Are relational capital and marketing important? The case of the wood sector of Galicia (Spain) and Portugal
Abstract
This paper examines the importance of marketing and relational capital in value addition. We studied the effect that relational capital has in the timber and related industries of Galicia (Spain) and Portugal for 2002–2018. The industry is characterized by a large number of SMEs, many of them operating in the subsistence and unorganized sectors. Direct marketing and personal contacts with clients are forms of enhancing the relational capital and to add value. The wood sector was divided into three major groups, namely: extraction, conversion and finished products, and using a panel data model, the value addition created by relational capital and the effect that direct marketing can have on the business were measured. While relational capital helps in creating value, its effect is not the same in every sector, implying that much has to be done by managers and CEOs to improve company relationships with stakeholders to develop business alliances.
Keyword : intellectual capital, relational capital, wood sector, value addition, forestry, intangibles, SME, marketing, structural capital, modified ROA
How to Cite
Fernandez Jardón, C.-M., & da Silva, A. F. C. (2023). Are relational capital and marketing important? The case of the wood sector of Galicia (Spain) and Portugal. Business: Theory and Practice, 24(2), 512–521. https://doi.org/10.3846/btp.2023.18028
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Jardón, C., & Silva, A. (2017). Intellectual capital and environmental concern in subsistence small business. Management of Environmental Quality, 28(2), 214–230. https://doi.org/10.1108/MEQ-05-2015-0085
Kavida, V., & Sivakoumar, N. (2009). Intellectual capital: A strategic management perspective. The IUP Journal of Knowledge Management, 7, 55–69.
Kaya, F., Sahin, G., & Gurson, P. (2010). Intellectual capital in organizations. Problems and Perspectives in Management, 8(1), 153–160.
Lee, C., & Ha, B. (2018). The impact of buyer-supplier relationships’ social capital on bi-directional information sharing in the supply chain. Journal of Business & Industrial Marketing, 33(3), 325–336. https://doi.org/10.1108/JBIM-01-2017-0021
Lopes, I., & Martins, M. (2006). The new business models in the knowledge economy: The strategic way to value creation. The Electronic Journal of Knowledge Management, 4(2), 159–168.
Luo, X., Griffith, D., Liu, S., & Shi, Y. (2004). The effects of customers relationships and social capital on firm performance: A Chinese business illustration. Journal of International Marketing, 12(4), 25–45. https://doi.org/10.1509/jimk.12.4.25.53216
Marey-Perez, M., Diaz-Varela, E., & Calvo-Gonzalez, A. (2015). Does higher owner participation increase conflicts over common land? An analysis of communal forests in Galicia (Spain). iForest – Biogeosciences and Forestry, 8(4), 533–543. https://doi.org/10.3832/ifor1060-008
Martín-de-Castro, G., Navas-López, J., López-Sáez, P., & Alama-Salazar, E. (2006). Organizational capital as competitive advantage of the firm. Journal of Intellectual Capital, 7(3), 324–337. https://doi.org/10.1108/14691930610681438
Martinez, X., F-Jardón, C., & Cobas, X. (2021). Capital relacional y cultura en los negócios de subsistência: El caso de la Maná. Estudios de Economía Aplicada, 39(2). https://doi.org/10.25115/eea.v39i2.3288
Martins, M., Xavier, A., & Fragoso, R. (2014). A bioeconomic forestry management model for the Mediterranean forests: A multicriteria approach. Journal of Multi-Criteria Decision Analysis, 21(1–2), 101–111. https://doi.org/10.1002/mcda.1495
Mertins, K., Alwert, K., & Will, M. (2006). Measuring intellectual capital in European SME. In Proceedings of I-KNOW ´06, 6th International Conference on Knowledge Management (pp. 21–25). https://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=363EE25ABEF47D9E524623651F4931A3?doi=10.1.1.161.9580&rep=rep1&type=pdf
Migdadi, M. (2021). Knowledge management, customer relationship management and innovation capabilities. Journal of Business & Industrial Marketing, 36(1), 111–124. https://doi.org/10.1108/JBIM-12-2019-0504
Mourão, P., & Martinho, V. (2016). Discussing structural breaks in the Portuguese regulation on forest fires – An economic approach. Land Use Policy, 54, 460–478. https://doi.org/10.1016/j.landusepol.2016.03.003
Mungra, Y., & Yadav, P. (2020). The mediating effect of satisfaction on trust-commitment and relational outcomes in manufacturer-supplier relationship. Journal of Business & Industrial Marketing, 35(2), 219–230. https://doi.org/10.1108/JBIM-09-2018-0268
Nunes, L., Moreno, M., Alberdi, I., González, J., Ferreira, P., Mazzoleni, S., & Rego, F. (2020). Harmonized classification of forest types in the Iberian Peninsula based on national forest inventories. Forests, 11(11), 1–21. https://doi.org/10.3390/f11111170
Nuryakin, & Ardyan, E. (2018). SMEs’ marketing performance: The mediating role of market entry capability. Journal of Research in Marketing and Entrepreneurship, 20(2), 122–146. https://doi.org/10.1108/JRME-03-2016-0005
Peng, M., & Luo, Y. (2000). Managerial ties and firm performance in a transition economy: The nature of a micro-macro link. Academy of Management Journal, 43(3), 486–501. https://doi.org/10.2307/1556406
Purohit, H., & Tandon, K. (2017). Intellectual capital efficiency of Indian firms: An empirical analysis. The IUP Journal of Knowledge Management, XV(3), 44–65.
