Proceedings of the 12th European Conference on Knowledge ...

Simone Manfredi, Domenico Celenza and Rosa Lombardi
The structural capital is represented by all <strong>the</strong> structures that form <strong>the</strong> organization and which support
<strong>the</strong> individuals while carrying out <strong>the</strong>ir work (Bonani 2002); it corresponds to all <strong>the</strong> structures, <strong>the</strong>
mechanisms, <strong>the</strong> procedures, <strong>the</strong> formal and non formal processes that make knowledge move from
<strong>the</strong> individual sphere to <strong>the</strong> organizational one.
The relational capital identifies with <strong>the</strong> values <strong>of</strong> <strong>the</strong> relationships which companies have with <strong>the</strong>ir
clients, suppliers and o<strong>the</strong>r third parties. Therefore, <strong>the</strong> relational capital is represented by <strong>the</strong> image,
<strong>the</strong> reputation, <strong>the</strong> satisfaction and loyalty marketing companies have in <strong>the</strong>ir relationship with
stakeholders (Donaldson, Preston 1995).
As a result, <strong>the</strong> interaction between <strong>the</strong> human, <strong>the</strong> structural and <strong>the</strong> relational capital fosters <strong>the</strong>
valorisation <strong>of</strong> each and every component <strong>of</strong> <strong>the</strong> intellectual capital and help businesses gain more
value.
This essay aims to analyze <strong>the</strong> relational capital as a key factor for a company’s success, which lets
companies get competitive differential and create value in <strong>the</strong> long term.
The essay will examine all <strong>the</strong> relationships companies can have, as well as <strong>the</strong> elements that
characterise <strong>the</strong>se relationships, in order to highlight <strong>the</strong> key role <strong>the</strong> relational strategic asset plays.
2. The relational capital: a possible definition
The relational capital (Zanda, 2006; Pirovano, Gilodi 2003) is composed by <strong>the</strong> amount <strong>of</strong> relations
that businesses have with <strong>the</strong> external environment and with all <strong>the</strong> people who get in touch with <strong>the</strong>
companies <strong>the</strong>mselves. In particular, <strong>the</strong> interlocutors who interact with companies are <strong>the</strong>
stakeholders (Freeman 1984; Mitchell, Agle, Wood 1997), e.g. clients, suppliers, business partners,
research centres, universities, local authorities.
The relationship between a company and its interlocutors must be examined from both a quantitative
and a qualitative point <strong>of</strong> view (Trequattrini 2008). The first aspect analyses how capable businesses
are <strong>of</strong> creating a certain number <strong>of</strong> relations with <strong>the</strong> external environment. The second aspect shows
<strong>the</strong> way <strong>the</strong> relationships between a business and its stakeholders must be managed.
Consequently, it is necessary to examine <strong>the</strong> relational capital through three areas <strong>of</strong> analysis:
contractual relations. They represent consolidated relationships with defined roles, such as
companies’ relations with clients, suppliers and stakeholders;
synergies. Through <strong>the</strong>m you can identify <strong>the</strong> collaborations that a business has with o<strong>the</strong>r
businesses. These collaborations may transform in participations or contracts;
shared values. Businesses share some values with <strong>the</strong> external environment. This helps personal
values and company values, such as reputation, image, trust, satisfaction and loyalty marketing,
merge.
By creating a relational capital, businesses can create value (Bang, Cleemann, Bramming, 2010).
Relationships with <strong>the</strong> external environment are to companies both a way <strong>of</strong> growing up and a chance
to create added value.
Relationships are one <strong>of</strong> <strong>the</strong> main source for companies, since <strong>the</strong> value <strong>of</strong> cash flow and stock <strong>of</strong>
resources depends on <strong>the</strong>m. The last makes companies develop and enhance cash flows in <strong>the</strong> long
term.
There is a national and international <strong>the</strong>ory that supports all this. It has focused on <strong>the</strong> concept <strong>of</strong>
relational capital, considered a key factor in order to gain and maintain competitive advantage in <strong>the</strong>
market.
The relational capital, which is a source for businesses (Costabile 2001), coincides with <strong>the</strong> capital
that supports <strong>the</strong> training and <strong>the</strong> transfer <strong>of</strong> a collective knowledge, in a collective knowledge system.
The relational capital is <strong>of</strong> paramount importance for <strong>the</strong> acquisition and reduction <strong>of</strong> knowledge
creation related costs.
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