1
NETWORK RESOURCES AND SOCIAL CAPITAL IN AIRLINE ALLIANCE
PORTFOLIOS
ABSTRACT
The ai line sec o is a ma u e indus y in which a wide ange o compe i i e
p ac ices e lec highly in ense le els o i al y. This is e iden om he alliance
po olios o ai line companies ha a e composed o mu ually ad an ageous ag eemen s
be ween i ms in he a ia ion sec o . In his con ex , we examine he in luence ha access
o aluable ne wo k esou ces may ha e on company pe o mance (in ope a ional and
inancial e ms). Mo eo e , as ne wo k esou ces come unde he esou ce dimension o
a i m’s social capi al, we also s udy he way he esou ce dimension is a ec ed by o he
dimensions o social capi al (ne wo k posi ion, ne wo k s uc u e o med by he alliance
po olio and he quali y o he ela ions). We s udy he alliances ag eed be ween 214
mains eam ai lines, up un il 2007, du ing which ime 351 ai lines o med a ious ypes
o pa ne ships. The esul s sugges , on he one hand, ha access o pa ne esou ces is
in luenced by s uc u al and ela ional ac o s. Howe e , on he o he hand, he s uc u e
o each ai line’s alliance po olio has mo e in luence han i s posi ion in he global
ne wo k o alliances. These esul s poin o he need o sa is ac o y go e nance o he
composi ion and managemen o an ai line’s alliance po olio.
KEYWORDS: ne wo k esou ces, social capi al, pe o mance, alliance po olio,
ai lines alliances, codesha e.
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1. In oduc ion
O e he pas wo decades, esea che s ha e ga he ed e idence on in e -
i m alliances, in e o ganiza ional ela ions and hei in luence on i m pe o mance
(McE ily & Zahee , 1999; Noh ia & Ga cia-Pon , 1991). In pa icula , s udies ha e
shown ha alliances can imp o e inno a i e capaci y (Ahuja, 2000a; Zahee & Bell,
2005), ma ke sha e (Shipilo , 2006), su i al (Baum, Calab ese, & Sil e man, 2000)
and inancial esul s (Rowley, Beh ens, & K ackha d , 2000).
These in es iga ions go u he han he idea o he i m as an isola ed ac o .
Mo eo e , no only ha e hey sough o analyze how in e o ganiza ional ela ions a ec
pe o mance, hey ha e also a emp ed o explain he backg ound o hose ela ions
(Ga cia- Pon & Noh ia, 2002; Gula i, 1995; Gula i & Ga giulo, 1999).
F om a heo e ical iewpoin , he majo i y o hese s udies a e ounded on ei he
he Resou ce Based-View (RBV) o Ne wo k Theo y, o on he join use o bo h
app oaches. The RBV began wi h he ideas o Pen ose (1959) conce ning he alue o he
esou ces o which he i m has access. Subsequen ly, hese ideas we e de eloped by a
g oup o esea che s (Ba ney,1991; Die ickx & Cool,1989; G an , 1991; Rumel , 1991;
We ne el , 1984), whose wo k sugges ed ha each i m possesses a se o unique
esou ces ha dis inguishes i om o he i ms and de ines and main ains i s compe i i e
ad an age (Ba ney, 1991). Many au ho s ha e used he RBV o analyze alliances and
in e o ganiza ional ela ions (Ahuja, 2000a; La ie, 2006; Zahee & Bell, 2005).
S udies on business alliances ha e de ini i ely inco po a ed social ne wo k heo y
since Gula i (1995, 1998) p oposed going beyond he s udy o he dyad o examine he
en i e ne wo k. F om ha poin , he applica ion o social ne wo ks o in e o ganiza ional
ela ions has cen ed, abo e all, on compa ing how he s uc u e o a ne wo k o i ms
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(densi y, cen ali y, s uc u al holes.) leads o di e en le els o pe o mance (Ahuja,
2000a; Baum e al., 2000; Koka & P esco , 2002; Rowley e al., 2000). The ela ional
iew (Dye & Singh, 1998) complemen s his pe spec i e by p oposing he exis ence o
en s gene a ed by he alliance as a whole.
In ecen yea s, a new app oach o business alliances - he alliance po olio - has
been gaining momen um. I is si ua ed a ound he con luence o he RBV wi h ne wo k
heo y and p omises o be e y ui ul (Ho mann, 2007; Kale & Singh, 2009; Wassme ,
2010). An alliance po olio is “a ocal i m’s egocen ic alliance ne wo k” (Wassme ,
2010). This app oach looks closely a he indi idual i m and a how i manages i s
ela ions wi h o he i ms, o ganiza ions and indi iduals in mul iple alliances. Thus, he
objec o analysis mo es om he alliance owa ds he i m and a en ion shi s om he
comple e ne wo k o he egocen ic ne wo k o he ocal i m.
Howe e , his spo ligh on he indi idual i m and i s egocen ic ne wo k has
a ac ed eno mous a en ion in he p e ious li e a u e on in e o ganiza ional ela ions
seen in e ms o social capi al (Adle & Kwon, 2002; Koka & P esco , 2002; Nahapie
& Ghoshal, 1998). The majo i y o s udies on social capi al ha e cen ed on he bene i s
ha i ms can ob ain i hey a e imme sed in a dense (Coleman, 1988) o a dispe sed
ne wo k (Bu , 1992), and on he ype o ela ions ha hey main ain wi h o he
o ganiza ions (Koka & P esco , 2002; Tsai & Ghoshal, 1998). The e o e, social capi al
as a cons uc is linked o ne wo k esou ces. Gula i, Noh ia, and Zahee (2000) p oposed
ha bo h he s uc u e o a i m’s ies and he cha ac e is ics o he links be ween hem
ep esen wo ne wo k esou ces, al hough hey also men ioned ne wo k membe s as a
esou ce. La ie (2006) exp essed his idea in g ea e de ail by poin ing ou how i ms can
ob ain ad an ages om hei alliances, depending on he esou ces wi h which hei
pa ne s a e endowed.
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This s udy es ablishes a connec ion be ween he esea ch agenda pu o wa d by
La ie (2006, 2008) o s udy ne wo k esou ces, he alliance po olio pe spec i e and he
concep o social capi al. These a e complemen a y app oxima ions inso a as hey a e
based on he egocen ic ne wo ks o a i m ha a ise om a ious in e o ganiza ional
ela ions. Thus, a new dimension o social capi al is pu o wa d o conside a ion as a
mul idimensional cons uc (Nahapie & Ghoshal, 1998): he esou ce dimension, which
may be added o he s uc u al and he ela ional dimensions (Galán & Cas o, 2004;
G ano e e , 1992; Gula i, 1998). The esou ce dimension b ings meaning o he idea ha
he alue o business ela ions is condi ional upon access o pa ne s wi h aluable
esou ces, o e and abo e he quan i y o he quali y o hose business ela ions and hei
s uc u e (Casanue a & Gallego, 2010).
