Monetising social capital: how online social capital influences social commerce performance – evidence from WeChat online stores

Online social capital is a critical factor for successful business operations. However, there is a scarcity of research exploring the impact of online social capital on the performance of online stores. Therefore, this study examines the effect of bridging online social capital (BRSC) and bonding online social capital (BOSC) on the performance of WeChat online stores. We conducted empirical tests using the partial least square structural equation method (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) based on survey data from 306 Chinese agricultural net-entrepreneurs. The results indicated that the direct and total effects of BRSC on performance are greater than those of BOSC, while the total indirect effect is reversed. Additionally, influence benefits primarily mediate the effect of BRSC on performance, whereas solidarity and information benefits are the main mediators of BOSC to performance. Government support is a significant moderating factor in enhancing the impact of online social capital on performance. The multi-group analysis reveals that government support exerts a stronger positive moderating effect on the transformation from BRSC to performance among net-entrepreneurs aged over 40. Furthermore, there are four sets of configurational conditions for improving performance. This study deepens the academic understanding of online social capital in social commerce.