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Board social capital encompasses two types of relationships: external and internal ties. This study examines the effects of board social capital on firm performance using a sample of the 103 companies listed on The Madrid Stock Exchange (2008). In order to measure board internal social capital, we consider the directors’ co-working experience on the board. On the other hand, to measure external board social capital, we rely on the directors’ ties to other organizations through interlocking directorates. We introduce internal social capital as a necessary variable for a more complete understanding of the external social capital/firm performance relationship. Our results have important implications for corporate governance practices. When firms propose reconsidering the composition of boards, they should not be guided solely by the intention of maximizing external connections. On the contrary, they should really take into account the fundamental role of internal social capital, which (1) intensifies the positive effects of the external capital when its level is low and (2) attenuates the negative effects of an excess of the board’s external social capital.

Purpose: The aim of this paper is to contribute to the strategic management literature by identifying possible combinations of three organizational capabilities (market orientation, knowledge management and customer relationship management). We also analyze the potential interaction between them that would lead to the creation of superior customer value.Design/methodology/approach: Our research question is: 'If the customer demands superior value, how should a firm combine its existing capabilities in order to offer this superior value?' Findings:It is clear that we should turn to dynamic capabilities to explain the connection between the interaction of these three capabilities and superior customer value. Firms are aware of the customers' demand for superior value and need to know how to combine their existing capabilities to offer this superior value. Practical implications:We propose a possible way of increasing the value created for the customer, which is a key factor for the increasing number of firms seeking new ways to achieve and maintain competitive advantage. Originality/value:We posit that the interaction between the three proposed capabilities constitutes a dynamic capability.

There is now strong evidence that transformational leadership substantially influences the work attitudes and behaviours of followers. However, the mechanisms by which transformational leaders influence their followers have not been studied in a systematic fashion. The purpose of the present study is, therefore, to analyse how transformational leadership promotes: i) job satisfaction among employees; and ii) affective commitment to the organization. In particular, the possible mediating role of psychological empowerment in these two relationships is conceptually hypothesised and empirically tested. The results demonstrate that psychological empowerment mediates the relationship between transformational leadership and employee attitudes.

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