IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v103y2025ics1059056025007464.html

Exploring the impact of traditional cultural intensity and patient capital on sustainable green innovation in listed companies: A mediation and heterogeneity analysis

Author

Listed:
  • Pang, Yuhui
  • Guo, Rongjun
  • Zhao, Yuhao
  • Dong, Liang

Abstract

This study utilizes a dataset of listed companies in China's A-share market from 2011 to 2023 to empirically examine the intrinsic relationships among traditional culture intensity, patient capital, and firms' sustained green innovation. The findings indicate that traditional culture intensity significantly promotes sustained green innovation among listed companies; patient capital also substantially drives firms' ongoing green innovation; the intensity of R&D investment acts as a mediating factor between patient capital and sustained green innovation, this mediating effect demonstrates notable disparities between state-owned enterprises (SOEs) and private enterprises (PEs); the impact of traditional culture intensity on sustained green innovation differs notably between SOEs and PEs; moreover, the influence of patient capital on sustained green innovation exhibits heterogeneity across SOEs and PEs.

Suggested Citation

  • Pang, Yuhui & Guo, Rongjun & Zhao, Yuhao & Dong, Liang, 2025. "Exploring the impact of traditional cultural intensity and patient capital on sustainable green innovation in listed companies: A mediation and heterogeneity analysis," International Review of Economics & Finance, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025007464
    DOI: 10.1016/j.iref.2025.104583
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1059056025007464
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.iref.2025.104583?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Tan, Na & Fang, Jinping & Li, Xue, 2024. "Digital finance, cultural capital, and entrepreneurial entry," Finance Research Letters, Elsevier, vol. 62(PA).
    2. James Demastus & Brian M. Ohsowski & Nancy E. Landrum, 2025. "Exploring the nexus of organisational culture and sustainability for green innovation," Industry and Innovation, Taylor & Francis Journals, vol. 32(1), pages 108-138, January.
    3. Daquan Gao & Christina W. Y. Wong & Kee-hung Lai, 2023. "Development of Ecosystem for Corporate Green Innovation: Resource Dependency Theory Perspective," Sustainability, MDPI, vol. 15(6), pages 1-28, March.
    4. Chen, Zhiang & Xu, Wenlong, 2025. "The role of the digital economy in enhancing green innovation: Evidence from Chinese A-share listed enterprises," Finance Research Letters, Elsevier, vol. 71(C).
    5. Chen, Yueyan & Shen, Baohua & Cao, Yawei & Wang, Shuyu, 2024. "CEO social capital, financing constraints and corporate financialisation: Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 60(C).
    6. Feng, Gen-Fu & Niu, Peng & Wang, Jun-Zhuo & Liu, Jian, 2022. "Capital market liberalization and green innovation for sustainability: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 610-623.
    7. Peng Wang & Eugenia Yijun Xing & Xiaotao Zhang & Yipeng Liu, 2022. "Sensemaking and Sustainable Development: Chinese Overseas Acquisitions and the Globalisation of Traditional Chinese Medicine," Global Policy, London School of Economics and Political Science, vol. 13(S1), pages 23-33, April.
    8. Chen, Qianqian, 2024. "From concept to capital: Investigating the influence of green innovation on equity financing in BRICS economies," International Review of Financial Analysis, Elsevier, vol. 93(C).
    9. Wang, Zehao & Sun, Xiaowei & Li, Wentao, 2023. "Cultural diversity and green innovation: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PA).
    10. Hui-Lin Zhu & Ke-Zhi Yang, 2024. "The Spillover Effect of ESG Performance on Green Innovation—Evidence from Listed Companies in China A-Shares," Sustainability, MDPI, vol. 16(8), pages 1-31, April.
    11. Chengming Li & Meiyu Wen & Shaoxiang Jiang & Huaxing Wang, 2024. "Assessing the effect of urban digital infrastructure on green innovation: mechanism identification and spatial-temporal characteristics," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    12. Wang, Chen & Qiu, Jiayu & Chen, Binger & Deng, Xinxia, 2024. "Green finance, green culture and corporate green management innovation: Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 67(PB).
    13. Zhang, Zuomin & Wu, Yingjue & Wang, Honglei, 2024. "Corporate financial fragility, R&D investment, and corporate green innovation: Evidence from China," Finance Research Letters, Elsevier, vol. 62(PB).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ding, Guangyuan & Sun, Tian & Li, Junjun, 2025. "The role of CEO power intensity and patient capital investment strategies in enhancing corporate green innovation performance," Finance Research Letters, Elsevier, vol. 85(PC).
    2. Wang, Chunyang, 2025. "Is environmental regulation an incentive or an obstacle to green innovation?," Structural Change and Economic Dynamics, Elsevier, vol. 75(C), pages 52-68.
    3. Jiang, Mobing & Chen, Xinyu & Xiao, Mingyue & Zhang, Yuning & Wen, Wu & Chen, Xiaohua, 2025. "From connect to conquer: capital market liberalization and Chinese firms' cross-border mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    4. Chen, Mo & Xue, Wei-Xian & Zhao, Xin-Xin & Chang, Chun-Ping & Liu, Xiaoxia, 2024. "The impact of economic sanctions on the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 163-174.
    5. Lei, Hao & Gao, Renyuan & Ning, Chutong & Sun, Guanglin, 2025. "Green finance and corporate green innovation," Finance Research Letters, Elsevier, vol. 72(C).
    6. Wei, Xiaobei & Yang, Zongpu & Yan, Yongjun & Sun, Jia, 2024. "Rural E-commerce, Digital finance, and urban–rural common prosperity: A Quasi-natural Experiment Based on China's Comprehensive Demonstration of E-commerce Entering Rural Areas Policy," Finance Research Letters, Elsevier, vol. 69(PB).
    7. Fan, Yali & Wang, Xiuzhong & Li, Zhuoran & Wu, Wei, 2025. "From harm to Hope: How green innovation alleviates environmental injustice triggered by non-green innovation," International Review of Economics & Finance, Elsevier, vol. 101(C).
    8. Gao, Daquan & Li, Songsong & Tian, Zhihong, 2025. "Geopolitical risk, energy market volatility, and corporate energy dependence: The role of green Total factor productivity and decentralized top management team network," Energy Economics, Elsevier, vol. 148(C).
    9. Wang, Wenwen, 2025. "Digital finance and firm green innovation: The role of media and executives," Finance Research Letters, Elsevier, vol. 74(C).
    10. Li, Yuanshun & Liu, Liang & Li, Xinyuan & Zhang, Aoran, 2025. "From social networks to sustainable solutions: Unpacking the influence of social capital on green innovation," China Economic Review, Elsevier, vol. 93(C).
    11. Tan, Juan & Zou, Xing-Yun & Zhang, Xin & Chang, Chun-Ping, 2025. "Does national ESG performance move together with climate warming?," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 19-29.
    12. Zhu, Chen & Xia, Yuqing & