Economic goals form a critical component of community-based natural resource management (CBNRM) programs, but many studies question whether these initiatives actually deliver economic benefits to local communities. This presents a puzzle regarding why rural residents remain in CBNRM programs, and raises the possibility that non-economic incentives also influence participation. We address this question in a study of two Namibian communal conservancies, analyzing survey and interview data collected between 2009 and 2011. We find that economic incentives explain participation in one conservancy, whereas social motivations take precedence in the other. Our findings indicate that strong attachment to place and preferences for social cohesion can motivate people to comply with CBNRM even when economic incentives fail to materialize.