The Role of Social Capital in Business Resilience: A Case Study of Malaysian Family Business

Hamrila, Abdul Latip and Smyrnios, Kosmas X. (2021) The Role of Social Capital in Business Resilience: A Case Study of Malaysian Family Business. In: The Routledge Handbook of Asian Family Business. Routledge, New York, pp. 351-369. ISBN 978- 036 7399508

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Abstract

Social capital is an essential business element, providing opportunities for people from diverse backgrounds and with different entrepreneurial capacities to interact when fulfilling their business aims. Characterized as the norms and networks that enable people to act collectively, social capital reflecting both the individualistic and communal notions of social capital. In this sense, norms and values are viewed as manifestations of social capital, which facilitate exchange, lower transaction costs, a reduction of cost of information, and encourage the collective management of resources. In this chapter, we take Noor Arfa Batik as a case to explore social capital concepts and processes, within the context of batik textiles, family business, as a means for strategizing valuable inputs and resources for business continuity. The qualitative data analytic approach taken here explores the internal and external network dimensions of social capital that help to foster business performance. The findings from the qualitative analysis show that social capital is associated with the presence of business dynamics and strong venture support and recognize the importance of fostering relationships within internal and external business network circles, to expand access to tangible (e.g., technology resources, investment in customer service) and intangible resources (e.g., knowledge, competencies, motivation, reputation), and industry platforms. Keywords: Social capital; Family Business, Business Resilience; Malaysian Batik Industry; Qualitative

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