The e has been a cons an p oli e a ion o me ge s, acquisi ions and alliances in
mos sec o s o e he pas wo decades, bu he ai line business s ands ou because o he
e y eal changes in he way in which compe i ion akes place wi hin i , due o
de egula ion, globaliza ion and, abo e all, he ex ensi e use o alliances be ween
businesses. E ans (2001) analyzed he de e minan s behind he p oli e a ion o alliances
in he sec o . In gene al, ai line companies a emp o app op ia e o o use he aluable
esou ces o hei pa ne s, in o de o compe e o o su i e, making ag eemen s ha
p o ide hem wi h access o new ou es, o cus ome loyal y p og ams and sha ed
ma ke ing, join pu chasing, and subcon ac ed ope a ional p ocesses, among o he
aspec s. The p ocess has gone e en u he and ue compe i ion is de eloping be ween
coali ion and allied g oups in he sec o (Gomes-Casse es, 1994).
The objec i es o his s udy a e o obse e he di e en dimensions o he social
capi al ha each ai line possesses, because o i s membe ship o a ne wo k o alliances,
and he way hese ela e o each o he . I also examines how hese dimensions a ec he
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pe o mance o he ai line companies. Ne e heless, we should poin ou ha , by
conduc ing his esea ch, we a e no seeking o con i m exac , speci ic ela ions such as
iden i ying beha iou al pa e ns ha connec he dimensions o social capi al and he
alliance po olio wi h he pe o mance o each pa icula ai line, on he basis o ne wo k
esou ces. Ins ead, we wish o a i e a an ini ial app oxima ion o he p oposed model,
in o de o unde s and which ela ions a e es ablished and in wha way. This will allow us
o con inue wi h he in es iga ion o hose ela ions in a mo e de ailed manne , o o
es ablish new plans in iew o he esul s.
In any e en , he undamen al pu pose o his in es iga ion is wo old. In he i s
place, i aims o con i m he e ec o he ela ions wi hin he alliance po olio o an ac o
on i s access o he esou ces o i s pa ne s; in o he wo ds, how does he egone s uc u e
in luence access o he esou ces o he ne wo k. In second place, an a emp is made o
con i m how access o ne wo k esou ces, unde s ood as he esou ces o pa ne s ha
belong o he alliance po olio o an ac o , a ec bo h he ope a i e and he inancial
esul s o ha ac o .
Thus, his s udy o he alliances be ween mains eam ai line businesses e eals he
ole o he esou ce dimension in he pe o mance o hese i ms and how ne wo k-
esou ce endowmen is condi ioned by s uc u al and ela ional ac o s, conside ed in
ea lie s udies on social capi al. E idence is he e o e shown, which suppo he ideas o
La ie (2006), o he e ec ha he g ea es ad an age in business ela ions is o main ain
links wi h businesses and o ganiza ions ha ha e aluable esou ces o he ocal i m.
These indings help o consolida e he b idges be ween RBV and social ne wo k
heo y, linking he ideas o ne wo k esou ces o pa ne esou ce endowmen (La ie,
2006, 2008) and o p oposals o s udy he alliance po olio om a ne wo k pe spec i e.
They also sugges ha ai line go e nance should conside pa ne esou ces as a p incipal

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elemen in he managemen o hei alliance po olio, as i a ec s hei choices as well as
he p ocesses o assimila ion and app op ia ion.
This s udy con inues wi h he heo e ical p esen a ion o he ela ions be ween
social capi al, he alliance po olio and ne wo k esou ces and how hese can a ec he
pe o mance o he i m, by desc ibing a model o unde s and hei ela ions be e .
Subsequen ly, an explana ion is gi en o he me hods used o es he hypo heses ha a ise
om he model, in he con ex o alliances be ween ai line businesses. The esul s o he
analysis a e hen desc ibed and, inally, he conclusions a e p esen ed, along wi h he
s udy’s limi a ions and u u e lines o esea ch.
2. Social Capi al, Alliance Po olio and Ne wo k Resou ces
2.1. Social Capi al
Social capi al is a esou ce in he ne wo k o indi idual and o ganiza ional
ela ions o e ime (Adle & Kwon, 2002). Like all o ms o capi al, i is able o gene a e
alue o whoe e possesses i . Adle and Kwon (2002) analyzed he di e en ia ing
cha ac e is ics o social capi al as agains o he o ms o capi al o he i m. Va ious wo ks
ha e s udied he way in which social capi al in luences he pe o mance o indi iduals
(Bu , 1992; Podolny & Ba on, 1997) and o i ms (Koka & P esco , 2002; Zahee &
Bell, 2005).
Al hough some con o e sy exis s o e whe he social capi al is an indi idual o
a collec i e asse (Adle & Kwon, 2002; Lin, 1999; Po es, 1998), i appea s clea ha he
bene icia y o social capi al is an indi idual ac o , as i is p ima ily o bene i o he ac o s
ha possess i (Koka & P esco , 2002; Kos o a & Ro h, 2003).
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Social capi al has been de ined as a mul idimensional concep (Ba ja gal, 2003;
Inkpen & Tsang, 2005; Koka & P esco , 2002; Nahapie & Ghoshal, 1998). Howe e ,
au ho s ha e iden i ied and jus i ied di e en dimensions ha de ine and quan i y social
capi al. Nahapie and Ghoshal (1998) poin ed o he exis ence o h ee dimensions o
social capi al, al hough hey ecognize ha hey a e no independen , bu ha each one
a ec s he o he s. Tsai and Ghoshal (1998) and Inkpen and Tsang (2005) used hese same
dimensions in hei analyzes o p oduc inno a ion and knowledge ans e . The s uc u al
dimensions e e o he ies in he ne wo k ha each ac o possesses and he ac ual layou
o each ne wo k (in he sense o i s s uc u e and he pa e ns in he ela ions). The
ela ional dimension is linked o he cha ac e is ics o he ela ions be ween he ac o s.
Finally, he cogni i e dimension e e s o he codes, languages, na a i es, isions and
no ms ha a e sha ed wi hin he ne wo k. This las dimension co e s he idea o social
capi al as a public asse (Tsai & Ghoshal, 1998). The cogni i e dimension may he e o e
c ea e he same ad an ageous oppo uni ies o any o he membe s in he ne wo k and
does no lend i sel o he s udy o he di e en endowmen s o social capi al in each i m
in he ne wo k.
