The Impact of Relationship Capital On The Financial Performance of Small and Medium-Size Enterprises in Ghana: The Moderating Role of Emotional Intelligence

International Journal of Sales & Marketing
Management Research and Development (IJSMMRD)

ISSN(P): 2249-6939; ISSN(E): 2249-8044
Vol. 4, Issue 6, Dec 2014, 11-38
TJPRC Pvt. Ltd.
THE IMPACT OF RELATIONSHIP CAPITAL ON THE FINANCIAL PERFORMANCE OF

SMALL AND MEDIUM-SIZE ENTERPRISES IN GHANA: THE MODERATING ROLE OF
EMOTIONAL INTELLIGENCE
REGINA & APPIAH-GYIMAH
Lecturer, Department of Marketing, Accra Polytechnic, Accra, Ghana
ABSTRACT
An increasing number of researches have shed light on the relevance of social capital to the growth of small,
medium and large-scale businesses. The purpose of this review was to analyse evidences provided and issues addressed in
social capital researches on the basis of conceptual and methodological approaches adopted in them. The available body of
social capital researches strongly expresses the link between access to social capitals and financial performance of
businesses. However, the number of studies assessing participants experience and knowledge about social is abysmally
low. Though argued to be relevant to making and relishing social capitals, emotional intelligence is relegated out of most
social capital studies, where some studies show disconnect between conceptual and methodological approaches adopted.
Future social capital studies must be conducted to strengthen the link between participants experience and knowledge
about social capital and business growth, with the moderating role of emotional intelligence substantially considered.
KEYWORDS: Social Capital, Emotional Intelligence, Small and Medium-Size Enterprises, Business Performance
INTRODUCTION
Background and Rationale of the Review
Social capital is relevant to the financial growth of small and medium size enterprises (SMEs) as much as human
capital is (Fornoni, Arribas & Vila, 2012). Moreover, SMEs access to needed financial resources, sales and suitable
business strategy is driven by access to social capital and its appropriate usage (Fornoni et al. 2012; Adlei & Slavec,
2012). Empirical studies have shown that SMEs financial performance is enhanced when they have access to adequate
social capital and make good use of it (Fornoni et al. 2012; Adlei & Slavec, 2012). This empirical evidence is twin to the
significant positive impact of access to social capital and its use on the financial performance of small and medium size
enterprises in both developed and developing country contexts (Bosma et al. 2002; Adlei & Slavec, 2012). Nonetheless,
the significant relationship between social capital and the financial growth of SMEs is practically driven by two criteria,
namely access to social capital (Bosma et al. 2002) and the entrepreneurs ability to make good use of it
(Bosma, 2002; Duni, 2010).
Research has also shown that the emotional intelligence (EI) of the entrepreneur and his employees is basically
needed to access and use social capital towards expected financial performance (Goyal & Akhilesh, 2007; Brooks &
Nafukho, 2006). Invariably, emotional intelligence is relevant both in accessing and productively using social capital by
entrepreneurs. In view of its relevance in growing SMEs, emotional intelligence could be a distinctive business capital that
ought to be well managed in the light of the bundle of other resources available to the SME. As an important business
resource, therefore, entrepreneurs and their employees must have a high top-of-the-mind awareness of EI (Brooks &
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Regina & Appiah-Gyimah
Nafukho, 2006). They are also expected to acquire and demonstrate it in managing relationships and other business
activities to generate and savour social capital towards expected financial performance (Danquah & Wireko, 2014; Brooks
& Nafukho, 2006).
To a large extent, social capital cannot be accessed and leveraged among SMEs without a demonstration of EI by
their employees (Fornoni et al. 2012; Adlei & Slavec, 2012). Unfortunately, many social capital researchers either ignore
EI in their studies or relegate it to a background that does not reveal its impact on social capital and business performance.
Moreover, researches on the interaction between social capital and EI in terms of impact on financial performance are
inadequately few. Logically, researches on this subject will better contribute to academic debate and knowledge about the
relevance of EI and social capital in growing SMEs when they are carried out with appropriate research methods and
philosophies. To achieve the same effect, these researches are also expected to transcend all geographical barriers without
excessive methodological, conceptual, theoretical and socio-cultural weakness in them.
This paper seeks to address these concerns by evaluating the current state and level of knowledge provided by
researches based on the interaction between social capital and EI in terms of impact on financial performance. The specific
aims of this assessment are as follows:
To make a review and analysis of literature on researches based on the interaction between social capital and EI in
terms of impact on financial performance in both developing and developed country contexts.
To categorise and analyse conceptual approaches for understanding researches based on the interaction between
social capital and EI in terms of impact on financial performance in developed and developing country contexts.
To categorise and evaluate methodologies used to carry out research studies in this area, and to evaluate evidence
from those studies.
To identify key research trends and gaps in this area that relate to:
Concepts
Methodologies
Issues addressed and questions raised
Evidence presented; and
Future research directions in the area.
Considering the outstanding contribution of the SMEs sector to GDP growth in most countries (Agyei, 2012: 67),
especially developing countries (Abor & Quartey, 2010; Agyei, 2012: 67), this paper seeks to throw adequate light on the
body of knowledge provided by researches based on the interaction between social capital and EI in terms of impact on
financial performance. This review reveals the strengths and weaknesses in those studies and provides guidelines and
suggestions for future research work in this area. In harmony with the recommendation of Brooks & Nafukho (2006),
this review provides a basis for making uniform the distribution of studies in this area across the worlds geographical
areas by illuminating areas where related studies are lacking. Generally, researches on this subject are inadequate in view
of the need for SMEs to maximise their financial growth and impact on economic development. Therefore, this review
provides a framework of previous studies that encourages researchers to conduct more studies in this area. In this respect,
Impact Factor (JCC): 5.3064
Index Copernicus Value (ICV): 3.0
The Impact of Relationship Capital on the Financial Performance of Small and

Medium-Size Enterprises in Ghana: The Moderating Role of Emotional Intelligence
13
this paper establishes a roadmap for improving knowledge and academic debate on the relevance of social capital and EI in
growing SMEs. With emphasis placed on developing countries, this review gives directions to future research works
focused on developing countries where the impact of SMEs is most needed.
FRAMING SOCIAL CAPITAL RESEARCH

Social capital research ought to largely take into consideration matters that are relevant to the establishment and
management of good relationships between people. This is because access to social capital and its management take place
in the light of entrepreneurs relationship with the rest of society (Duni, 2010). By principle, a social capital is a source
of idea, funding, purchase or recommendation when it is developed and managed in a mutual and cordial relational
atmosphere with friends, relatives, customers and others (Fornoni et al. 2012). In this respect, it is argued that the
personality of the entrepreneur should be able to accommodate and square with the social lives of friends, relatives,
customers and others, basically to drive the course of his businesss growth. Broadly, social capital research is conducted
from two viewpoints: a) access to social capital; and b) management of social capital. To Fornoni et al. (2012), access to
social capital is the ready availability of human contacts and their willingness to support the entrepreneurs business in any
anyway. Similarly, Glaeser et al. (2002) see access to social capital as the ability of the entrepreneur to convince a friend,
relative or an acquaintance to support any part of his business. By closely observing the definitions of Fornoni et al. (2012)
and Glaeser et al. (2002), access to social capital is central to winning the conviction of people to support the
entrepreneurs business by virtue of finance, sales or expansion.
Management of social capital, on the other hand, is the ability of the entrepreneur to sustain the conviction and
willingness of relatives, friends and other acquaintances to provide an idea, funding, purchase or recommendation to the
support of the growth of the entrepreneurs business (Fornoni et al. 2012). Interestingly, access to social capital and its
management both take place in the light of entrepreneurs relationship with relatives, friends and other acquaintances.
In view of this, social capital research is considered appropriate when it takes into account:
Social;
Cultural;
Economic; and
Relational elements of accessing and managing human contacts.

