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The purpose of this paper is twofold. First, to review the notion of social capital and its dominant dimensions and appraise the ways in which social capital and these dimensions have been applied within family business research. Second, to develop a number of suggestions of ways in which the concept could be extended, from a symbolic perspective, to provide greater insight into the complexity and heterogeneity of family systems.

This is a conceptual paper designed to stimulate new ways of thinking about social capital and the competitive advantage of family firms.

This paper suggests that social capital has a symbolic dimension, which has been largely overlooked both within the field of family business and across social capital research more generally. Within the field of family business the authors connect this neglect to an over-emphasis on business theories. The authors offer ways in which incorporating a family theory – symbolic interactionism – could help to better understand family firms, social capital, and competitive advantage.

This paper proposes an original approach to social capital. Guided by the notion of informed pluralism the paper integrates seemingly unrelated theories and identifies opportunities for new and innovative research. By espousing a symbolic interactionist approach the argument developed within this paper is valuable for helping to advance new ways of thinking about social capital and the competitive (dis)advantage of family firms.