Linking action to social structure within a system: Social capital within and between subgroups

Differences in transactions within and outside of cohesive subgroups are hy pothesized to be a function of actors' pursuit of different forms of social capital. In an example of the French financial elite, subgroups are identi fied based on the pattern of friendships, and graphical representations est ablish the descriptive link between social structure and action. Estimates from multilevel models quantify the extent to which actors abstain from hos tile action against subgroup members but tend to support others not in thei r subgroup. These complementary findings establish the subgroup as a critic al mesolevel entity, defined by the social structure while affecting action .