From the perspective of the social element of social capital research, the society is seen as a broad asset to the
entrepreneur. Thus everybody in the social environment is potentially part of the entrepreneurs social capital. Though
relatives, friends and acquaintances are more easily converted by the entrepreneur into social capitals, people who fall
outside these classes are also potential social capitals. As a result, social capital research must create a classification of all
social classes that could form an entrepreneurs social capital and create a distinction in the level of effort needed to access
and manage each class.
The main classification available include relatives (nuclear and extended relatives), friends, fellow entrepreneurs,
customers, acquaintances and other people the entrepreneur comes in contact with on daily basis. With respect to the level
of effort needed to access and manage a social capital in each classification, it is argued that the precursor is the depth of
ones understanding of the potential and relevance of the entrepreneurs business. For instance, a potential social capital
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would ask: is this persons business worth my support based on its profitability? On the contrary, Fornoni et al. (2012) is
of the view that people who are related to the entrepreneur by blood could more easily be converted into social capitals
than people not related to him by blood, depending on the cultural setting and economic situations in which relatives find
themselves.
With regard to the cultural element of framing social capital research, access to social capital and its management
by the entrepreneur is driven by the nature of the culture constituting the social environment in which the entrepreneur and
his potential social capitals dwell. According to Surin & Wahab (2013), culture may limit or hinder the conversion of
married women into social capitals. Surin & Wahab (2013) further argues that peoples religious beliefs often influence
their engagement in relationships, especially business-oriented relationships. This argument is in harmony to the viewpoint
that a Ghanaian entrepreneur would find it easier to convert Ghanaians into social capitals that non-Ghanaians. Obviously,
the cultural dimension of framing social capital research is delicate and important. Even so, this dimension feeds on the
economic element of framing social capital research.
In every society, peoples class of friends, acquaintances and sometimes relatives is determined by what economic
classes they find themselves. As a result, the entrepreneurs ability to make and manage social capitals has a bearing on his
economic status and that of people he may wish to convert into social capitals. Generally, an entrepreneur who needs
funding or financial support is likely to gear his interest towards converting: a) people with strong economic backgrounds;
and b) people in relationship with people with strong economic backgrounds into social capitals. Though the entrepreneurs
ability to convert these categories of people into social capitals may depend on the economic class to which he belongs, his
relationship with them is seen to be the strongest source of influence on them.
As mentioned earlier, access to social capital and its management primarily takes place in the light of the
entrepreneurs relationship with others. A critical question worth answering is: what is the right relationship for accessing
and managing social capitals? Fornoni et al. (2012) posit that such a relationship is expected to be receptive, cordial,
convincing and emotion-sensitive. Relationships can be convincing when they are developed in a good communication
interface that exists between the entrepreneur and his social contacts. On the other hand, a receptive, cordial and
emotion-sensitive relationship is the one that satisfies a persons emotional needs. In essence, the entrepreneur would be
able to access and manage social capitals when his relationship with people is receptive, cordial, convincing and
emotion-sensitive. In view of this, social capital research is considered incomplete without considering the role played by
emotional intelligence in building sustainable relationships.
Emotional intelligence (EI) is considered the catalyst to fruitful relationships. Consequently, the entrepreneurs
need of emotional intelligence in accessing and managing social capitals cannot be underestimated. In framing social
capital research, therefore, it is relevant to account for the contribution of emotional intelligence to the relationship
between the entrepreneur and his social capitals. Even so, there is the need to find out whether the entrepreneur and his
employees have emotional intelligence and whether they demonstrate it in the course of managing the business or not.
Without this consideration, it is likely that the impact of social capital on the financial performance and growth of a
business will be overestimated, considering the fact that EI is a large source of impact on the influence of social capital on
business growth, unless the entrepreneur and his team do not have EI or do not demonstrate it in dealing with human
contacts such customers, relatives, friends and acquaintances.

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METHODOLOGY FOR THE LITERATURE REVIEW

In view of the prevalence of many social capital researches whose standards have not been scrutinised and
justified, this review is focused on only academic sources made up of peer reviewed academic papers. The use of peer
reviewed sources is a step to ensuring that every academic paper used in this review has the requisite standard, which is a
precursor to making this review credible. Moreover, the use of peer reviewed papers is the embodiment of other criteria
established for selecting papers for this review. These criteria are discussed as shown below:
Peer reviewed academic papers were selected with reference to a specified period. It was intended that only peer
reviewed papers published from the year 2007 upward would be incorporated into this review. However, the
scarcity of peer reviewed papers published in recent years gave rise to the need to use papers published from the
year 2000 upward. Thus a substantial number of papers would not have been obtained for review if the initial
reference year of 2007 was maintained. Drawing the reference year back to the year 2000 made way for accessing
the required number of papers. Moreover, the variety of papers accessed with respect to the years of publication
provided a platform for revealing development patterns and knowledge shared in social capital research over a
period of at least 10 years.
Secondly, this review is characterised by the nature of examination given to the impact of social capital on small
and medium-size enterprises (SMEs) and the depth to which social capital researches address the growth of SMEs
in view of the moderating effect of emotional intelligence (EI). A larger part of the review dwelled on the impact
of access to social capital on access to finance among entrepreneurs, while some reviewed papers focused on the
effect of social capital on the growth of SMEs. While part of the review focuses on the entrepreneurs social
capital, another part makes emphasis on the relevance of the social capital of SME employees to the financial
performance of SMEs apart from the entrepreneur. The bulk of papers reviewed contain a few papers that
sufficiently address the impact of social capital on the growth of SMEs in the light of the moderating effect of
emotional intelligence (see Table 3 and Figure 3).
The review was done to embrace sub-subjects that cut across academic disciplines. Academic papers reviewed
were written on diverse academic disciplines that reflect social, financial and economic impacts of social capitals.
As a result, reviewed articles cut across the academic boundaries of psychology, sociology, economics, finance
and marketing.
Tables 1 to 3 (see Appendix A) show the sources of papers on the various subjects of the review. In all, 90 articles
were obtained: 55 on social capital and financial performance, 44 on emotional intelligence and financial performance;
and 3 on social capital, emotional intelligence and financial performance.
In Table 1 (see Appendix A) and Figure 1, the distribution of social capital (with financial performance as
dependent variable) research from the year 2000 is fairly uniform until the year 2013. In 2013, more than half of the
highest number of social capital researches published in the year 2010 from the year 2000 was realised. Interestingly,
a social capital research has been published in the current year of 2014. Generally, the trend indicates an increasing level of
interest for conducting social capital research. In Table 2, the same situation is observed for emotional intelligence
research. For social capital and emotional intelligence research (please see Table 3 in Appendix A) however, a different
outlook is held in view of the fact that only 3 articles were identifiable on this subject.
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In this review, the methodological approaches employed by authors of reviewed articles were categorised along
qualitative-qualitative lines (Duncomber & Boateng, 2009: 7), though a consideration was given to related research
methods. At large, the review placed emphasis on a) quantitative studies that employed robust statistical or inferential
methods in the face of probability sampling procedures, but with little contribution to theoretical understanding;
b) quantitative studies that employed robust statistical or inferential methods in the face of secondary data, with little
contribution to theoretical understanding; c) qualitative studies which employed non-probability sampling methods but
sought to make in-depth contribution to theoretical understanding; d) studies which make claim to mixed research
approaches; and e) purely descriptive studies.
This review involved in-depth analysis of articles accessed from various electronic sources. Since reviewed
articles were numerous, a strategic approach was employed in accessing and putting their content into informative
perspective. First, the reviewer downloaded as many related articles as possible from e-libraries and open-access journal
search engines. Over 150 articles were downloaded and scrutinised against the specific subjects of interest. After the
scrutiny, 102 were found related to the subject of the review. The 102 articles were categorised into subject areas as
reflected in Tables 1, 2 and 3, and analysed. The analysis took a considerable period in view of the fact that each
classification was differently examined and later related to the main subject of the review. The incorporation of the 102
articles, their classification, coding and analysis was based on a second-party review of these articles.
MAPPING SOCIAL CAPITAL RESEARCH: ISSUES AND EVIDENCE