Acco dingly, he e a e cons an e e ences in he li e a u e o a ious
consequences ha a ise be ween he s uc u al and ela ional aspec s (Gula i, 1999;
Inkpen & Tsang, 2005; Koka & P esco , 2002), in line wi h he dis inc ion be ween
s uc u al embeddedness and ela ional embeddedness, sugges ed by G ano e e (1992).
Along wi h hose las wo dimensions, Ba ja gal (2003) added embeddedness de i ed
om esou ces, as a new dimension o social capi al. In line wi h ea lie s udies and he
ideas o Lin (1999), Ba ja gal sugges ed ha con ac s in ne wo ks ha o e use ul
esou ces o he ac o a e necessa y o imp o e pe o mance. His e idence o his was
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aken om he expe iences o a g oup o Russian en ep eneu s. Howe e , he made no
explici p oposal o he exis ence o a esou ce dimension o social capi al.
A cha ac e is ic ea u e o he esou ce dimension is ha he en s o he
ad an ages o he ocal i m a ise, no om i s ies o i s posi ion in he ne wo k, bu
om he pa ne esou ce endowmen wi h which i main ains ela ions. In o he wo ds,
a i m can ob ain a aluable esul om i s ela ions wi hou occupying a cen al o an
in e media y posi ion in he ne wo k (i can be a pe iphe al ac o ) o wi hou ha ing links
o pa icula in ensi y o quali y, i he i m has access o a pa ne ha holds he esou ces
ha i needs. This iew o he esou ce dimension ha lows om he ideas o Lin (1999)
and o Ba ja gal (2003) di ec ly connec s wi h he concep o ne wo k esou ces de ined
by La ie (2008).
2.2. Ne wo k Resou ces
La ie (2008) en e s he deba e by poin ing o he exis ence o h ee de ini ions o
ne wo k esou ces ha a y wi h espec o he ‘scope’ and he ‘locus’ o he cons uc .
The i s is he ne wo k, as a esou ce ha c ea es bene i s o he i ms ha belong o i
(Gula i e al., 2000; Kogu , 2000). The second e e s o he aluable esou ces ha may
be ob ained om ies wi h o he i ms, such ha he na u e o hese ies becomes an
essen ial and de ining elemen in he de ini ion o he i m. The hi d de ini ion is seen as
undamen al by La ie, as i implies a change in pe spec i e o he s udy o
in e o ganiza ional ela ions. Acco ding o La ie (2008: 548) “ne wo k esou ces a e
asse s ha a e owned by he i m’s pa ne s, bu can po en ially be accessed by he i m
h ough i s ies o hose pa ne s”.
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These de ini ions o ne wo k esou ces co espond di ec ly wi h he h ee
ca ego ies o embeddedness and he h ee s uc u al ela ional and esou ce- dimensions
o social capi al (Ba ja gal, 2003; Casanue a & Gallego, 2010). Thus, La ie (2008: 549)
commen ed ha , “we can now dis inguish be ween ne wo k s uc u es, he na u e o
ela ionships, and he esou ces ha a e channelled h ough such ne wo k ies”. Gula i
(2007) also makes explici e e ence o he asse s held by pa ne s in his de ini ion o
ne wo k esou ces.
This pe spec i e no only explici ly desc ibes a hi d dimension o social capi al
and o ne wo k esou ces, which had emained la en in ea lie heo e ical de elopmen s
and empi ical s udies, bu i also sugges s ha a ocal i m can d aw ad an ages om he
pa ne ne wo k, which basically depend on pa ne esou ce endowmen .
F om he heo e ical poin o iew, conside ing he s udy o in e o ganiza ional
ela ions om he Resou ce Based View and ne wo k heo y, his new pe spec i e
sugges s a se ies o in e es ing changes:
a) The basic e e ence poin o he s udy o alliances and in e o ganiza ional
ela ions mo es om he comple e ne wo k o he egocen ic ne wo k o he
ocal i m.
b) I he impo ance o he analysis, in he habi ual logic o ne wo k heo y and
i s applica ion o in e o ganiza ional ela ions, lay in he s udy o he ies and
hei pa e ns, asc ibing ela i ely li le alue o he nodes, he impo ance is
now mo ing om he ies o he nodes (and his is happening wi hou
abandoning he ne wo k app oach).
c) The s uc u al and ela ional dimensions lose weigh wi h espec o he
esou ce dimension in he analysis o social capi al and in e o ganiza ional
ela ions.
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will exe cise a di ec and powe ul in luence o e access o ne wo k esou ces, which
ha e been de ined as he esou ces o hei pa ne s. Bu (1992) p oposed he s udy o
egocen ic ne wo k s uc u e as a measu e o social capi al. P elimina y esea ch in o
alliance po olios, unde s ood as he ego-ne o he ocal ac o , ha e also e ealed how
he s uc u e o ha egocen ic ne wo k posi i ely a ec s esou ces (Gula i, 2007;
Wassme , 2010). Some au ho s ha e made i clea ha , aced wi h he limi a ion o inding
in e nal esou ces, i is be e o achie e hem hanks o he ela ions wi h o he pa ne s
ha possess hem and ha his beha iou (Ahuja, 2000b; Ho mann, 2007) should guide
he managemen o he alliances. La ie (2006, 2007) makes a di ec connec ion be ween
accep able managemen o he alliance po olio wi h access and mobiliza ion o he
esou ces o he pa ne s, in o he wo ds wi h he esou ces o he ne wo k.
Finally, he ela ional dimension was also analyzed om a ious pe spec i es
(in ensi y o he ela ions, epe i ion o he links, ela ions o us , e c.) as acili a ing
access o ne wo k esou ces (Kale, Singh, & Pelmu e , 2000; Koka & P esco , 2002;
Mo an, 2005; Nahapie & Ghoshal, 1998). Tsai and Ghoshal (1998) p oposed a simila
logic in hei analysis o he in luence o social capi al in p oduc inno a ions, when hey
cen ed on he capaci y o in e o ganiza ional uni s o combine and exchange esou ces;
his capaci y being he eal in luence on inno a ion. Mo eo e , Rodan and Galunic (2005)
poin ed ou ha ne wo k s uc u e has been used as a p oxy o measu e he con en o he
ela ions, bypassing di ec measu emen o hei cha ac e is ics. These au ho s sugges ed
a sepa a ion be ween he s uc u e o he ne wo k and he con en s o he ela ion and
s udied i s links in he speci ic case o he he e ogenei y o knowledge ob ained om
di e en colleagues ha is conside ed aluable. Casanue a and Gallego (2010) explici ly
analyzed he connec ion be ween he ela ional and esou ce dimension, es ablishing ha
he la e plays a ca aly ic ole in he esul s o inno a ion.

