Managing the invisible: Intangible Capital and hybrid governance in the historic centre of Barcelona (1988-2002)

Abstract

Purpose: This article analyses the trajectory of Barcelona-based public-private company PROCIVESA (1988–2002) with the aim of determining how the specific mechanisms that drive the generation, transfer and erosion of intangible capital function in urban contexts. While models for managing intangible assets have been extensively theorised in the private sector, their application within the sphere of urban public-private partnerships (PPPs) remains fragmented, particularly with regard to the micro-level mechanisms underlying how these assets are shaped and transformed.

Design/methodology: A qualitative longitudinal case study was adapted, based on an inductive approach characteristic of economic and business history studies. The research was grounded in extensive triangulation of primary and secondary sources, analysed through a qualitative coding process to identify the mechanisms underlying the creation, transfer and erosion of intangible capital across four dimensions: human, structural, relational and social capital.

Findings: The article makes three theoretical contributions. First, the coexistence of political and business logics cannot be addressed by formally separating the spheres, and instead requires institutional buffers. Second, the accumulation of structural capital can erode community social capital, thereby generating a trade-off in which technical success exists alongside failures in social legitimacy. Third, codifying tacit knowledge in the public sector presents a challenge owing to its political and relational characteristics.

Research limitations: The article presents four key limitations: its reliance on documentary sources, the difficulty of generalising findings due to the use of a single case study, the distinctive features of the Barcelona context, and the absence of a gender perspective within PROCIVESA, which renders the feminised networks supporting community social capital invisible.

Practical implications: The findings suggest that social capital indicators should be incorporated into monitoring systems from the outset, that technical management be shielded from electoral cycles through fixed mandates and consensus protocols, and that the codification of tacit knowledge be prioritised to prevent losses during organisational transitions.

Originality/value: This represents the first retrospective analysis of an urban public-private partnership (PPP) in Barcelona from the perspective of intangible capital. In addition to identifying the specific mechanisms that drive the management and erosion of intangible capital, it provides an analytical framework for moving beyond static views and conceptually advancing the understanding of how tensions between technical efficiency and social legitimacy condition the sustainability of such projects.