This review embraced a classification according to the temporal lifecycle model that comes with a framework of
design considerations in social capital research (See Table 4). In the context of the temporal lifecycle model, it was
additionally indicated whether the evidences revealed in reviewed articles were based on primary or secondary data or
whether no application of data was noticeable. Table 4 shows the mapping of articles reviewed according to the temporal
lifecycle model, with level of analysis adopted indicated.
Table 4: Mapping of Articles Reviewed According to a Temporal Lifecycle Model and Level of Analysis
Studies
assessing
training
Studies
assessing
practitioners'
knowledge
Studies conducted
at the small
business level
41, 53, 88
1,8,90
44
5
23
Studies
assessing
impact
56
32
78
33
80
34
36
27
Studies conducted
at the mediumsize business
level
6
11
16
Studies conducted
at the large-scale
business level
Studies
assessing
adoption and
practice
19
83
9, 23, 36
22
48
37
10
38
15
26
39
47
73
77
87
40
12
84
Bold: Analysis of data collected from primary sources (64 articles)

Normal: Analysis of data collected from secondary data (20 articles)
Italic: No data collected or analysed (6 articles)
See Section G2 for reference to article number
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A large proportion of studies were focused on the impact of social capital on access to finance and the impact of
social capital on organisational financial performance. This classification overlaps into training, and it transcends studies
conducted at the small business, medium-size business and large-scale business levels. The least number of studies
assessed the consciousness of the entrepreneur to the adoption of social capital. Moreover, only one research (Singh, 2010)
studied the subject of social capital in the context of emotional intelligence and financial performance, but it does not
transcend large businesses owing to the complexity of social capital management at this level (Singh, 2010; Surin &
Wahab, 2013). Generally, there is a heavier pile of studies around assessment of impact and adoption/practice at the small
and medium-size business levels (See Table 4).
At this point, it is necessary to identify and discuss the fundamental issues in the clusters of studies in the
temporal lifecycle model. This discussion would not discriminate against the type of data and design reported.
SMEs Knowledge
Knowledge about social capital is critical to its adoption and practice (Yokakul et al. 2013; Suton, 2006), where
adoption and practice would form a basis for training and assessing impact. Invariably, there is no need for training people
on the use of social capital and measuring its impact when there is no room for adopting and practicing it. As a result,
assessment of employees and entrepreneurs knowledge about social capital is fundamental to social capital research
(Yokakul et al. 2013). However, the bulk of studies assessing knowledge (or awareness) on social capital are very few.
Moreover, the available studies indicate a very low level of practitioner knowledge about social capitals. In fact, a majority
of studies made evident entrepreneurs total ignorance about special capital (e.g. Zuwarimwe & Kirsten 2007), especially
in developing country context.
Studies which assessed knowledge could be placed in three broad portfolios. The first one assessed knowledge of
entrepreneurs or management executives and their subordinates directly at the level of primary data. The other portfolio
assessed knowledge of entrepreneurs or management executives and their subordinates indirectly at the level of secondary
data or meta-analysis, which in this review is classified as part of secondary data assessment. The third portfolio assessed
knowledge of only entrepreneurs or management executives at the levels of primary and secondary data assessment.
A number of articles in each of these portfolios conducted the assessment in the face of emotional intelligence (EI).
Adoption and Practice
The number of studies conducted on social capital adoption and practice is relatively considerable in view of
training and knowledge assessments. This is because many researchers seem to be interested in seeing outcomes (impacts)
of social capital incorporation in business management rather than effects of creating awareness on it and imparting its skill
and knowledge in potential practitioners.
When assessing adoption and practice of social capital, studies took account of routine measures that form a basis
of acquiring, managing and monitoring the use of social capital in a business, both at the small, medium and large-scale
business management levels. However, studies on large-scale businesses tend to follow the routine more closely, providing
modalities for acquiring, managing and monitoring the use of social capitals. On the other hand, some studies which
assessed adoption and practice of social capital, only took account of the mere consciousness of the entrepreneur or
management to the use of social capital without any routine set of measures that affect the involvement of other employees
of the business.
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Adoption and practice assessment largely embraced qualitative primary data, where opinions of entrepreneurs and
managements were explored. This arm of mapping social capital research did not include measurement of the impact of
adoption and practices, which is tantamount to impact assessment. As a result, the bulk of studies in this level of
assessment were descriptive and qualitative. The portfolio of studies on this indicated that most entrepreneurs and
businesses do not adopt and use social capital consciously. But studies conducted in developed country contexts revealed a
higher level of conscious adoption and use of social capital.
In essence, developing countries are not recognising the need to adopt and use social capital in business
management. This could be as a result of the poor level of peoples knowledge about social capital, especially from a
developing country perspective.
Training Assessment
Because people can learn how to acquire social capital (Cheng-Nam et al. 2007), training is considered as one of
the facilitators of its impact on businesses and people. In view of this, Fornoni et al. (2012) made the submission that social
capital researches would need to touch on the relevance of training. Nonetheless, aside knowledge assessment, training
assessment was the most deprived area in social capital research.
Training assessment was done at the level of quasi experimental design with total primary data application. In this
regard, experimental and control groups were used as a basis of finding out whether training would enhance peoples
ability to acquire and manage social capitals. Training assessment was also done using evidences extracted from secondary
data and meta-analysis. However, studies based on secondary data and meta-analyses are weak with respect to the depth of
explanation given on data validity and reliability. Additionally, only one study (Cheng-Nam et al. 2007) could identify
training approaches suitable to social capital acquisition and management. The other studies limited their assessment to the
impact of training. Even so, an assessment of the impact of training was limited to quasi experimental designs which were
conducted within potentially short periods. Meanwhile, results of quasi experimental designs could be influenced by time
(Cheng-Nam et al. 2007); so experiments should have employed more elaborate durations that were sufficient to trigger the
effect of training on subjects.
A cursory look at studies on training assessment indicates that the majority of businesses and entrepreneurs do not
use training as a means of equipping themselves and employees with social capital acquisition and management skills.
Possibly, this is attributable to the poor knowledge of entrepreneurs and managements about social capital and its
relevance, especially in developing country context.
Assessment of Impact
There is a huge gap in the bulk of studies conducted on social capital, regardless of whether emotional intelligence
was brought into the picture or not. This gap is a reflection of the discovery that most studies assessed impact when the
basic steps to this assessment were not taken. Practically, assessment of knowledge, adoption/practice and training were
omitted from the majority of studies. A lot of studies (Perreault et al. 2007; Hjerppe, 2003 etc.) were conducted to assess
impact without endeavouring to assess knowledge, adoption/practice and training.
The assessment of impact was done at three distinctive levels. First, impact assessment entailed the examination
of social capital access and its relationship with access to finance. At this level, two sub-classifications are evident:
a) studies which took account of emotional intelligence as a moderating variable; and b) studies which were blind to the