Raza, A. (2013). Impact of relational capital management on firm performance. Abasyn Journal of Social Sciences, 6(1), 65–78.
Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance. Long Range Planning, 30(3), 413–426. https://doi.org/10.1016/S0024-6301(97)00022-8
Ryals, L. (2005). Making customer relationship management work: The measurement and profitable management of customer relationships. Journal of Marketing, 69(4), 252–261. https://doi.org/10.1509/jmkg.2005.69.4.252
Sabi. (n.d.). https://login.bvdinfo.com/R0/SabiNeo
Saint-Onge, H. (1996). Tacit knowledge the key to the strategic alignment of intellectual capital. Strategy & Leadership, 24(2), 10–16. https://doi.org/10.1108/eb054547
Sarkar, M., Echambadi, R., Cavusgil, S., & Aulakh, P. (2001). The influence of complementarity, compatibility, and relationship capital on alliance performance. Journal of the Academy of Marketing Science, 29(4), 358–373. https://doi.org/10.1177/03079450094216
Sarmento, E., & Dores, V. (2013). A fileira florestal no contexto da economia nacional: A produtividade e a especialização regional. Silva Lusitana (Especial), 21–37.
Sayer, J., & Maginnis, S. (2005). New challenges for forest management. In B. B. J. Sayer, S. Maginnis, & M. Laurie (Ed.), Forests in landscapes: Ecosystem approaches to sustainability (pp. 1–16). The Earthscan Forestry Library.
Schmitz, H. (1995). Collective efficiency: Growth path for small-scale industry. Journal of Development Studies, 31(4), 529–566. https://doi.org/10.1080/00220389508422377
Shih, K., Chang, C., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74–89. https://doi.org/10.1108/14691931011013343
Siddiqui, M., & Asad, A. (2014). Relational capital and performance: A case of brand developing firms. Middle East Journal of Scientific Research, 21(11), 2115–2122.
Slee, B. (2006). The socio-economic evaluation of the impact of forestry on rural development: A regional level analysis. Forest Policy and Economics, 8(5), 542–554. https://doi.org/10.1016/j.forpol.2005.07.006
Starovic, D., & Marr, B. (2004). Understanding corporate value: Managing and reporting intellectual capital. Chartered Institute of Management Accountants.
Stewart, T. (1991). Brainpower. Fortune, 3, 44–56.
Stewart, T. (1994). Your company’s most valuable asset: Intellectual capital. Fortune, 68–74.
Sulistyo, S. (2016). Innovation capability of SMEs through entrepreneurship, marketing capability, relational capital and empowerment. Asia Pacific Management Review, 21(4), 196–203. https://doi.org/10.1016/j.apmrv.2016.02.002
Sveiby, K. (1998). Invisible balance sheet: Key indicators for accounting, control and valuation of know-how companies. Stockholm, The Konrad Group.
