The Relationship between the Chief Executive Officer's (CEO) Social Capital and Dynamic Capabilities: A Meta-Analysis of its Moderators.

CEO social capital has shown a positive association with dynamic capabilities, although correlations have considerable heterogeneity among them. This meta-analysis estimates the correlation between CEO social capital and dynamic capabilities, and analyses moderator variables in explaining the heterogeneity in the results. Moderators are classified across four levels from macro to micro variables: country variables, firm environment, firm characteristics, and CEO variables. We apply a systematic search for studies in the Web of Science, Scopus, EBSCO, ProQuest, and Google Scholar databases. Additionally, we used a three-level random-effect meta-analysis on 89 correlations published between 2008 and 2021 from 9,272 CEOs. Findings indicate a positive correlation between CEO social capital and dynamic capabilities. Furthermore, we identified a moderator effect in the country and firm environment level. We found that the country of the study, the perception of transparency and legality in the country, and the environmental dynamism in the market moderate the size of the correlations. We also reject other moderators, including the individualism-collectivism national culture, firm size, the sources of social capital (business or political ties), and the dimension of the social capital (structural, relational or cognitive). This study contributes to the exploration of the sources of dynamic capabilities from the micro-foundation, identifies moderator variables that explain the heterogeneity in the results, and highlights the social nature of management activities which always evolve in a social context.