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moderating role of emotional intelligence. Moreover, most of the studies at this level dwelled on small and medium-size
businesses, with a very few focused on large-scale businesses. Another level of impact assessment is the examination of
the relationship between social capital access and quality of service delivery. This level shares in the two
sub-classifications of the first level. However, studies at this level dwelled only on service providers in the small and
medium-size enterprises sector. Relative to the first, this second level largely embraces emotional intelligence as a
moderating variable.
The third level of impact assessment is based on studies that examined the relationship between social capital and
organisational performance. This level employs the sub-classifications of the first and second levels but involves a higher
number of impact assessments on medium and large-scale businesses with or without emotional intelligence serving as a
covariate. Though it is quite commendable the depth to which impact of social capital has been assessed, this assessment is
found to have little support from knowledge, adoption/practice and training assessment.
Virtually all studies based on impact assessment (such as Cheng-Nam et al. 2012; Danquah & Wireko, 2014)
revealed that social capital access positively relates to access to finance and financial performance. Emotional intelligence
has been found to empower the influence of social capital on access to finance, business performance and quality of
services delivered.
CONCEPTUAL APPROACHES AND METHODOLOGICAL ISSUES IN SOCIAL CAPITAL

RESEARCH
This section comes with a description of conceptual approaches and methodological issues in social capital
research. To make a better sense of this section of the review, however, it is important to describe the distribution of social
capital research by geographical area and period. This discussion is based on Figures 1, 2 and 3.
Figure 1: Social Capital Studies by Geographical Area

Figure 1 shows the distribution of social capital studies by geographical area. Most (N = 34) social capital
researches have been conducted in Europe. Asia, South America and Africa are also viable destinations of social capital
studies, where South America and Australia trail relatively in this regard. Figure 2 shows the spread of social capital
studies in terms of their two classifications over the six geographical areas seen in Figure 1.
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Figure 2: Social Capital Studies by Geographical Spread: With Elements of EI

In Figure 2, a similar scenario is held relative to Figure 1. In Europe, North America and Africa, the number of
studies based only on social capital exceeds the number of studies based on a combination of social capital and emotional
intelligence. The situation is different for Asia, where social capital studies have been more responsive to emotional
intelligence incorporation. With reference to Table 3, only 3 studies assessed the impact of social capital on financial
performance of SMEs in the light of the moderating role of emotional intelligence. Consequently, the body of studies based
on this subject is scant. Figure 3 shows a line graph that depicts the growth of social capital studies from 2000 to date.
Figure 3: The Distribution of Social Capital Research (2000-2014)

Figure 3 shows a line graph that shows the growth of social capital studies from 2000 to 2013. The trend gets to
the highest level in 2013. The decline in the growth of social studies in 2014 is not a serious issue since barely 6 months
have been expended in this year. Possibly, the trend will manifest by the close of 2014. It is worth saying, based on this
trend, that increasing attention is being given to social capital and emotional intelligence research.
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Figure 4: Articles and their Journal Rankings

Figure 4 comes with the journal ranking of the articles included in this review. From the figure, 25% (N = 23) of
all articles used in this review come from journals ranked 2; 68% (N = 61) of all articles used in this review come from
journals ranked 3; and 7% (N = 6) of all articles used in this review come from journals ranked 4. Obviously, most of the
articles included in this review are sourced to journals ranked 3. In essence, most of the articles used in this review come
from journals with standard ranking.
Having identified the spread of social capital researches over the various geographical areas and their growth
trend from 2000 to date, the next subsections come with discussions on conceptual and methodological approaches
employed by researchers in social capital studies.
Conceptual Approaches
Practically speaking, the quality of knowledge shared through research depends on the relationship between
research results and the conceptual approach used. In view of this, suitability of the conceptual approach employed in a
research is of great relevance to quality of research outcomes. Like all researches, social capital research is vulnerable to
errors pertaining to conceptual approaches adopted. These errors could be inherent in the structure of conceptualisation
used or may be driven by a researchers wrong choices. Observably, reviewed articles come with some shortfalls with
respect to conceptual approaches adopted.
A very few reviewed articles have identifiable conceptual approaches. Table 6 shows whether a study is focused
on only social capital, social capital and emotional intelligence or social capital, emotional intelligence and financial
performance. From Table 5, most studies which were focused on only social capital employ social capital theory (Boari &
Presutti, 2004; Fatoki, 2011; Fatoki, 2012), with a few studies based on concepts, except the studies of Rahim & Malik
(2010) and Yli-Renko et al. (2000) which are based on a model. Obviously, there is overdependence on the social capital
theory at this level in the face of other social theories.
Table 6: Mapping Conceptual Approaches to Social Capital Research
Segment
Conceptual Approach Identified
Social
Capital
Social networks incubation

Social capital theory
Social capital approach
Social network analysis
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Class of
Conceptual
Approach
Concept
Theory
Theory
Concept
Concept
Antecedents Cited
Article (See
Section G2)
None
Bourdieau (1983)
Uphoff (2000)
Colemann (1988)
Cohen & Prusak (2001)
1,2
9
10
13
14
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Theory
Theory
Theory
Internationalization
Model
None
Wu (2008)
Wu (2008)
Johanson & Vahlne
(1990)
Social capital, The moderating role

of emotional intelligence; financial Concept
None
performance
Social
The influence path to social capital
Rindfleisch & Heide
capital, EI
and organizational learning on
Concept
(1997)
& FP
knowledge transfer performance
Emotional business /ResourceConcept
None
based View/
Bold: Analysis of data collected from primary sources (64 articles)
15
22
23
66,88
47
51
61
Normal: Analysis of data collected from secondary data (20 articles)

Italic: No data collected or analysed (6 articles)
See Section G2 for reference to article number
From Table 6, all the three studies based on social capital, emotional intelligence and financial performance make
use of concepts. At this level, only Oxoby (2009) used the Resource-based View (RBV) alongside the emotional
intelligence concept. Impressively, all articles reflected in Table 6 come with antecedents, except studies of Abor &
Quartey, (2010), Adlei & Slavec, (2012), Cheng-Nam et al. (2007) and Kit & Nafukho (2006).
Table 5: Mapping of Articles Reviewed According to Conceptual and Methodological Approaches
Approaches Inspired
by Social Theories
Quantitative
Qualitative
1,2,4,5, 23, 30,

37,38,39,40,41,42,43,
83
10,18, 76
Approaches Inspired
by Economic Theories
Approaches
Inspired by
Financial Models
22, 44,46,47,53,90
6,101,102
9,17,61,89
27,29,31
Mixed methods
7,21, 28,34, 36, 72,84
16, 18, 48,61,72,82
Descriptive (No
defined
methodological
11,12,33,79,81,82
5,24,25, 68,77,91,94,97
approach
identified)
Bold: Studies analysing primary data 71 articles)
6,99,103
14,77,104
Please refer to Section G2 for reference to article number

Methodological Approaches
In every research, gaps in the chosen methodological approach infiltrate the reliability and validity of findings.
This assertion is based on Ocras (2010) argument that research findings are outcomes of research methods such as choice
of research technique, population, sample size and data analysis tools employed and used. For example; in the face of an
inappropriate sample, results of a quantitative study may not be representative of the entire population as purposed
(Barreiro & Albandoz, 2001). Moreover, when a quantitative research instrument is not built based on well-taken reliability
and validity measures, the credibility of its findings become questionable (Morse, 2002). In quantitative studies in which
statistical inference is adopted, the validity of conclusions is largely influenced by the degree to which assumptions

