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Financial patience and technological ambition: How patient capital shapes corporate AI strategy

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  • Zhang, Jiangang

Abstract

Artificial intelligence (AI) has become a strategic frontier shaping national competitiveness and redefining the financial foundations of technological transformation. Yet the governance mechanisms through which patient capital supports firms’ strategic commitment to AI remain insufficiently understood. Using data on Chinese A-share listed firms from 2007 to 2023, this study constructs an AI strategy expression indicator and empirically evaluates the impact of patient capital on firms’ AI orientation. The findings show that patient capital significantly strengthens AI strategy, underscoring its governance value in high uncertainty and long horizon investment. Mechanism analysis further demonstrates that patient capital fosters long-termism, reduces agency costs, and improves the information environment, thereby enhancing firms’ strategic allocation in complex technologies. This study highlights the governance function of patient capital in intelligent transformation and provides evidence for the coordinated evolution of AI-driven technological upgrading and capital governance in emerging markets.

Suggested Citation

  • Zhang, Jiangang, 2026. "Financial patience and technological ambition: How patient capital shapes corporate AI strategy," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612326000516
    DOI: 10.1016/j.frl.2026.109520
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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