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Thus, he esou ce dimension may be conside ed as he cen al pi o a ound which
he social capi al o a i m e ol es. In o he wo ds, he alue o i s ies will undamen ally
be condi ioned by access o he aluable esou ces ha i s pa ne s hold and his access
will be condi ioned by i s posi ion in he global ne wo k, by he s uc u e o i s alliance
po olio and by he quali y o i s ela ions.
Mo eo e , al hough s ill sca ce, due o he ecen concep ualiza ion o ne wo k
esou ces, empi ical e idence exis s ha links he capaci y o access pa ne esou ces
wi h he pe o mance o he i m, measu ed in di e en ways (Ba ja gal, 2003; Casanue a
& Gallego, 2010; La ie, 2007; Lee, 2007). Ba ja gal (2003) ad anced e idence on how
access and mobiliza ion o ce ain esou ces such as inancial ones a ec ed he
pe o mance o i ms. Analyzing he alliances o he ou ism sec o , Pansi i (2008) s udied
how he cha ac e is ics o he pa ne s in luenced pe o mance o a ying deg ees.
Casanue a and Gallego (2010) p oposed showing he di ec in luence o he esou ce
dimension on inno a ion capaci y, as opposed o he indi ec in luence o he s uc u al
and ela ional dimensions. La ie (2007) showed how inancial and ma ke ing esou ces
held by pa ne s ha e a posi i e e ec on he ma ke pe o mance o he i m. Lazza ini
(2007) p oposed ha ope a ional pe o mance in alliances be ween ai lines is in luenced
by he use o esou ces sha ed wi h he pa ne s. Finally, Wassme discussed om a
heo e ical poin o iew, how ne wo k esou ces wi hin an alliance po olio can impac
on he alue o he ocal i m and applied his o he ai line sec o (Wassme , 2007;
Wassme & Dussauge, 2011).
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3. Me hods
3.1. Ne wo k da a and selec ion
This esea ch analyzes he alliances ha occu in he ai line sec o a an
in e na ional le el, in o de o s udy he ela ions de ailed in he heo e ical model. The
ai line sec o is a ma u e indus y in which a wide ange o compe i i e p ac ices e lec
highly in ense le els o i al y. These a e i ms o a la ge-size, because o he indus y’s
own logic, ha a e p esen h oughou he wo ld. I is likewise a sec o wi h a dynamic
mo emen owa ds in e - i m ela ions ha ange om comme cial ag eemen s o
in eg a ion p ocesses (acquisi ions and me ge s). These dynamic ela ions be ween ai line
companies ha e a his o y ha da es back o ea ly ai line ac i i y. Howe e , he
cons uc ion o la ge-scale s a egic alliances be ween companies ha spu compe i ion
be ween g oups a a global le el has speeded e e y hing up o e he pas en yea s. Thus,
hese alliances ha e been he subjec o a ious s udies (E ans, 2001; Gimeno, 2005;
Gomes-Casse es, 1994; Lazza ini, 2007; Shah & Swamina han, 2008).
The ai line sec o is especially app op ia e o analysis wi h he p oposed model.
Ai lines a e in eg a ed in mul iple ho izon al coope a i e ag eemen s ha allow hem o
se up alliance po olios o gain access o he esou ces o hei pa ne s and o achie e
hei goals. The con igu a ion o an ai line alliance po olio gi es an ai line access o
impo an ne wo k esou ces such as he des ina ions ha comple e o complemen i s
ne wo k, echnological capaci y o pe o m ope a ions away om i s bases, epu a ion in
new ma ke s, e c. In his con ex , i is in e es ing o examine whe he he s uc u e o he
alliance po olios, he quali y o pa ne ela ionships o he s uc u e o he alliances
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among all he compe i o s a ec access o ne wo k esou ces and whe he his access
a ec s he indi idual pe o mance o each ai line.
In line wi h ea lie esea ch (Chen & Chen, 2003; E ans, 2001; Gimeno, 2005),
da a on he main ai lines published by he jou nal Ai line Business was used o s udy
alliances in he ai line business sec o . A lis o 200 leading i ms om he sec o ,
published in 2010 and based on income in 2009, was used o choose he sample. Se e al
business g oups appea ed in ha anking, a de ailed analysis o which led o he
conside a ion o a o al o 214 ai line businesses. All he companies had an annual
u no e a he ime o o e 50 million dolla s. The majo i y o hese ai lines a e om
Eu ope (73), Asia (55) and he USA (51). Mo eo e , da a had o be ga he ed and iden i ied
on all hose ai lines wi h which he 214 main ained di ec con ac , o apply he de ini ion
o ne wo k esou ces. In o al, da a on 351 ai line companies and almos 700 alliances
om all o e he wo ld we e analyzed.
The da a on hose companies and on hose o he ai lines wi h which hey ha e
en e ed in o alliances we e ex ac ed om he ATI (Ai T anspo a ion In elligence)
da abase and om he ICAO (In e na ional Ci il A ia ion Au ho i y), p o ided by he
company Fligh global. These included he b oades da ase s om he sec o ob ained om
mul iple seconda y da a sou ces and bespoke su eys. Da a collec ion and p ocessing
ook place in Ap il and May 2011. Va ious ypes o ela ions a ise among he ai line
companies a an in e na ional le el: global alliances, plane ans e s o loans, codesha es,
ca go alliances, join F equen Flye P og ammes (FFP), e c. In his wo k, he ies
conside ed o he s udy o alliances be ween ai line companies we e he exis ence o
ag eemen s on codesha es and ca go alliances (Gimeno, 2005; I o & Lee, 2007; Rajaseka
& Fous , 2009; Wassme & Dussauge, 2012). These a e ag eemen s on coope a ion ha
s a up join ope a ions be ween he ai lines (comme cial, ope a i e, inancial, e c.),
20
which equi e a high deg ee o coo dina ion. In p ac ice, he s a o a ela ion be ween
wo ai lines in a codesha e o ca go alliance be ween bo h has a limi ed scope o ou es
and des ina ions om one o he o he ai line and is no necessa ily equi a i e. Howe e ,
he u u e o hese ag eemen s is he slow expansion o he des ina ions and he ou es
ha bo h ai lines join ly ope a e. A ma ix o ela ions was cons uc ed in which he
codesha es we e conside ed join ly wi h ca go alliances s ill in o ce, which we e en e ed
in o be ween 1960 and 2007. Ag eemen s on egional coope a ion and on cha e ligh s
do no appea in hese da a. Nei he a e o he ag eemen s o a comme cial na u e included,
no ma ke ing ag eemen s such as join pa icipa ion in FFP, no global alliances, which
will ne e heless be conside ed o he cons uc ion o some indica o s. Conside a ion o
da a on ai line alliances up un il 2007 is because o he e ec s o coope a ion be ween
i ms, which will only be el a ce ain ime a e i s implemen a ion. Hence, he analysis
o he esul s is o he ime span unning om 2008 o 2010.