23
backing the use of parametric statistical tools are satisfied (Rice, 1995). These general concerns form the basis of giving
scrutiny to the methodological dimension of social capital research.
Various methodological approaches have been adopted in social capital researches. Most social capital researchers
(Kit & Nafukho, 2006, Machirori & Fatoki, 2013, etc.) adopted the quantitative research technique, mostly with the goal of
testing hypotheses. However, many of the quantitative studies were not related to hypotheses testing, and this is as a result
of the inability of some researchers to provide rationale for their research stances taken. Eleven (11) of social capital
studies (see Table 7) employed continuous secondary data. Some of these quantitative studies largely employed qualitative
data, where some of these data were analysed using frequencies and percentages. Generally, this choice does not strongly
represent a quantitative study. Other potential flaws in some quantitative social capital studies include the use of qualitative
data, the use of non-probability sampling procedures, absence of reliability and validity measures and the use of purely
qualitative data analysis technique. Most of the quantitative social capital studies reviewed employed self-administered
questionnaires as the main instruments for collecting data, with a few using unstructured, structured and semi-structured
interviews.
Some social capital researches were also conducted as qualitative studies either by virtue of primary data analysis
or meta-analysis (e.g. Dibb & Carrigan, 2013; Brown et al. 2011; Akorsu & Agyapong, 2012; etc.) Though the proportion
of qualitative studies is smaller relative to that of quantitative studies, the methodologies of qualitative studies are
apparently well-designed and explained, especially considering the fact that qualitative studies are not sensitive to sample
size and some other methodological measures applied to quantitative studies. It is however doubtful if it is appropriate to
apply both quantitative and qualitative data analysis approach in purely qualitative studies, as done in some of the purely
qualitative studies.
Table 7: Identification of Methodological Issues in Articles Reviewed
Bold: Number of articles with potential methodological gap

Italic: Meta-analysis
Note: Numbers in the table do not represent article numbers (as shown in the reference list, precisely Section G2)
but represent the number of articles related to the method concerned.
Additionally, the distribution of social capital studies has some attributes of mixed research methodologies. Some
social capital studies that fall in this category are quantitative, qualitative and descriptive (e.g. Bowles & Gintis, 2002;
Brush et al. 2002, etc.). Some involved the use of secondary data analysis in the face of qualitative meta-analysis. A minor
section of social capital studies involved descriptive and qualitative research techniques, with no evidence given about
source of data and data used. In table 7, the distribution of social capital studies reviewed is seen with respect to their
methodological approaches.
Moreover, reviewed social capital studies have been conducted at three levels, namely those focused on individual
entrepreneurs, those focused on owners and employees of small scale and medium-size enterprises and those focused on
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24
employees of large-scale businesses. However, there has been little focus on large-scale organisations, possibly as a result
of Fatokis (2012) argument that social capitals are less beneficial to large-scale firms relative to small and medium-size
firms. This argument is also supported by Kit & Nafukho (2006), providing a strong reason for researchers not given much
attention to large-scale firms in the context of social capital research.
RESEARCH GAPS AND FUTURE RESEARCH DIRECTIONS

This review provides an outlook of current knowledge and contributions to academic debate in the subject area of
social capital and its relevance to business performance. Generally, great effort has been expended by researchers in this
subject area. Nonetheless, the distribution of research works has gaps that need redress in future studies with the purpose of
providing a more viable ground for building up the body of knowledge available on this subject. Gaps identified in this
review are placed in four categories. First, gaps found encapsulate weaknesses related to issues and evidences presented in
social capital studies reviewed. The second and most elaborate area of gaps found has to do with the conceptual approaches
employed by social capital researchers. The third and final category of gaps found is based on the methodologies of articles
reviewed.
Gaps in Issues and Evidence
One important objectives of social capital research is to provide evidences about how social contacts can be
savoured, especially in profitable ventures or businesses (Bosma et al, 2002). According to Hjerppe (2003), social capital
studies are expected to assess SMEs knowledge, practice and experience with social networks on the basis of making the
most of relationships. Moreover, emphasis has been placed on the need to verify the impact of access to social capital on
access to capital and business performance (Shaibu, 2012; Putnam, n.d.). Obviously therefore, the bulk of social capital
studies should be able to provide evidences and identify issues pertaining to the above-mentioned areas. However, this
review shows that the body of studies on social capital, for that matter the knowledge provided by them, is infiltrated with
a lack of completeness in the way issues and evidences were presented.As seen in most articles reviewed, social capital
researchers have not been able to provide much and significant evidence about SMEs knowledge in the subject.
Invariably, an insignificant number of studies have been conducted to assess peoples knowledge of social capital.
Commendably, Zuwarimwe & Kirsten (2007), Yli-Renko et al. (2000), Westlund (2003) and a few other researchers could
work on this area of the subject. Even so, all studies assessing SMEs (i.e. entrepreneurs and employees) knowledge about
social capital could not provide a distinction between awareness and knowledge. In their study, Zuwarimwe & Kirsten
(2007) acknowledged that the meanings of these two words are different in the context of knowledge assessment in social
capital research. As a result, they recommended that researchers assess SMEs awareness and knowledge of social capital
in different dimensions that harmonise with the meanings of the two words. Evidently, knowledge assessment in social
capital research has not touched on this recommendation of Zuwarimwe & Kirsten (2007).
Similarly, studies assessing SMEs practice and experience with social capitals are as insignificant as those
assessing knowledge. This situation poses a huge gap in social capital research because studies assessing impact largely
outnumbers those assessing SMEs practice and experience with social capitals. According to Westlund (2003), such a
misbalance forms the basis of the malfunctioning of some arms of social capital research in terms of contribution to
knowledge and academic debate on the subject.
The depth of coverage on the assessment of the impact of social capital research is considerable. However, there

