Social Capital Creation and Sustainable Relationship among Stakeholder Dissertation

Social Capital Creation and Sustainable Relationship among Stakeholder in Construction Business in Thailand - Dissertation Example The other objective of this study is related to the creation of sustainable relationships in between the stakeholders of the organisations operating its business in the construction industrial sector of Thailand. Hence, the previous works related to the importance of such kind of stakeholder relationships in organisations can prove to be very much helpful in conducting the present research study. In addition to this, various kinds of business relationships that can be found in an organisation with special reference to cultural relationship traits found in Southeast Asian nations and Thailand will also be discussed here. This research study will try to build a model related to social capital possessed by companies operating in the construction industry of Thailand which can prove to be advantageous for the related companies in Thailand. Therefore, this literature review will give insights to some of the existing theories and models related to social capital. All these facts will help to attain the research objectives of this study utilizing the literature review as discussed in this section. 2.2 The Importance of Social Capital Many empirical studies have been conducted regarding the importance of social capital and have been mentioned in the existing literature by different authors. A wide range of socio-economic phenomenon related to the importance of social capital can be found in many of the existing literature presented by various authors (Durlauf, 2002, pp. 1-31; Krishna, 2001, pp 71-93). Research on social capital has resulted in various theoretical debates and different empirical investigations being conducted. This again has resulted in giving a stimulus towards reconsidering facts related to human relations, organisational forms for developmental performance and life quality, networks, etc. The importance of theory related to social capital is observable because of the application of the concept of social capital in various fields and its widespread in terest amongst different organisations and its stakeholders. The existing studies and literature gives way to ample evidences regarding the political, social and economic implications of social capital. However, according to Halpern et al. (2002), there are ambiguities or misspecifications related to the models or equations that have been utilized to measure the impacts of social capital. Thus, the social and economic outcomes that arise based on the empirical evidence related to the importance and significance of social capital need to be dealt with caution. Without having a rigorous method formulated for the purpose of measuring the importance of social culture, it is not clear as to how those benefits associated with social capital can be tested or ascertained (Halpern, 2001, pp. 236-251). However, it can be found as a surprising fact that the