple vision, economical, social and environmental.
This paper will underline the importance of ties with stakeholders for firm’s performance, and the
importance of the management of social capital which appears to be the key indicator for the
success of these approaches. This seems particularly true in SMEs, strongly embedded into local
community in which they operate. Some studies have underlined the necessity for SMEs to adopt
responsible behaviour in light of the strong bond that these enterprises have with the local system
(Harvey et al.1991; Perrini and Tencati, 2008). The ability to create consent and to develop trust
around the entrepreneurial project is an essential element for such enterprises. SMEs have larger
chances to exploit the local engagement and this aspect is a direct effect of SMEs social capital.
Methodology approach – A theoretical research.
Findings –The paper clarifies some of key assets that firms have to manage when trying to support
a social behaviour. Focusing on SMEs, the management of reputation, trust, reciprocity and
consensus, all assets of social capital, is at the base of the long-term performance of SME’s
especially when they are embedded into local community or into industrial districts. In the case of
SMEs, the territory of affiliation weighs strongly on their competitiveness.
Research implications –SMEs are part of a multistable system composed of more interactive
systems, and therefore it becomes fundamental to establish cooperative relationships among the
fundamental operators (local institutions, suppliers and sub-suppliers) with the purpose of managing
the processes of adaptation and change in an easier and more rapid way. CSR can bring about,
through the retraining of SMEs’ resources/competencies, the requalification of the resources of the
local network so as to restore that virtuous path that is an important vector of competitiveness in the
small enterprise.
Practical implications: The paper specifies the necessity to define a synergic strategic behaviour
with the local system. It is better to adopt a network approach and engage local institution in a role
of intermediary for the promotion of CSR strategy among all stakeholders of the area.