Tseng, C., & Goo, Y. (2005). Intellectual capital and corporate value in an emerging economy: Empirical study of Taiwanese manufacturers. R&D Management, 35(2), 187–201. https://doi.org/10.1111/j.1467-9310.2005.00382.x
Xu, J., Quaddus, M., & Gao, X. (2014). Towards a knowledge sharing model for small businesses. The International Technology Management Review, 4(1), 12–26. https://doi.org/10.2991/itmr.2014.4.1.2
Yang, J., Brashear Alejandro, T. G., & Boles, J. S. (2011). The role of social capital and knowledge transfer in selling center performance. Journal of Business & Industrial Marketing, 26(3), 152–161. https://doi.org/10.1108/08858621111115877
Youndt, M., & Snell, S. (2004). Human resource configurations, intellectual capital, and organizational performance. Journal of Management Issues, 15(3), 337–360. https://doi.org/10.1037/t68746-000
Zaheer, A., & Ventakraman, N. (1995). Relational governance as an interorganizational strategy: An empirical test of the role of trust in economic exchange. Strategic Management Journal, 16(5), 373–392. https://doi.org/10.1002/smj.4250160504
Zambrano, L., Castellanos, A., & Merino, J. (2018). Impact of investments in training and advertising on the market value relevance of a company’s intangibles: The effect of the economic crisis in Spain. European Research on Management and Business Economics, 24(1), 27–32. https://doi.org/10.1016/j.iedeen.2017.06.001
Ahmed, M., Kristal, M., & Pagell, M. (2014). Impact of operational and marketing capabilities on firm performance: Evidence from economic growth and downturns. International Journal of Production Economics, 154, 59–71. https://doi.org/10.1016/j.ijpe.2014.03.025
Albertini, E. (2016). An inductive typology of the interrelations between different components of intellectual capital. Management Decision, 54(4), 887–901. https://doi.org/10.1108/MD-09-2015-0425
Allen, D., & Wilburn, M. (2002). Linking customer and employee satisfaction to the bottom line. American Society for Quality.
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 17(2), 397–412. https://doi.org/10.1108/JIC-07-2015-0062
Badaracco, J. (1991). The knowledge link: How firms compete through strategy alliance. Harvard Business School Press.
Badawi, N., & Battor, M. (2020). Do social capital and relationship quality matter to the key account management effectiveness? Journal of Business & Industrial Marketing, 35(1), 134–149. https://doi.org/10.1108/JBIM-01-2019-0003
Barzotto, M., Corò, G., & Volpe, M. (2016). Territorial capital as a company intangible: Exploratory evidence from ten Italian multinational corporations. Journal of Intellectual Capital, 17(1), 148–167. https://doi.org/10.1108/JIC-09-2015-0077
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models, Management Decision, 36(2), 63–76. https://doi.org/10.1108/00251749810204142
Bontis, N. (1999). Managing organizational knowledge by diagnosing intellectual capital. International Journal of Technology Management, 18(5–8), 433–462. https://doi.org/10.1504/IJTM.1999.002781
Bontis, N. (2002). World Congress on intellectual capital reading. Butterworth-Heinemann, MA.
Bontis, N., & Fitz-Enz, J. (2002). Intellectual capital ROI: A casual map of human capital antecedents and consequents. Journal of Intellectual Capital, 3(3), 223–247. https://doi.org/10.1108/14691930210435589
Bozbura, F. (2004). Measurement and application of intellectual capital in Turkey. The Learning Organization, 11(4/5), 357–367. https://doi.org/10.1108/09696470410538251
Byun, H., Frake, J., & Agarwal, R. (2018). Leveraging who you know by what you know: Specialization and returns to relational capital. Strategic Management Journal, 39(7), 1803–1833. https://doi.org/10.1002/smj.2790
Caballero, G. (2015). Community-based forest institutions in the Galician communal forests: A new institutional approach. Forest Policy and Economics, 50, 347–356. https://doi.org/10.1016/j.forpol.2014.07.013
Dzisi, S., & Ofosu, D. (2014). Marketing strategies and the performance of SMEs in Ghana. European Journal of Business and Management, 6(5), 102–111.
Edvinsson, L., & Malone, N. (1996). Intellectual capital: Realizing your company’s true value by finding its hidden brainpower. Harper Business.
Febrian, A., Sukresna, I., & Ghozali, I. (2020). Relational capital and marketing performance: The mediating role of SMEs networking in Indonesia. Management Science Letters, 10, 3405–3412. https://doi.org/10.5267/j.msl.2020.5.038
F-Jardón, C., & Martos, M. (2009). Intellectual capital and performance in wood industries of Argentina. Journal of Intellectual Capital, 10(4), 600–616. https://doi.org/10.1108/14691930910996670
Gogan, M., Duran, D., & Draghici, A. (2014). The impact of relational capital on competitiveness of the organization. Network Intelligence Studies, II(4), 233–237.
