ABSTRACT
This chapter discusses the impact of relational capital on the ability of an organization to overcome a crisis. Instead of just adapting to turbulence and change, companies can co-create their environment. The chapter explores how companies create their relational capital in a conscious way, while at the same time minimizing the risk of entering into collaboration with unknown partners. Relational capital encompasses all relationships (their number and quality) between a company and the environment. Internal relational capital creates bonds with sub-stakeholders, i.e., persons who co-create the organization through their knowledge and experience. External relational capital includes relationships with contractual stakeholders (cooperating entities, suppliers, buyers, and competitors) and context stakeholders (social and government institutions). Relational capital may be perceived as a strategic resource contributing to creating a competitive advantage and protecting the company from the adverse effects of organizational crises.