25
is a missing link between assessment of practice/experience and assessment of impact. This is because practice and
experience has a link to impact (Tendai, 2013); therefore social capital studies assessing impact cannot ignore an
assessment of practice/experience, just as studies assessing practice/experience cannot relegate impact assessment to the
background. Surprisingly, a very few studies could assess impact and practice/experience. Similarly, few studies assess
knowledge and practice/experience, when these two areas are naturally linked in the context of social capital research
(Westlund, 2003; Zuwarimwe & Kirsten, 2007). It is therefore evident that evinces and issues provided by researchers
around social capital research are not presented based on the natural link between knowledge, experience/practice and
impact assessments.
A major gap in social capital studies is the fact that the effect of emotional intelligence is not examined by most
social capital studies in accessing and savouring social networks. The study of Kit & Nafuko (2006) is one of the very few
studies that examined the effect of emotional intelligence on access of social capital and its impact on the financial growth
of SMEs. Danquah & Wireko (2014) argue that emotional intelligence is a tool for making and nurturing relationships;
hence studies based on relationships must incorporate emotional intelligence. With reference to Table 3, only 3 studies
involve emotional intelligence. This is demonstrated in Figure 2. It is therefore evident that future social capital researchers
need to recognise the role of emotional intelligence in social capital research and incorporate it in them.
Gaps in Conceptual Approach
First, the conceptual approaches adopted on some social capital studies (e.g. Mohmed & Rahman, 2010) are not in
harmony with the kind of methodology used. Some studies employed hypothetical models and conceptual frameworks,
but they failed to employ data and analysis that address them. Moreover, the research findings of some studies diverge
from the conceptual approach adopted. For instance, findings in some studies are not harmonised to the theories and
models employed. As a result, the relevance of findings of these studies are not driven by the model(s) or theories adopted
in them. Hence, issues and evidences provide by them have no conceptual backing. Second, in many of the papers
reviewed (e.g. Roxas, 2008), it is not made clear the kind of conceptual approach adopted. Moreover, these studies are
unable to create a conceptual identity (i. e. whether a model, theory and concept is used) that forms a basis of findings.
As a result, it is quite difficult to assess the basis of findings in these studies.
On the basis of conceptual gaps identified in this review, the body of social researches available makes little valid
claim to existing theories, models and previous research work. As a result, there is a weak platform on which the credibility
of research findings can be verified.
Gaps in Methodological Approach
Methodological barriers in a research are threats to research validity and credibility. According to Ocra (2010),
this is because research findings are outcomes of research methods such as choice of research technique, population,
sample size and data analysis tools employed and used. In this review, therefore, detailed attention is given to
methodological issues associated with social capital researches, leading to an identification of some gaps in the
methodological approaches adopted in them.
Generally, articles reviewed portray much of weakness in terms of linkage between research methods. Research
techniques employed in most social capital studies do not show much relevance from the viewpoint of conceptual
approaches and data analysis tool adopted. In a number of instances where quantitative research techniques were
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employed, rigorous measures were not taken to back these techniques to ensure that they led to reliable and valid findings.
In many social capital studies (e.g. Oxoby, 2009; Mohmed & Raman, 2010), researchers intended to use representative
samples on which findings could be generalised. Yet, these studies come with no measures of validity and reliability.
However, reliability and validity measures are relevant to the credibility of quantitative studies (Morse, 2002).
It is found that many of the studies reviewed do not accompany descriptions of sampling processes. These studies
merely acknowledge the type of sampling procedures used without giving detail as to how samples were reached. This gap
is a reflection of a major weakness in some social capital studies because an omission of detailed descriptions of sampling
processes conceals basic information needed to diagnose the appropriateness of the sample and sampling procedure
employed. According to Ocra (2010), a description of sampling processes buttresses the rationale for the choice of sample
and sampling procedure.
Another serious problem associated with the methodological approaches adopted in social capital researches is the
fact that statistical tools used in quantitative studies are not applied in view of satisfied assumptions. For instance, the use
of parametric statistical tools such as Analysis of Variance, students t-test and the like using continuous data require that
the normality assumption is satisfied (Rice, 1995). Satisfying this assumption is the basis of making valid conclusions in a
quantitative study. The use of ordinary least squares regression for time series data also require that independence of errors
assumption is satisfied (Rice, 1995; Sawilowsky, 2005). However, most quantitative social capital studies are blind to these
assumptions.
CONCLUSIONS AND SUGGESTIONS FOR FUTURE RESEARCH

Efforts that have been expended on social capital researches so far are commendable. To say the least, existing
social capital studies establish a basis for future studies on the subject and provide a strong framework of empirical debate
on it. Most studies have been able to demonstrate the relevance of social capital business, providing a basis for the
relevance of SMEs knowledge and experience with social capitals. However, there is substantial space for improving on
the current body of social capital researches in view of the gaps and issues associated with it.
There is the need for attention to be heightened in the area of assessing the knowledge of SMEs and corporate
managements on social capital. According to Weslund (2003), knowledge assessment is basic to social capital research.
Moreover, there is the need for a balanced view on social capital in terms of assessment of knowledge of participants and
their experience, as well as impact of social capital on businesses. Moreover, knowledge assessment should be linked to
experience/practice assessment, in view of the recommendation of Zuwarimwe & Kirsten (2007). With respect to
knowledge assessment, future studies ought to clearly show the distinction between awareness assessment and knowledge
assessment. Future studies need to be better fine-tuned to theories, models and concepts. Taking this measure would ensure
that social capital studies generate credible and insightful findings that make a strong bearing with theories, models and
academically-supported concepts.
Future researchers ought to be mindful of the link between research methods and how these methods link up with
their chosen conceptual approaches. With respect to the argument of Ocra (2010), there is the need to conduct quantitative
social studies on the basis of appropriately chosen samples and sampling procedures, with probability sampling procedures
geared towards making generalisations over a population. Another subtle methodological gap that needs to be taken notice
of in future quantitative social capital researches is the relegation of statistical assumptions to a list of irrelevant
27

considerations in data analysis. This gap often discredits findings and mars the credibility of an entire study.
The body of social capital researches available must be built to address the impact of social capital on the
financial performance of businesses in view of the limited number of studies currently addressing this issue. Since few
studies are focused on the impact of social capital on financial performance of businesses, more future researches are
needed on this subject. Aside gearing impact assessments to finding out the impact of social capital on financial
performance, there is the need for emotional intelligence to be considered in terms of mediation and moderation. Kit &
Nafukho (2006) made the submission that controlling for emotional intelligence in the relationship between social capital
and organisations performance is basically relevant because emotional intelligence is a tool for building and savouring
relationships with social networks and contacts.
REFERENCES
Previous Literature Reviews Concerning Social Capital Research
1.
Adjei, D. S. (2012). Micro, Small and Medium Scale Enterprises in Ghana: Challenges and Prospects. A Case
Study of Sekondi-Takoradi Metropolis, Masters Dissertation, Kwame Nkrumah University of Science and
Technology, Kumasi, pp. 23-78.
2.
Aryeetey, E. (2001). On-lending to savings collectors in Ghana. The World Bank, Washington, DC, Studies in
Rural and Micro Finance, 12, Africa Region.
3.
Barreiro, P. L, Albandoz, J. P. (2001). Population and sample: Sampling Techniques, Management Mathematics
for European Schools, pp. 3-18.
4.
Bartlett, J. E, Kotrlik, J. W, and Higgins, C. C. (2001). Organisational Research: Determining Appropriate Sample
Size in Survey Research, Information Technology, Learning, and Performance Journal, 19 (1): 1-8.
5.
Bosma, N, Van Praag, M, Thurik, R, de Wit, G. (2002). The Value of Human and Social Capital Investments for
the Business Performance of Start-ups, SCALES Paper, pp. 1-20.
6.
Chirasha, V. (n. d.). Human Resource Development, Emotional Intelligence and Social Capital for Senior
Managers in the Hospitality Industry in Zimbabwe, pp. 1-10.
7.
Du, J. Guariglia. A, Newman, A. (n. d.). Does social capital affect the financing decisions of Chinese small and
medium-sized enterprises? Pp. 3-26.
8.
Duncombe, R, Boateng, R. (2009). Mobile Phones and Financial Services in Developing Countries: A Review of
the Concepts, Methods, Issues, Evidence and Future Research Directions, Centre for Development Informatics,
Working Paper Series, Paper No. 37, pp. 1-32.
9.
Felicio, J. A, Couto, E, Caiado, J. (n. d.). Interrelationships between human capital and social capital in small and
medium sized firms: The effect of age and sector of activity, pp. 4-36.
10. Glenane-Antoniadis, A, Whitwell, G, Bell, S. G, Menguc, B. (2003). Extending the vision of social marketing
through social capital theory: Marketing in the context of intricate exchange and market failure, Sage
Publications, pp. 2-22.
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11. Golafshani, N. (2003). Understanding reliability and validity in qualitative research, International Journal of
Education and Research, 3 (12): 521-532.
12. Goleman, D. (1995). Emotional Intelligence, Bantam Books.
13. Hjerppe, R. (2003). Social Capital and Economic Growth, Presentation on the International conference on social
capital arranged by Economic and Social Research Institute of the Cabinet Office of the Japanese Government,
Tokyo, March 24-25, pp. 2-25.
14. Kayanula, D, Quartey, P. (2000). The policy environment for promoting small and medium-sized enterprises in
Ghana and Malawi. Finance and Development Research Programme Working Paper Series, 15. IDPM, University
of Manchester.
15. Krejcie, R. V, Morgan, D. W. (1970). Determining sample size for research activities, Educational and
Psychological Measurement, 6 (6): 232-256.
16. Kichenham, B. and Pfleeger L. F. (2002). Principles of survey research, populations and samples, Software
Engineering Notes, 27 (5): 17
17. Mayer, J. D, Salovey, P. (1997). What is Emotional Intelligence? In Salovey, P. and Sluyter, D. (eds), Emotional
Development and Emotional Intelligence: Implications for Educators, New York, Basic Books, pp. 3-31
18. Maxwell, J. A. (2008). Applied Research Deigns, Designing a Qualitative Study, pp. 215-232.
19. McLaughlin, E. B. (2012). An Emotional Business: The Role of Emotional Intelligence In Entrepreneurial
Success, PhD Thesis, University of North Texas, pp. 8-67.
20. Morse, J. M, (2002). Verification strategies for establishing reliability and validity in research, Journal of
Educational Research, 6 (9): 56-63.
21. Ocra, B. T. (2010). Statistical Methods for Quantitative Researchers, Combert Impression, Acrra Ghana,
pp. 34-56.
22. OECD (2004). Promoting Entrepreneurship and Innovative SMEs In A Global Economy: Towards A More
Responsible And Inclusive Globalisation, 2nd OECD Conference Of Ministers Responsible For Small And
Medium-Sized Enterprises (SMEs), Istanbul, Turkey 3-5, June 2004, pp. 5-34.
23. Putnam, R. (n. d.). Social Capital: Measurement and Consequences, pp. 1-30.
24. Rice, J. (1995). Mathematical statistics and data analysis, Duxbury Press, United States, Beverly Hills, pp. 48-67.
25. Shaibu, H. (2012). The Impact of Social Capital on the Labour Market Outcome: The Case of Tamale Metropolis,
MBA Dissertation, Kwame Nkrumah University of Science and Technology, Kumasi, pp. 12-56.
26. Surin, E. F, Wahab, I. A. (2013). The Effect of Social Network on Business Performance in Established
Manufacturing Small and Medium Enterprises (SMEs) in Malaysia, pp. 55-59.
27. Sawilowsky, S. (2005). Misconceptions leading to choosing the t test over the Wilcoxon Mann-Whitney U test for
shift in location parameter. Journal of Modern Applied Statistical Methods 4 (2): 598600.
29