Griffith, D., Yalcinkaya, G., & Calantone, R. (2010). Do marketing capabilities consistently mediate effects of firm intangible capital on performance across institutional environments? Journal of World Business, 45(3), 217–227. https://doi.org/10.1016/j.jwb.2009.09.008
Hu, L., & Randel, A. (2014). Knowledge sharing in teams: Social capital, extrinsic incentives, and team innovation. Group & Organization Management, 39(2), 213–243. https://doi.org/10.1177/1059601114520969
Investopedia. (n.d.). https://www.investopedia.com/
Jardón, C., & Martos, M. (2012). Intellectual capital as a competitive advantage in emerging clusters in Latin America. Journal of Intellectual Capital, 13(4), 462–481. https://doi.org/10.1108/14691931211276098
Jardón, C., & Silva, A. (2017). Intellectual capital and environmental concern in subsistence small business. Management of Environmental Quality, 28(2), 214–230. https://doi.org/10.1108/MEQ-05-2015-0085
Kavida, V., & Sivakoumar, N. (2009). Intellectual capital: A strategic management perspective. The IUP Journal of Knowledge Management, 7, 55–69.
Kaya, F., Sahin, G., & Gurson, P. (2010). Intellectual capital in organizations. Problems and Perspectives in Management, 8(1), 153–160.
Lee, C., & Ha, B. (2018). The impact of buyer-supplier relationships’ social capital on bi-directional information sharing in the supply chain. Journal of Business & Industrial Marketing, 33(3), 325–336. https://doi.org/10.1108/JBIM-01-2017-0021
Lopes, I., & Martins, M. (2006). The new business models in the knowledge economy: The strategic way to value creation. The Electronic Journal of Knowledge Management, 4(2), 159–168.
Luo, X., Griffith, D., Liu, S., & Shi, Y. (2004). The effects of customers relationships and social capital on firm performance: A Chinese business illustration. Journal of International Marketing, 12(4), 25–45. https://doi.org/10.1509/jimk.12.4.25.53216
Marey-Perez, M., Diaz-Varela, E., & Calvo-Gonzalez, A. (2015). Does higher owner participation increase conflicts over common land? An analysis of communal forests in Galicia (Spain). iForest – Biogeosciences and Forestry, 8(4), 533–543. https://doi.org/10.3832/ifor1060-008
Martín-de-Castro, G., Navas-López, J., López-Sáez, P., & Alama-Salazar, E. (2006). Organizational capital as competitive advantage of the firm. Journal of Intellectual Capital, 7(3), 324–337. https://doi.org/10.1108/14691930610681438
Martinez, X., F-Jardón, C., & Cobas, X. (2021). Capital relacional y cultura en los negócios de subsistência: El caso de la Maná. Estudios de Economía Aplicada, 39(2). https://doi.org/10.25115/eea.v39i2.3288
Martins, M., Xavier, A., & Fragoso, R. (2014). A bioeconomic forestry management model for the Mediterranean forests: A multicriteria approach. Journal of Multi-Criteria Decision Analysis, 21(1–2), 101–111. https://doi.org/10.1002/mcda.1495
Mertins, K., Alwert, K., & Will, M. (2006). Measuring intellectual capital in European SME. In Proceedings of I-KNOW ´06, 6th International Conference on Knowledge Management (pp. 21–25). https://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=363EE25ABEF47D9E524623651F4931A3?doi=10.1.1.161.9580&rep=rep1&type=pdf
Migdadi, M. (2021). Knowledge management, customer relationship management and innovation capabilities. Journal of Business & Industrial Marketing, 36(1), 111–124. https://doi.org/10.1108/JBIM-12-2019-0504
Mourão, P., & Martinho, V. (2016). Discussing structural breaks in the Portuguese regulation on forest fires – An economic approach. Land Use Policy, 54, 460–478. https://doi.org/10.1016/j.landusepol.2016.03.003
Mungra, Y., & Yadav, P. (2020). The mediating effect of satisfaction on trust-commitment and relational outcomes in manufacturer-supplier relationship. Journal of Business & Industrial Marketing, 35(2), 219–230. https://doi.org/10.1108/JBIM-09-2018-0268
Nunes, L., Moreno, M., Alberdi, I., González, J., Ferreira, P., Mazzoleni, S., & Rego, F. (2020). Harmonized classification of forest types in the Iberian Peninsula based on national forest inventories. Forests, 11(11), 1–21. https://doi.org/10.3390/f11111170
Nuryakin, & Ardyan, E. (2018). SMEs’ marketing performance: The mediating role of market entry capability. Journal of Research in Marketing and Entrepreneurship, 20(2), 122–146. https://doi.org/10.1108/JRME-03-2016-0005
Peng, M., & Luo, Y. (2000). Managerial ties and firm performance in a transition economy: The nature of a micro-macro link. Academy of Management Journal, 43(3), 486–501. https://doi.org/10.2307/1556406
Purohit, H., & Tandon, K. (2017). Intellectual capital efficiency of Indian firms: An empirical analysis. The IUP Journal of Knowledge Management, XV(3), 44–65.
