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Patient capital and the high-quality development of manufacturing firms: the mediating role of industrial and supply chain resilience

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  • Du, Haoyang
  • Dai, Hanshuo
  • Bu, Wei

Abstract

This study examines the impact of patient capital on the high-quality development of Chinese A-share listed manufacturing firms from 2010 to 2023. The results show that patient capital significantly enhances firm-level productivity, and the results remain robust across multiple sensitivity checks. The mechanism analysis reveals that patient capital fosters development through three dimensions of industrial and supply chain resilience: optimizing supply–demand matching, stabilizing supply relationships, and improving supply quality. By highlighting the structural role of patient capital in strengthening industrial and supply chain resilience, this paper extends the literature on the determinants of high-quality manufacturing development and offers theoretical and empirical insights to support sustainable manufacturing growth.

Suggested Citation

  • Du, Haoyang & Dai, Hanshuo & Bu, Wei, 2026. "Patient capital and the high-quality development of manufacturing firms: the mediating role of industrial and supply chain resilience," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325022160
    DOI: 10.1016/j.frl.2025.108963
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    References listed on IDEAS

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    1. Huang, Yuxuan & Zhang, Qiancheng, 2025. "Patient capital and corporate ESG Performance: Empirical evidence from the Chinese stock market," International Review of Economics & Finance, Elsevier, vol. 103(C).
    2. Liu, Yi & He, Zhengchu, 2024. "Synergistic industrial agglomeration, new quality productive forces and high-quality development of the manufacturing industry," International Review of Economics & Finance, Elsevier, vol. 94(C).
    3. Cremers, Martijn & Pareek, Ankur, 2016. "Patient capital outperformance: The investment skill of high active share managers who trade infrequently," Journal of Financial Economics, Elsevier, vol. 122(2), pages 288-306.
    4. Ge, Rui & Bao, Hongmei, 2024. "Digital transformation and resilience of supply chain in manufacture listed firms: A backward spillover effects in the vertical supply chain relationship," Finance Research Letters, Elsevier, vol. 65(C).
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