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Introduction: This study examines how social capital and psychological capital among smallholder farmers in Henan Province, China, are translated into organizational performance through innovation capability and technology adoption. Methods: Drawing on the Resource-Based View, Dynamic Capabilities Theory, and Social Cognitive Theory, the study tested a serial mediation model using survey data from 648 smallholder farmers across 18 prefecture-level cities in Henan Province. The data were analyzed using partial least squares structural equation modeling. Results: Social capital and psychological capital positively predicted innovation capability and technology adoption, while innovation capability further strengthened technology adoption. Technology adoption was positively associated with organizational performance. After the mediating mechanism was incorporated, the direct effects of social capital, psychological capital, and innovation capability on organizational performance were no longer significant. The indirect effects through technology adoption and the sequential indirect effects through innovation capability and technology adoption were supported. Discussion: The findings suggest that the performance value of intangible resources is largely indirect. Social embeddedness and psychological agency contribute to performance mainly when they are converted into innovation capability and enacted through sustained technology adoption. This study advances an adoption-centered explanation of value creation among resource-constrained smallholder farmers.
Li et al. (Mon,) studied this question.