28. Woolcock, M, Mill, J. S. (n. d.). The Place of Social Capital in Understanding Social and Economic Outcomes,
Development Research Group, World Bank, pp. 2-14.
29. Yokakul, N, Zawdie, G, Boothe, P. (2013). The role social capital, knowledge exchange and the growth of
indigenous knowledge-based industry in the Triple Helix system: the case of SMEs in Thailand, pp. 2.12.
Research Articles Included in the Review
1.
Abor, J, Quartey, P. (2010). Issues in SME development in Ghana and South Africa. International Research
Journal of Finance and Economics, 39, 218-228. [1]
2.
Adlei, R. V, Slavec, A. (2012). Social Capital and Business Incubators Performance: Testing the Structural
Model, Economic and Business Review, 14 (3): 201-222.[2]
3.
Akorsu, P. K, Agyapong, K. (2012). Alternative Model For Financing SMEs In Ghana, International Journal of
Arts and Commerce, 1 (5): 136-148.[3]
4.
Anderson, A.R, Miller, C.J. (2003). Class matters: human and social capital in the entrepreneurial process,
Journal of Socio-Economics, 32: 1736. [4]
5.
Awwad, S. M, Ali, H. K. (2012). Emotional intelligence and entrepreneurial orientation: The moderating role of
organizational climate and employees creativity, Journal of Research in Marketing and Entrepreneurship, 14 (1):
115-136.[5]
6.
Batjargal, B. (2000). Social Capital and Entrepreneurial Performance in Russia: A Panel Study, Working Paper
Number 352, 2-29.[6]
7.
Bester, M, Jonker, C. S, Nel, J. A. (2013). Confirming the Factor Structure of the 41-Item Version of the Schutte
Emotional Intelligence Scale, Journal of Psychology in Africa, 23 (2): 213222.[7]
8.
Blackburn, R.A, Hart, M, Wainwright, T. (2013). Small business performance: business, strategy and
owner-manager characteristics, Journal of Small Business and Enterprise Development, 20 (1): 8-27.[8]
9.
Boari, C, Presutti, M. (2004). Social Capital and Entrepreneurship inside an Italian Cluster - Empirical
Investigation, Occasional Paper, No. 2, 4-34.[9]
10. Bouzdine, T, Bourakova-Lorgnier, M. (2004). The Role of Social Capital within Business Networks: Analysis of
Structural and Relational Arguments, Research Paper for the Fifth European Conference on Organisational
Knowledge, Learning and Capabilities, 5-6 April 2004, Innsbruck, Austria.[10]
11. Bowles, S, Gintis, H. (2002). Social Capital and Community Governance, The Economic Journal, 112:
419-436.[11]
12. Brown A, Garguilo, S, Mehta, K. (2011). The Relentless Pursuit of Financial Capital for Micro-enterprises:
Importance of Trust and Social Capital, International Journal for Service Learning in Engineering, 6 (2):
78-97.[12]
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30
13. Brush, C. G, Carter, N. M, Greene, P. G, Hart, M. M, Gatewood, E. (2002). The role of social capital and gender
in linking financial suppliers and entrepreneurial firms: a framework for future research, Venture Capital, 4 (4):
305-323.[13]
14. Burton, P, Wu, A, Prybutok, V.R. (2010). Social Network Position and Its Relationship to Performance of IT
Professionals, International Journal of an Emerging Transdiscipline, 10:122-137.[14]
15. Cheng-Nam, C, Lun-Chung, T, Wei-Ming, O, Kai-Ti, C. (2007). The Relationship among Social Capital,
Entrepreneurial Orientation, Organizational Resources and Entrepreneurial Performance for New Ventures,
Contemporary Management Research, 3 (3): 213-232.[15]
16. Ciarrochi, J. V, Chan, A. Y. C, Caputi, P. (2000). A critical evaluation of the emotional intelligence construct,
Personality and Individual Differences, 28, 539-561.[16]
17. Danquah, E, Wireko, T. B. (2014). The Impact of Each Element of Emotional Intelligence on Customer Service
Delivery: A Customer Satisfaction Perspective, International Journal of Sales & Marketing Management
Research and Development, 4 (2): 9-20.[17]
18. Dibb, S, Carrigan, S. (2013). Social marketing transformed: Kotler, Polonsky and Hastings reflect on social
marketing in a period of social change, European Journal of Marketing, 47 (9):1376-1398.[18]
19. Durgut, M, Gerekan, B, Pehlivan, A. (2013). The Impact of Emotional Intelligence on the Achievement of
Accounting Subject, International Journal of Business and Social Science, 4 (13): 64-71.[19]
20. Duni, M. (2010). Small Firms, Social Networks and Economic Performance, Economics & Organisation, 7 (1):
137-150.[20]
21. Eggers, F, Kraus, A, Hughes, M, Laraway, S, Snycerski, S. (2013). Implications of customer and entrepreneurial
orientations for SME growth, Management Decision, 51 (3): 524-546.[21]
22. Fatoki, O. (2011). The Impact of Human, Social and Financial Capital on the Performance of Small and MediumSized Enterprises (SMEs) in South Africa, Journal of Social Science, 29(3): 193-204.[22]
23. Fatoki, O. (2012). The Impact of Entrepreneurial Orientation on Access to Debt Finance and Performance of
Small and Medium Enterprises in South Africa, Journal of Social Science, 32 (2): 121-131.[23]
24. Fernndez-Berrocal, P, Cabello, R, Castillo, R, Extrmera, N. (2012). Gender Differences in Emotional
Intelligence: The Mediating Effect of Age, Behavioural Psychology/Psicologa Conductual, 20 (1): 77-89.[24]
25. Ferri, P.J, Deakins, D, Whittam, G. (2009). The measurement of social capital in the entrepreneurial context,
Journal of Enterprising Communities: People and Places in the Global Economy, 3 (2): 138-151.[25]
26. Fornoni, M, Arribas, I, Vila, J.E. (2012). An entrepreneurs social capital and performance: The role of access to
information in the Argentinean case, Discussion Papers on Economic Behaviours, No. 7, pp. 3-15.[26]
27. Freshman, B, Rubino, T. (2002). Emotional Intelligence: A Core Competency for Healthcare Professionals,
Health Care Manager, 20 (4): 1-9.[27]
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28. Ghalandari, K, Ghorbani, M, Jogh,G, Imani M, Nia, L.B. (2012). The Effect of Emotional Labor Strategies on
Employees Job Performance and Organisational Commitment in Hospital Sector: Moderating Role of Emotional
Intelligence in Iran, World Applied Sciences Journal, 17 (3): 319-326.[28]
29. Glaeser, E. L, Laibson, D, Sacerdote, B. (2002). An Economic Approach to Social Capital, The Economic
Journal, 112, 437-458.[29]
30. Glenane-Antoniadis, Whitwell, G, Bell, S. J, Menguc, B. (2003). Extending the vision of social marketing through
social capital theory: Marketing in the context of intricate exchange and market failure, Marketing Theory, 3 (3):
323-343.[30]
31. Gonul, O. O, Tuzun, I. K, Gokoglu, M.M. (2013). The Impact of External Social Capital on Human Resource
Management Practices, International Journal of Human Resource Studies, 3 (4): 27-44.[31]
32. Goyal, A, Akhilesh, K. B. (2007). Interplay among innovativeness, cognitive intelligence, emotional intelligence
and social capital of work teams, Team Performance Management, 13 (7/8): 206-226.[32]
33. Han, M, McKelvey, B. (2008). Toward a social capital theory of technology-based new ventures as complex
adaptive systems, International Journal of Accounting and Information Management, 16 (1): 36-61.[33]
34. Harms, P. D.; Cred, M. (2010). Remaining Issues in Emotional Intelligence Research: Construct Overlap,
Method Artifacts, and Lack of Incremental Validity, Industrial and Organizational Psychology: Perspectives on
Science and Practice, 3 (2): 154158.[34]
35. Hashem, T.N. (2010). The impact of managers emotional intelligence on marketing creativity in Jordan
Commercial Banks, Innovative Marketing, 6 (3): 78-86.[35]
36. Hashi, I, Krasniqi, B. A. (2011). Entrepreneurship and SME growth: evidence from advanced and laggard
transition economies, International Journal of Entrepreneurial Behaviour & Research, 17 (5): 456-487.[36]
37. Hjerppe, R. (2003). Social Capital and Economic Growth, Presentation on the International conference on social
capital arranged by Economic and Social Research Institute of the Cabinet Office of the Japanese Government,
Tokyo, March 24-25, 2003.[37]
38. Jafri, S. K. A, Ismail, K, Khurram, W, Soehod, K. (2014). Impact of Social Capital and Firms Innovative
Capability on Sustainable Growth of Women Owned Technoprises (SMEs): A Study in Malaysia, World Applied
Sciences Journal, 29 (10): 1282-1290.[38]
39. Jalali, M, Jalali, F, Shamsodin, R, Dadbeh, F, Sharifi, S. (2013). The Role of Social Capital and Innovation in
SMEs' Success: A Partial Least Squares Approach, Journal of Basic Applied Science Research, 3(4): 515-522.[39]
40. Jawahar, D.P, Nigama, K. (2011). The Influence of Social Capital on Entrepreneurial Opportunity Recognition
Behaviour, International Journal of Economics and Management, 5 (1): 351-368.[40]
41. Kane, S. (2013). Women and Development in Urban Senegal: Microcredit and Social Capital, African
Sociological Review, 17 (1): 2013.[41]
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42. Kernbach, S, Schutte, N. S. (2005). The impact of service provider emotional intelligence on customer
satisfaction, Journal of Service Marketing, 19 (2): 12-19.[42]
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APPENDICES
Other Supporting Literature
Social Capital Research/Study is a generic term for referring to any research work based on the subject of social
capital, regardless of whether emotional intelligence and/or financial performance are involved.
Knowledge Assessment concerns researches focused on the evaluating the awareness and/or knowledge of
people, entrepreneurs, employees or business on social capital and its relevance.
Practice Assessment concerns the need for researches to focus on evaluating the ability of businesses in making
use of social capital.
Experience Assessment concerns researches based on the evaluation of how long a business has been making use
of social capitals.
Impact Assessment concerns researches focused on the evaluation of the impact of social capital on business
performance by virtue of access to finance or financial growth.
APPENDIX A
Table 5: Sources of Social Capital/Financial Performance Papers
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Table 6: Sources of Emotional Intelligence/Financial Performance Papers

