A Study Of The Relationship Between Entrepreneurial Enterprises' Social Capital And Growth Performance

Since the Chinese government advocated “mass entrepreneurship and innovation”,it has stimulated the enthusiasm of the public.However,the development of China's new ventures is still in a transitional economic environment with constant economic,legal and political changes.The support of relevant financial systems and legal guarantees is not perfect,and the resources and capabilities of enterprises are insufficient.New ventures face the dual constraints of legality and weakness.Therefore,exploring how China's new ventures acquire and maintain rapid growth under the dual constraints of institutions and resources has become an urgent issue for research.The ability to integrate new and existing resources within and outside the enterprise is one of the key factors affecting the development of new ventures.Social capital,as a resource obtained through social network,has gained more and more attention in the field of entrepreneurship.Social capital is seen as an important resource for the growth of new ventures.Although social capital is an important source for new ventures to acquire and exchange resources,it also has a negative locking effect that limits the use of social capital.Although existing research has studied this locking effect from the perspective of organizational management,there is little research on how companies can overcome the locking effect of social capital.In order to solve this research confusion,this study enhances our understanding of the impact of social capital on corporate entrepreneurship by exploring the role of resources in redefining and combining social capital to improve entrepreneurial performance.Resource bricolage refers to companies making full use of existing resources,including resources obtained through relational networks.Resource bricolage creates potential growth opportunities for companies by breaking existing ideas about the use of resources and by identifying other uses of existing resources.Based on social capital,resource bricolage,dual innovation,and institutional theory,this paper systematically explores the relationship between social capital,resource bricolage and growth performance.The main research processes and conclusions have the following parts:First,sub-study 1 discusses the relationship between internal and external social capital,resource bricolage,and growth performance.The results show that internal and external social capital will strongly drive the resource bricolage of enterprises.The more social capital a startup creates in and outside the enterprise,the more likely it is that the company will be involved in creating and redefining existing resources.Resources bricolage mediates the relationship between internal and external social capital and corporate growth performance.Second,sub-study 2 discusses the three dimensions of external social capital(relational depth,relationship height,and breadth of relationships)on the mechanism of the new enterprise resource bricolage and the entrepreneur's personal traits(experience openness and extroversion)moderation of the path.The results of the study show that the three dimensions of external social capital(relationship depth,relationship height and breadth of relationship)play a positive role in the bricolage of new ventures.Both entrepreneurial extroversion and openness of experience positively moderate the path between relationship depth,relationship height and relationship breadth and new enterprise resource bricolage behavior.Third,Sub-Study 3 discusses the mechanism of the various dimensions of social capital within the entrepreneurial team(heterogeneity,internal linkage,and shared vision)on the bricolage of resources.At the same time,it also considers the influence mechanism of entrepreneurs' individual cognitive styles on these relationships.The research results show that the internal social capital(internal connection,heterogeneity and shared vision)of the entrepreneurial team is driving the resource bricolage of the enterprise,and the entrepreneurs with divergent thinking can lead the enterprise to carry out more resource bricolage.Convergent thinking has been shown to negatively moderate the relationship between internal social capital(internal connections,heterogeneity,and shared vision)and resource bricolage.Fourth,Sub-Study 4 explores the intermediation mechanism of exploratory/utilization innovation on the relationship between resource bricolage and growth performance,and the adjustment of this intermediary mechanism by the external environment(environmental turbulence)and internal environment(innovation atmosphere).The research results show that the resource bricolage of the new ventures are positively affecting their growth performance,and the resource bricolage positively affects the exploration/utilization innovation.It shows that new ventures can take resource bricolage effectively overcome the constraints of the institutional environment and the inherent shortcomings of resource endowments,thus resolving the dilemma of institutional and resource constraints.Exploratory/utilization innovation is established in the intermediation mechanism of the relationship between new venture resource bricolage and growth performance.Environmental turbulence and the atmosphere of innovation are positively moderating the relationship between resource bricolage and exploratory/utilization innovation.The main innovations of this research are as follows:First,this study builds a research framework for new ventures' social capitalresource bricolage-growth performance.It finds the mechanism of resource bricolage between the internal and external social capital and growth performance,and finds that resources are put together to redefine the new use of existing resources,thus helping enterprises overcome the locking effect of social capital and realize the path of enterprise growth.This discovery enriches the research literature on social capital and corporate growth.Second,this study enriches the research on the driving factors of resource bricolage from the team and individual level.It is found that the internal and external social capital of the entrepreneurial team will drive the resource bricolage behavior of the enterprise,especially the three dimensions of the relationship depth,relationship height and relationship breadth of the external social capital and the internal connection,heterogeneity and common vision of internal social capital.This paper examines the influence of entrepreneurs' personal traits and cognitive styles in the process of resource bricolage.The divergent thinking of entrepreneurs is positively moderating the relationship between internal social capital and resources.The convergence of entrepreneurs negatively moderates the relationship between internal social capital and resources.Third,this study improves the boundary conditions between resource bricolage and firm performance from the perspective of contingency theory.Starting from the internal and external environment of the enterprise,it discusses the moderating effect between environmental turbulence(external environment)and organizational innovation atmosphere(internal environment)on the relationship of new enterprise resources and growth performance.The study found that the environmental turbulence positively moderates the relationship between resource patchwork and exploratory/utilization innovation,and the organizational innovation atmosphere is positively moderating the relationship between resource bricolage and exploratory/utilization innovation.