3.2. S uc u al equa ion modelling
Pa ial Leas Squa es (PLS) s uc u al equa ion models a e used, in o de o es
he hypo heses o he models which ela e, on he one hand, o he di e en an eceden s
o he s uc u e and he ne wo k ela ions needed o pa ne access o esou ces, and, on
he o he , o how access o hese ne wo k esou ces a ec s pe o mance. This echnique
is accep able o his in es iga ion, since heo e ical knowledge is s ill no ixed, he
pu poses o he in es iga ion a e o causal-p edic i e na u e and a complex model needs
o be es ima ed (Ba clay, Higgins, & Thompson, 1995; Chin, Ma colin, & News ed,
1996). Fo all hese easons, we conside ha i is an app op ia e ool in an in es iga ion
21
ha seeks o desc ibe ela ional pa e ns be ween di e en concep s, a he han del e in o
he na u e o he ela ions ha a e iden i ied.
3.2.1. Dependen a iables
In ou s udy, we ha e conside ed wo dependen a iables: one o med by he da a
on ai line ac i i y and he o he by he da a on pe o mance. The da a o he calcula ion
o he indica o s included in bo h a iables we e aken om he ATI da abase and e e o
he di e en ypes o business esul s and da a on ope a ions and ligh s o he 214 ai line
companies in he sample o e he pe iod 2008e2010. Da a om ea lie yea s was no
used, as i was conside ed ha he e ec s o social capi al a e no immedia e bu will
become mani es when hey a e e ec i ely de eloped. Thus, da a on social capi al was
conside ed o he pe iod p io o 2008 and da a on pe o mance om 2008. The
indica o s we e cons uc ed on he basis o hose h ee yea s.
Financial Pe o mance. The a iable Financial Pe o mance a emp s o collec
in o ma ion on he pe o mance o each company in e ms o pe o mance and ma gins
on hei ac i i ies (Cappel, Pea son, & Rome o, 2003; Pa k & Cho, 1997). The use o
measu es ela ing o his a iable such as Re u n on Asse s is common. Howe e ,
comple e da a on many ai lines included in he sample could no be ob ained o he pe iod
unde conside a ion.
Finally, he inancial indica o s ha he a iable includes a e as ollows:
a) M esope : Ope a ing income. A p o i abili y indica o , calcula ed as he
di e ence be ween ope a ing e enue and ope a ing cos s. I a i m has no
non-ope a ing income, he ope a ing income coincides wi h Ea nings Be o e
In e es and Taxes.

22
b) MRusNe : Ne esul s. Ne bene i o ne esul is he p o i abili y a io o a
i m a e aking all cos s in o accoun . I is calcula ed by sub ac ing all di ec
cos s, indi ec cos s, dep ecia ion, epaymen s, in e es s, axes, and a es, om
he sales income.
c) MMa genNe : P o i ma gin o ne p o i ma gin. This is a p o i abili y
indica o ha is calcula ed by di iding ne p o i by e enue,and exp essing
he esul as a pe cen age. I is an indica o o how a i m con ols i s cos s.
In es o s use he ne p o i ma gin o compa e i ms om he same sec o and
be ween sec o s, o de e mine which a e he mos p o i able.
Ope a ional Pe o mance. One al e na i eway o measu ing he pe o mance o an ai line
company is h ough i s le el o ac i i y, aking physical as well as mone a y c i e ia in o
accoun (Assa & Josiassen, 2011). Fou indica o s a e used o measu e i :
a) MPasaj: Passenge s. To al numbe o passenge s anspo ed by an ai line in a
se pe iod o ime.
b) MIngPasKm: Passenge s-Km. T anspo ed (PKTs). To al numbe o
passenge s anspo ed in a plane by kilome e lown. This is a s anda d uni
o p oduc ion o ai line anspo , which measu es demand.
c) MTonneKm: Tons-Km. T anspo ed (TKTs). Tons anspo ed pe kilome e
lown. I includes all paid ca go, i.e. passenge s, goods and pos . I is a
s anda d p oduc ion uni o ai line anspo ha measu es he payload, which
is equi alen o PKTs.
d) MRe To : To al e enue. This is a inancial indica o ha co e s o al e enue
ob ained by each ai line. I includes e enue om he anspo o passenge s
and eigh , as well as o he e enue.
23
3.2.2. Independen Va iables
Fou independen a iables we e used o cons uc ou model, which co espond
o he di e en dimensions o social capi al ha i includes: one ha gi es in o ma ion on
he s uc u e o he ne wo k o ai lines, in o he wo ds, on he ne wo k posi ion o each
i m; a second ha e e s o he s uc u e o he alliance po olio o each ai line; a hi d,
which e eals he quali y o he ies ha he ai lines ha e wi h he i ms in eg a ed in he
ne wo k; and, inally, he ou h, which ells us he ne wo k esou ces o which an ai line
has access h ough i s pa ne s in he ne wo k.
S uc u e. The i s o he independen a iables is in ended o cap u e he combined
e ec s o he posi ion o a i m, wi hin he global ne wo k o alliances in he sec o , ha
a ise om he di e en ways o unde s anding cen ali y. The indica o s in use co espond
in g ea measu e o hose p oposed by Bo ga i e al. (1998) o he calcula ion o social
capi al as a unc ion o he measu es o cen ali y, all o which a e s anda dized e sions.
In all, i e indica o s we e calcula ed:
a) nF eemanDeg ee: Deg ee cen ali y. A measu e o he di ec connec ions o an
ac o wi h he o he s.
b) nCloseness: Closeness cen ali y. A measu e o cen ali y ha akes he
indi ec ela ions in o accoun and ha is calcula ed om he sho es dis ances
o access he di e en ac o s.
c) nBe weenness: Be weenness cen ali y. An indica o o he be weenness
capaci y o an ac o in he ne wo k, calcula ed by aking in o accoun he
dependence o o he ac o s on he ocal ac o , in o de o each hei con ac s
along he sho es ou e.
