Abstract
Social capital is a key resource encouraging innovation in clustered firms of the hospitality and tourism industry, however it may be influenced by managers perception of market dynamism. This paper analyses the moderator role of ma’rket dynamism perception among the three dimensions of social capital −structural, relational and cognitive- and radical innovation. We conducted an empirical study on a sample of 215 hospitality and tourism firms located in World Heritage Cities of Spain, by considering each city as a cultural tourism cluster. The structural equations analysis shows divergent direct and moderated effects for the dimensions of social capital. Specifically, the negative effect of structural social capital on radical innovation worsens when market dynamism perception is higher. However, market dynamism perception improves the effects of relational and cognitive social capital on radical innovation. The study contributes to the understanding of the antecedents of radical innovation at firm level in the context of cultural tourism clusters.
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