The Impact Of Social Capital On Organizational Resilience

Corona Virus Disease 2019(covid-19)has seriously impact the Chinese economy,and the enterprises’ production and operation difficulties have increased,further exacerbating enterprise risk management problems.It is extremely urgent to prevent major risks,especially the impact of the covid-19 and various potential risks,and gradually resolve various types of risks,such as "Black Swan" and "Gray Rhino" events,to keep the longevity in the industry.How can enterprises continue to operate in the complex and ever-changing environment? In recent years,scholars have paid extensive attention to the issue of organizational resilience.For enterprises,organizational resilience can not be innate,nor does it appear directly.As a kind of ability to resist difficulties,it is from every link of production and operation.However,Every step in the process of enterprise production and operation is inseparable from stakeholders,few research has examined the impact of social capital on organizational resilience from stakeholders’ perspectives,which leaves a few gaps that necessitate this research.Drawing on stakeholder theory,resource orchestration theory and enterprise capability theory,this research discusses the impact of social capital on organizational resilience,the mediating role of dynamic capabilities and financing costs,and the moderating role of digital transformation and corporate resource endowment.This research takes the annual data of China’s A-share listed manufacturing enterprises from 2016 to 2020 as samples and uses the panel data,multiple regression model,to conduct empirical statistical analysis.The following conclusions are drawn: first,social capital can significantly improve organizational resilience,that is,it can reduce the financial volatility of enterprises and improve the long-term performance of enterprises;second,dynamic capabilities and financing costs It plays a partial intermediary role between social capital and organizational resilience,that is,social capital can reduce the financial volatility of enterprises and improve long-term performance of enterprises by improving the dynamic capabilities of enterprises and reducing financing costs of enterprises.The relationship between corporate financial volatility has a positive moderating effect,but its moderating effect is not significant in the relationship between social capital and corporate long-term performance;fourth,resource endowment has a positive moderating effect on the relationship between social capital and organizational resilience,that is,it has a moderating effect on the relationship between social capital and corporate financial volatility and long-term performance.The research results show that the construction and maintenance of enterprise social capital is the key antecedent variable to developing organizational resilience;dynamic capabilities and financing costs play a conductive role in the relationship between social capital and organizational resilience;digital transformation and corporate resource endowment are critical situations that trigger social capital.These findings contribute to the relevant research on organizational resilience and identify social capital as the mechanisms underlying effects on organizational resilience from the perspective of dynamic capabilities and financing costs.Furthermore,this research also clarifies the context of the impact of social capital on organizational resilience from the perspective of digital transformation and enterprise resource endowment.The findings of this research have positive practical guiding significance for developing organizational resilience and the integration of social network resources.