24
d) nEigen ec o : Eigen ec o cen ali y. This indica o calcula es cen ali y by
aking he exis ence o di e en ac o s in o accoun and e e s i o he
p incipal componen .
e) nFlowBe : Flow cen ali y. Measu es he posi ion o be weenness by
conside ing all he ou es and gi ing g ea e weigh o he sho es .
The i e a iables we e calcula ed om he ma ix made up o all he alliances
(codesha es and ca go) be ween he 351 i ms unde analysis ha emained in business
up un il 2007. We used he Ucine p og amme o hei calcula ion (Bo ga i, E e e , &
F eeman, 2002).
Po olio. We conside ed a se ies o indica o s e e ing o he egocen ic ne wo ks o he
ai line companies unde s udy, when c ea ing he a iable ha ga e us in o ma ion on he
alliance po olios o he ai lines. The egocen ic ne wo k is made up o he di ec con ac s
o each ac o . In o he wo ds, he egocen ic ne wo k o a ocal ai line is made up o he
ela ions be ween all he companies ha a e allied wi h ha ocal ai line. The ollowing
indica o s we e used:
a) Size: Size o he egocen ic ne wo k o each ac o . In o he wo ds, he numbe
o di ec pa ne s o he ac o , also known as i s neighbou hood.
b) Densi y: Densi y o he egocen ic ne wo k. Numbe o ac ual ies be ween he
pa ne s o he ocal ac o di ided by he numbe o possible ies.
c) 2S epReach: Numbe o ac o s a a dis ance o wo posi ions om he ocal
ac o .
d) nEgoBe ween: Measu e o he cen aliza ion o be weenness in he egone .
e) nWeakComp: Numbe o componen s (unconnec ed pa s o a ne wo k) o he
egocen ic ne wo k.
25
) E ec i eSize: Measu e o Bu ’s s uc u al holes (1992) ha a e calcula ed by
aking he numbe o pa ne s in o accoun minus he a e age deg ee o he
o he ac o s wi hin he egone .
g) E iciency: Ano he indica o o Bu ’s s uc u al holes ha is calcula ed by
di iding he E ec i eSize by he numbe o o he s in he egocen ic ne wo k.
As happened wi h he indica o s o he a iable ‘S uc u e’, he abo e we e
calcula ed om he ma ix o med by all he alliances (codesha es and ca go) using he
Ucine p og amme.
QRela ion. We made use o wo indica o s o he in ensi y and du a ion o he ies ha
he ai lines main ain wi h hei pa ne s, in o de o measu e hei quali y. We employed
da a on di e en ypes o ies in he calcula ions p o ided by he ATI da abase, aking, o
each ai line, he da a on he yea s ha had elapsed since he alliance was se up un il 2007.
The choice o 2007 as he inal yea was due o he ac ha ou s udy conside ed social
capi al as an an eceden o pe o mance, he da a on which we had ex ac ed om 2008
up un il 2010.
a) In ensi y. We cen ed on se en ypes o alliances, when analyzing he in ensi y
o he ies ha an ai line main ains wi h i s pa ne s, all o which we e
conside ed in ou s udy: global alliances, ma ke ing, FFP, codesha e,
anchise, eede and ca go alliances. These ypes o alliances we e di ided
in o h ee g oups, gi en ha we hough ha some o hem implied di e en
deg ees o in ensi y in he ies han o he s. Thus, we conside ed ha one ype
o ie o a comme cial ype (ma ke ing and FFP) was o lowe in ensi y and
ano he o g ea e in ensi y, which a e ope a ional ype (codesha e, ca go,
anchise and eede ), and inally, he global alliances we e gi en sepa a e
32
STRUCTURE
PORTFOLIO
QRELATION
RESOURCES
FINANCIAL
PERFORMANCE
OPERATIONAL
PERFORMANCE
NFLOWBET 0.9499
0.7794
0.6214
0.3269
-0.3037
0.5535
NBETWEENNESS
0.9375
0.7252
0.5689
0.2812
-0.3241
0.5566
NEIGENVEC 0.9037
0.6835
0.6538
0.4413
-0.205
0.4848
NWEAKCOMP 0.7673
0.9138
0.6464
0.5014
-0.2394
0.4727
2STEPREACH 0.8642
0.8888
0.8002
0.6552
-0.2513
0.5457
NEGOBETWEEN
0.4268
0.8601
0.5749
0.5615
-0.0968
0.2863
INTENSITY 0.644
0.6879
0.8832
0.584
-0.1853
0.4036
DURATION 0.5361
0.6675
0.8799
0.5765
-0.1295
0.4407
MSPUPPLIER 0.4312
0.6748
0.6718
0.9515
-0.1264
0.2981
MFLEET 0.3284
0.5765
0.6171
0.8753
-0.0744
0.256
MLEADER 0.3384
0.5746
0.5535
0.8569
-0.1237
0.1801
MRRHH 0.3284
0.4601
0.4427
0.7023
-0.061
0.2218
MDESTIN 0.0892
0.2952
0.3151
0.670
-0.0684
0.0558
MRUSNET -0.1785
-0.1642
-0.1416
-0.1204
0.9263
-0.2595
MMARGENNET -0.388
-0.2699
-0.153
-0.0786
0.7604
-0.2118
MRESOPER -0.1347
-0.0858
-0.1452
-0.0504
0.6411
-0.219
MINGTOT 0.6057
0.5043
0.4891
0.2609
-0.3003
0.975
MINGPASKM 0.5174
0.4355
0.4393
0.2195
-0.3662
0.9245
MPASAJ 0.4004
0.3213
0.3595
0.1879
-0.3102
0.8547
MTONNEKM 0.4148
0.4313
0.3567
0.2326
-0.0408
0.7068
Table 3: C oss-loadings o he measu emen s.
Ha ing demons a ed he eliabili y and he alidi y o he measu emen model, in
he second s age, i is necessa y o e alua e he s uc u al model i sel . I is now a ques ion
o showing he ela ions be ween he di e en a iables in ol ed in he model and he
deg ee o signi icance o hose ela ions. G aph 2 shows he explained a iance o he
dependen a iables o he model (R2) wi hin he ci cle ha ep esen s i and he
s anda dized eg ession pa h coe icien s (b weigh s) o each o he ela ions in he
model. Following Chin (1998), he non-pa ame ic Boo s ap echnique was used wi h
1000 sub-samples and he s uden was calcula ed o de e mine he signi icance le el o
he (b) pa h coe icien s.