Raza, A. (2013). Impact of relational capital management on firm performance. Abasyn Journal of Social Sciences, 6(1), 65–78.
Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance. Long Range Planning, 30(3), 413–426. https://doi.org/10.1016/S0024-6301(97)00022-8
Ryals, L. (2005). Making customer relationship management work: The measurement and profitable management of customer relationships. Journal of Marketing, 69(4), 252–261. https://doi.org/10.1509/jmkg.2005.69.4.252
Sabi. (n.d.). https://login.bvdinfo.com/R0/SabiNeo
Saint-Onge, H. (1996). Tacit knowledge the key to the strategic alignment of intellectual capital. Strategy & Leadership, 24(2), 10–16. https://doi.org/10.1108/eb054547
Sarkar, M., Echambadi, R., Cavusgil, S., & Aulakh, P. (2001). The influence of complementarity, compatibility, and relationship capital on alliance performance. Journal of the Academy of Marketing Science, 29(4), 358–373. https://doi.org/10.1177/03079450094216
Sarmento, E., & Dores, V. (2013). A fileira florestal no contexto da economia nacional: A produtividade e a especialização regional. Silva Lusitana (Especial), 21–37.
Sayer, J., & Maginnis, S. (2005). New challenges for forest management. In B. B. J. Sayer, S. Maginnis, & M. Laurie (Ed.), Forests in landscapes: Ecosystem approaches to sustainability (pp. 1–16). The Earthscan Forestry Library.
Schmitz, H. (1995). Collective efficiency: Growth path for small-scale industry. Journal of Development Studies, 31(4), 529–566. https://doi.org/10.1080/00220389508422377
Shih, K., Chang, C., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74–89. https://doi.org/10.1108/14691931011013343
Siddiqui, M., & Asad, A. (2014). Relational capital and performance: A case of brand developing firms. Middle East Journal of Scientific Research, 21(11), 2115–2122.
Slee, B. (2006). The socio-economic evaluation of the impact of forestry on rural development: A regional level analysis. Forest Policy and Economics, 8(5), 542–554. https://doi.org/10.1016/j.forpol.2005.07.006
Starovic, D., & Marr, B. (2004). Understanding corporate value: Managing and reporting intellectual capital. Chartered Institute of Management Accountants.
Stewart, T. (1991). Brainpower. Fortune, 3, 44–56.
Stewart, T. (1994). Your company’s most valuable asset: Intellectual capital. Fortune, 68–74.
Sulistyo, S. (2016). Innovation capability of SMEs through entrepreneurship, marketing capability, relational capital and empowerment. Asia Pacific Management Review, 21(4), 196–203. https://doi.org/10.1016/j.apmrv.2016.02.002
Sveiby, K. (1998). Invisible balance sheet: Key indicators for accounting, control and valuation of know-how companies. Stockholm, The Konrad Group.
Tseng, C., & Goo, Y. (2005). Intellectual capital and corporate value in an emerging economy: Empirical study of Taiwanese manufacturers. R&D Management, 35(2), 187–201. https://doi.org/10.1111/j.1467-9310.2005.00382.x
Xu, J., Quaddus, M., & Gao, X. (2014). Towards a knowledge sharing model for small businesses. The International Technology Management Review, 4(1), 12–26. https://doi.org/10.2991/itmr.2014.4.1.2
Yang, J., Brashear Alejandro, T. G., & Boles, J. S. (2011). The role of social capital and knowledge transfer in selling center performance. Journal of Business & Industrial Marketing, 26(3), 152–161. https://doi.org/10.1108/08858621111115877
Youndt, M., & Snell, S. (2004). Human resource configurations, intellectual capital, and organizational performance. Journal of Management Issues, 15(3), 337–360. https://doi.org/10.1037/t68746-000
Zaheer, A., & Ventakraman, N. (1995). Relational governance as an interorganizational strategy: An empirical test of the role of trust in economic exchange. Strategic Management Journal, 16(5), 373–392. https://doi.org/10.1002/smj.4250160504
Zambrano, L., Castellanos, A., & Merino, J. (2018). Impact of investments in training and advertising on the market value relevance of a company’s intangibles: The effect of the economic crisis in Spain. European Research on Management and Business Economics, 24(1), 27–32. https://doi.org/10.1016/j.iedeen.2017.06.001