Motivated by the limited evidence on the positive link between social capital and firm performance, this paper explores this potential driver of firm performance at the firm rather than macro-level by employing a novel approach: we capture social capital at a community level rather than focus on the narrow aspect of entrepreneurs’ own social network. Using principal component analysis to aggregate various trust, norm and network-related variables to construct social capital variables with more than 150,000 firm-level observations for firm performance variables, this paper identifies an overall positive and significant effect of social capital on firm performance in Denmark. These effects are robust to firm-level social capital measures, different sampling years and alternative measures of firm performance (return on asset, current ratio, solvency ratio and profit margin) and network perspectives (Putnam and Olson).

中文翻译：

---

社会资本可以解释丹麦的商业表现吗？

受社会资本与公司绩效之间正向联系的有限证据的激励，本文通过采用一种新颖的方法探索了公司而非宏观层面公司绩效的潜在驱动因素：我们在社区层面而不是集中于社会资本在企业家自己的社交网络的狭窄方面。使用主成分分析来汇总各种信任，规范和与网络相关的变量，以对社会绩效变量进行社会资本变量分析，其中对企业绩效变量进行了超过15万次企业层面的观察，本文确定了社会资本对丹麦企业绩效的总体积极影响。这些影响对于公司层面的社会资本测度，不同的采样年以及公司绩效的替代测度（资产回报率，流动比率，