33
*** p>0.001; ** p>0.01; * p>0.05
G aph 2: Resul s o he s uc u al model
G aph 2 shows us ha he explana o y powe o he a iables in use (R2) is high,
0.543, in he analysis o he di e en aspec s o he in e o ganiza ional ela ions and hei
in luence on access o ne wo k esou ces, unde s ood as esou ces held by he pa ne s.
S udying he coe icien s o each a iable, i may be seen ha he ela ions a e
signi ica i e (wi h g ea e cla i y in he case o he s uc u e o he comple e ne wo k, o
he s uc u e o he alliance po olio, and o he quali y o ela ions). The posi i e
ela ion, wi h a high coe icien (0.613), is p ominen be ween he s uc u e o he alliance
po olio o a company and i s access o esou ces. Howe e , he ela ions a e posi i e
be ween he s uc u e o he alliance po olio and he quali y o he ela ions in he
alliances and he endowmen o ne wo k esou ces, and hey a e nega i e be ween he
posi ions o he i m in he ne wo k and he esou ce endowmen o he pa ne s.
34
Di e ences wi h ega d o he in e se sense o he ela ions be ween he s uc u e o he
comple e ne wo k and he s uc u e o he alliance po olio o an ac o , lead us o sugges
ha a en ion should be ocused on he se o ela ions ha a ise be ween he i ms in he
po olio o he ocal i m (be ween i s pa ne s), mo e so han on he gene al posi ion o
ha i m in he ne wo k o alliances in i s sec o , in o de o unde s and i s mo e
a ou able access o esou ces and i s g ea e social capi al.
Mo eo e , he in luence o ne wo k esou ces on business pe o mance also a ied
in he wo g oups o esul s: he ela ion was posi i e and signi ica i e when he in luence
o he endowmen o ne wo k esou ces on ope a ional pe o mance was analyzed (using
income, ope a ional indica o s and passenge olume). Wi h espec o hei in luence on
inancial pe o mance, he esul s o he model do no sugges any immedia e conclusions.
In gene al, he inancial esul s a e in luenced by a e y wide se o a iables, many o
which o a empo a y cha ac e , such ha access o pa ne esou ces is pe haps no a
a iable ha in luences i mo e di ec ly and mo e in he sho e m. In all cases, he
explained a iance o bo h a iables is e y small, he R2 o he in luence on he ac i i y
o he ai line being only 0.069. Hence, he e a e o he ac o s ha can explain he
beha iou o his a iable be e han he endowmen o business ne wo k esou ces.
5. Conclusions, Limi a ions and Fu u e Lines o Resea ch
The pu pose o his in es iga ion has been o unde s and he ole ha ne wo k
esou ces play as pa o he i m’s social capi al and how hese esou ces a ec i m
pe o mance. The i s in e es ing esul is he di e en ia ion o ou componen s o
dimensions in he social capi al o he i ms a ising om he composi ion, o e ime, o
hei alliance po olios. The widely used s uc u al embeddedness dimension was
35
di ided, on he one hand, in o a dimension linked o he posi ion o each i m in he global
s uc u e o alliances wi hin he sec o and, on he o he , in o he s uc u al pa e ns o he
alliance po olio o each company, unde s ood as he cha ac e is ics o i s egocen ic
ne wo k. Bu abo e all, he esou ce dimension, a e lec ion o ne wo k esou ces (Gula i,
2007; La ie, 2006), has shown i sel o be a basic e e ence in he s udy o social capi al,
o he ex en ha i cen es on he app op ia ion o esou ces p esen in a ne wo k, mo e
han on i s c ea ion o on he endowmen o he esou ces o each i m.
The analysis o he ai line sec o a an in e na ional le el con i ms ha he
endowmen o company ne wo k esou ces, unde s ood as he esou ces held by he
pa ne s wi h which a i m has di ec ela ions, is linked o o he dimensions o social
capi al a ising om he se o alliances o a pa icula i m.
In pa icula , he s uc u e o he alliance po olio posi i ely a ec s he
endowmen o di e en ypes o esou ces (physical, human, echnological, ma ke ing,
and epu a ion) ha may be ob ained om pa ne s. Likewise, he cha ac e is ics o he
dyad ies in he alliances, measu ed in e ms o he du a ion o he alliances and he
in ensi y o he ela ions in he di e en o ms o alliances, also a ec he endowmen o
he ne wo k esou ces o he ai lines.
On he con a y, he posi ion o an ai line in he comple e ne wo k o he sec o a
an in e na ional le el is nega i ely ela ed o access o ne wo k esou ces. This nega i e
ela ion appea s o cas doub on he idea o ne wo k s uc u e as an an eceden o access
o esou ces and hei mobiliza ion (Casanue a & Gallego, 2010; Lin, 1999).
Howe e , i does ha e a posi i e e ec on he s uc u e o he egocen ic ne wo k.
As poin ed ou ea lie , he i m’s posi ion in he global s uc u e o he ne wo k does no
necessa ily ha e o be linked o he s uc u al pa e ns o i s egocen ic ne wo k. Those
i ms ha occupy he mos cen al posi ions in he global ne wo k, bo h in he sense o
36
access o o he ne wo k posi ions and in he sense o se ing as a pa h o di e en
connec ions be ween i s membe s, ha e a smalle endowmen o ne wo k esou ces in
ela i e e ms; a ac ha may be explained in a ious ways.
The i s is ha hese mo e cen al i ms a e usually linked o a b oade numbe o
pa ne s; in o he wo ds, hey ha e la ge neighbou hoods, in which he e a e i ms wi h
a g ea e endowmen o esou ces and o he s wi h smalle endowmen s and, as ela i e
measu emen indica o s we e used, he a e age alue is educed on accoun o he la e
i ms.
The second explana ion could be ha he esou ce endowmen o he mo e cen al
i ms is al eady su icien and he choice o pa ne s in hei alliance po olios is no
condi ioned by access o hose esou ces, bu by o he pa ame e s such as he quali y and
he complemen a i y o he ela ions.
Finally, indica o s we e elimina ed om he s uc u al equa ion models ( o
gua an ee alidi y, and he eliabili y o he scales o measu emen in use) ha migh a y
he composi ion o a a iable and i s ela ions wi h o he s.
I ai lines y o mobilize he s a egic esou ces o hei pa ne s (des ina ions ha
comple e hei ne wo k, echnological suppo and main enance, epu a ion, e c.) hey
should manage he composi ion and s uc u e o hei egone in an accep able way
(Alliance po olio), and conce n hemsel es less wi h hei posi ion in he global sec o .
