This study investigates the relationship between human resource management (HRM) practices and organizational social capital (OSC) and the moderating effects of industrial characteristics. Based on a sample of 161 firms, the results of this study indicate that HRM practices that focus on facilitating relationships among employees are positively related to OSC, and the relationship is stronger for firms operating in less regulated industries. Further, knowledge intensity itself shows no moderating effect but appears to join industrial regulation in influencing the link of HRM practices and OSC. The findings of a post hoc analysis suggest that HRM practices have a positive effect on OSC with high but not with low knowledge intensity in a more regulated context. This study presents implications for research and practice along with directions for future research.