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Não há consenso na literatura sobre a relação entre o capital social e as pequeñas empresas. Acredita-se que elas substituem bens públicos aos quais não têm acesso, e há evidências anedóticas em todo o mundo de empresas pequenas e informais que participam de associações e grupos de capital social. Usando uma metodologia de variáveis instrumentais, estima-se o efeito da produtividade por trabalhador na participação em grupos de capital social. Os resultados sugerem que as empresas mais produtivas têm maior probabilidade de pertencer a associações.

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