Mo eo e , he da a ob ained om he alliances in he ai line sec o also allow us
o con i m ha he esou ce endowmen o he ne wo k pa ially a ec s he pe o mance
o a i m. This inding is consis en wi h ea lie s udies which ha e shown ha
pe o mance is linked o access o he i m’s esou ces. Fo example, Ba ja gal (2003)
using a gene a o o posi ions, a i ed a he same conclusions. Howe e , he esul s only
37
showed his link in a signi ica i e o m in he case o he ac i i y indica o s o he i m
(i s olume o ope a ions), bu no o i s inancial esul s.
The majo i y o s udies on alliance managemen ha e cen ed on he ela ions ha
a ise be ween wo isola ed i ms (Chen & Ren, 2007; E ans, 2001; Ia ou & Skou ias,
2005; Lazza ini, 2007; Rajaseka & Fous , 2009; Shah & Swamina han, 2008;Webe ,
2005). These a e wo- o- wo ela ions. Gi en ha wha is o eal in e es in he c ea ion
o an alliance is wha he ag eemen b ings o i s membe s, a ious s udies ha e cen ed
on es ablishing whe he alliances be ween ai lines ha e an impac on some pe o mance
a iable (Chen & Ren, 2007; E ans, 2001; Ia ou & Skou ias, 2005; Lazza ini, 2007;
Rajaseka & Fous , 2009; Webe , 2005).
Ou s udy shows ha wha eally a ec s he esul s a e no he dual ela ions, bu
he possibili y o mobilizing he esou ces in an alliance ne wo k. These links in he
ne wo k o alliances allow access o he aluable esou ces o he pa ne s. As Wassme
and Dussauge (2012) ha e also poin ed ou , ha kind o mobiliza ion o esou ces is no
p oduced in he global ne wo k o alliances, bu in he egone o he i m. This wo k shows
clea e idence o ha idea.
The e o e, ins ead o cen ing, as ai lines do, on hei bidi ec ional ela ions wi h
hei allies o on he managemen o he global ne wo k, i would be mo e ad an ageous
o ai lines o cen e on he managemen o hei alliance po olio (De Man, Roijakke s,
& De G aauw, 2010), gi en ha his would allow hem o mobilize esou ces ha will
imp o e hei esul s.
In he ai line sec o , in which he alliances be ween i ms is in cons an g ow h,
each ai line will possess an alliance po olio ha comp ises o he ai lines wi h which i
has main ained business ela ions o e ime. The go e nance o his alliance po olio can
condi ion he esul s o he ai line, a leas wi h ega d o ope a ional aspec s, which will

38
ha e consequences o i s medium and long- e m pe o mance. This wo k has shown ha ,
a he han global posi ioning in he ne wo k o alliances in he sec o , i is ad isable o
a i m o ha e an accep able s uc u e in i s alliance po olio, in which i appea s ha
bo h di ec and indi ec con ac s a e e y impo an , in o de o access pa ne s wi h
aluable esou ces (human, ma e ial, ma ke ing, echnological and epu a ion). The
pe o mance o ai lines wi h pa ne s ha ha e mo e esou ces appea s o be be e , hence
he choice o pa ne s should be based on hei esou ce endowmen . The complexi y
in ol ed in he analysis o he esou ce endowmen o po en ial pa ne s and he
go e nance o he ne wo ks and sub-ne wo ks ha he ai lines a emp o se up, means i
is ad isable o se up and/o de elop a speci ic unc ion wi hin each ai line business.
Sa is ac o y exploi a ion by an ai line o i s alliance po olio should ake in o accoun i s
composi ion as well as i s managemen . Thus, i would be in e es ing i ai lines se up a
uni o c ea ed pos s ha specialize in he managemen o alliance po olios. This is in
ac al eady happening and is a eali y in some ai lines, such as KLM, whe e Henk de
G aauw di ec s a depa men , which is p incipally conce ned wi h he s a egic
managemen o alliances.
Finally, he limi a ions o his in es iga ion should be poin ed ou . Among o he s,
i is clea ha he se o i ms om he ai line anspo sec o is e y di e se in size, scale,
s a egic posi ion, ma ke ing s a egies, se ices o e ed, cos s uc u e, p icing policy,
e c. o which eason he agg ega e ea men o all he i ms can gi e ise o inco ec
conclusions, which would make i necessa y o conside s a egies ha would allow hese
e ec s o be moni o ed. Ano he impo an limi a ion is ha ime has no been aken in o
accoun in he in es iga ion. The e ec s a di e en momen s in ime o he a iables and
he e olu ion in he ela ions would imp o e wi h an analysis o he esul s in which ime
was aken in o accoun . Besides, no all o he ac o s ha e been conside ed ha migh
39
a ec pe o mance, no ha e la ge models ha include di e en e ec s om hose ha
a ise wi hin he di e en dimensions o social capi al. Nei he ha e o he possible links
been es ablished be ween he di e en dimensions o social capi al unde conside a ion.
We ha e no s udied he in luence o each conc e e indica o on he dependen a iables,
bu ins ead hei in luence on a ac o . Finally, he e a e pe inen indica o s, om he
heo e ical poin o iew, ha ha e been elimina ed o assu e he goodness o he
measu emen scales.
We we e awa e o hese limi a ions e en be o e he esul s we e ob ained, because
as we indica ed a he s a o his wo k, ou in e es did no eside in conduc ing an
exhaus i e s udy o he ela ions ha a ise be ween he a iables, bu o obse ing he
ela ional pa e ns ha a ise be ween hem.
Fu u e lines o esea ch a e he e o e linked o he abo emen ioned limi a ions.
One possible way o ex ending his wo k would be o conduc a de ailed analysis o he
e ec ha he model has on di e en segmen s o s a egic g oups in he ai line anspo
sec o , such as lag ca ie s, low cos sec o , ai eigh anspo , e c. In second place,
gi en ha da a is a ailable o e a ious yea s, he empo al e ec s could be s udied on
he endowmen o ne wo k esou ces as well as on he ela ions be ween social capi al
and he esul s o he i ms. In hi d place, he scope o he in es iga ion may be inc eased
by inco po a ing new a iables ha would help o explain he obse a ions, h ough he
use o o he s a is ical es s ha migh analyze he indica o s in g ea e dep h o h ough
he s udy o o he possible ela ions be ween he dimensions o social capi al. And, inally,
we wish o look mo e deeply a he di ec impac o he mos ele an indica o s, in o de
o cons uc he independen a iables om he indica o s o he dependen a iables, by
applying mo e app op ia e echniques such as linea eg ession.
40
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