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Summary Co-management, in combination with social capital, is expected to improve social–ecological outcomes in protected areas. This paper builds a model of how co-management and social capital are linked, and it investigates how they have changed over time. We emphasize that considering the temporal aspect is crucial for assessing co-management and social capital. The following factors were found to facilitate co-management: a Participatory Advisory Council as a negotiation arena that links with a community-based organization; rotating meeting location to encourage community involvement; a committed Park director and sufficient staff. A co-management process requires ongoing investment. [ABSTRACT FROM AUTHOR]