Intellectual capital (IC) has become a crucial strategic resource in the knowledge economy. The purpose of this study is to understand the IC-financial performance relationship of listed Chinese agricultural companies. This paper uses the original value added intellectual coefficient (VAIC) model, the adjusted VAIC (AVAIC) model, and the modified VAIC (MVAIC) model to measure IC. The results show a positive and significant relationship between IC and financial performance (return on assets and return on equity) in three models. Additionally, human capital and physical capital are two major driving forces. In the AVAIC model, innovation capital exerts a positive impact on financial performance, whereas this impact is not significant at the 5% level in the MVAIC model. The results suggest that further improvements in IC measurement are still needed. This study has important implications for both academia and industry regarding IC measurement.

Intellectual capital (IC) is reckoned as a significant driving force of competitive advantage and financial sustainability of any organization. The study^’s objective is to explore the nonlinear effect of IC and its components on financial performance (FP) of China^’s listed shipping companies over a six‐year period (2014–2019). The modified Value Added Intellectual Coefficient (MVAIC) model is used to systematically assess IC. The empirical results show an inverted U‐shaped relationship between the aggregate IC and FP (measured through return on assets). Regarding IC components, human, relational, and innovation capitals have an inverted U‐shaped relationship with FP, while the quadratic relationship between structural capital and FP is not significant. In addition, physical capital has a U‐shaped relationship with FP. This study will offer some new insights for corporate managers to improve firms^’ FP by effectively utilizing their IC resources.

Agricultural production trusteeship, through a “service-driven large-scale operation,” provides a new pathway for improving agricultural production efficiency and reducing resource waste. Based on micro-survey data from farmers in Shandong Province, and employing a research approach that combines theoretical and empirical analysis, this study reveals the mechanism by which agricultural production trusteeship impacts agricultural production efficiency. The research finds that agricultural production trusteeship has a significant positive effect on agricultural production efficiency, and this conclusion remains robust even after accounting for endogeneity issues. Agricultural production trusteeship enhances agricultural production efficiency by strengthening economies of scale, with indirect effects from economies of scale accounting for 45.63% of the total effect on agricultural production efficiency. Under full trusteeship, economies of scale become more pronounced, with the indirect effects reaching 51.23%. This study also demonstrates that the pathway of “land transfer → large-scale operation → economies of scale → agricultural production efficiency” is not the only route. The “service-driven large-scale operation” model under agricultural production trusteeship has significant potential to improve efficiency, reduce resource waste, and better fit the context of China’s smallholder economy. The paper provides policy recommendations for promoting agricultural trusteeship services, including developing context-specific trusteeship models, strengthening the role of village collectives, and increasing subsidies for agricultural machinery and equipment to trusteeship service organizations, in order to promote sustainable agricultural development and enhance resource use efficiency.