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Table 7: Sources of EI, Social Capital & Financial Performance Papers
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Management Research and Development (IJSMMRD)

THE IMPACT OF RELATIONSHIP CAPITAL ON THE FINANCIAL PERFORMANCE OF

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Issues addressed and questions raised

Evidence presented; and

Future research directions in the area.

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

FRAMING SOCIAL CAPITAL RESEARCH

Relational elements of accessing and managing human contacts.

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Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

METHODOLOGY FOR THE LITERATURE REVIEW

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MAPPING SOCIAL CAPITAL RESEARCH: ISSUES AND EVIDENCE

Bold: Analysis of data collected from primary sources (64 articles)

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Regina & Appiah-Gyimah

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

CONCEPTUAL APPROACHES AND METHODOLOGICAL ISSUES IN SOCIAL CAPITAL

Figure 1: Social Capital Studies by Geographical Area

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Figure 2: Social Capital Studies by Geographical Spread: With Elements of EI

Figure 3: The Distribution of Social Capital Research (2000-2014)

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Figure 4: Articles and their Journal Rankings

Conceptual Approach Identified

Social networks incubation

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Social capital theory

Social capital, The moderating role

Normal: Analysis of data collected from secondary data (20 articles)

1,2,4,5, 23, 30,

Please refer to Section G2 for reference to article number

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Bold: Number of articles with potential methodological gap

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RESEARCH GAPS AND FUTURE RESEARCH DIRECTIONS

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Regina & Appiah-Gyimah

CONCLUSIONS AND SUGGESTIONS FOR FUTURE RESEARCH

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Regina & Appiah-Gyimah

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and

Regina & Appiah-Gyimah

Impact Factor (JCC): 5.3064

Index Copernicus Value (ICV): 3.0

The Impact of Relationship Capital on the Financial Performance of Small and