What Is a Relationship Worth? Repeated Exchange and the Development and Deployment of Relational Capital
通过分析一家大买家在互联网采购拍卖中的选择，直接衡量供应商关系的历史价值，发现重复交易形成的关系资本在商品零件采购中仍有价值，且社会机制和激励因素共同支撑其价值。
Organization scholars have highlighted the value of relationships in fostering effective exchange, suggesting that repeated exchange creates a relational asset with latent value derived from elevated social connections, norms, and simple expectations of exchange continuity. Yet the empirical evidence supporting such claims remains largely indirect. As a consequence, few studies have been able to directly examine how contextual factors shape the accumulation of this relational asset or define its value in application. We directly measure the value of relationships between suppliers and a large buyer, using the buyer’s choices in Internet-enabled procurement auctions to estimate the degree to which stronger relationship histories with suppliers increase willingness to pay for high-volume commodity-like parts. Our setting also allows us to examine how this willingness to pay for relationships is shaped by the social context in which they develop and by the exchange context in which they are subsequently deployed, while minimizing the confounding influence any private individual interests have on the choice of exchange partners. Our empirical analysis suggests that, even for commodity parts, prior repeated exchange between firms constitutes a valuable relational asset. We also find evidence that suggests that both social mechanisms and incentive considerations underpin the value of relational capital. Further, we find that relational capital exhibits more value when exchange hazards are greater.