This study explores how entrepreneurs' social capital affects their resilience to localized shocks. Using a unique longitudinal survey of entrepreneurs during a surge of violent protests in Togo during 2017 and 2018, I explore how different kinds of relationships affect entrepreneurs' performance. Results show that proximity to violent protests caused entrepreneurs' profits to drop by 20%. This decrease, however, was mitigated by entrepreneurs' ties to their local communities and by their non-colocated advice relationships, which were ties to geographically distant advisers. In contrast, colocated advisers, those who were spatially proximate, were harmful to their performance. These findings show that social capital can have conflicting effects on entrepreneurs' resilience, depending on the kinds of relationships they consist of and how those relationships are exposed to the shock.

中文翻译：

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社会资本和企业家韧性：多哥暴力抗议期间的企业家表现

本研究探讨企业家的社会资本如何影响他们对局部冲击的复原力。在 2017 年和 2018 年多哥暴力抗议浪潮期间，我对企业家进行了一项独特的纵向调查，探讨了不同类型的关系如何影响企业家的表现。结果显示，靠近暴力抗议活动导致企业家的利润下降了 20%。然而，这种下降被企业家与其当地社区的联系以及他们与地理上相距遥远的顾问的非同地咨询关系所缓解。相比之下，空间接近的同地顾问对他们的表现有害。这些研究结果表明，社会资本会对企业家的韧性产生相互矛盾的影响，