Social capital inequality and capital structure of new firms in a developing country: the role of bank ties
研究了越南小制造企业中，银行关系中的社会资本及其不平等如何影响新企业的债务使用，发现网络广度和动员增加债务使用，而社会地位差异导致社会资本不平等，年轻、高学历、非党员企业家受益较少。
Purpose This article aims to clarify the role of social capital and social capital inequality embedded in bank ties in enabling and diversifying new firms' debt use. Design/methodology/approach The study adopts a quantitative method, using an unbalanced longitudinal dataset covering three years–2011, 2013 and 2015–from a project on small manufacturing enterprises in Vietnam. The sample consists of 513 firm-year observations. Findings Network extensity and network mobilisation increase new firms' debt use. Differences in ascribed and attained social statuses (i.e. gender, generation, business association membership and political affiliation) result in social capital inequality between entrepreneurs. Entrepreneurs who are of a younger generation, have higher levels of education and are not members of the Communist Party benefit less from social capital than those who are older, have less education and are party members. Originality/value The effects of access to and the use of the social capital embedded in bank ties on new firms' debt use are both studied. The sources of social capital inequality are investigated at the individual level through distinguishing ascribed and attained social statuses and explained by two mechanisms: capital deficit and return deficit. The moderating effects of social capital inequality are also examined.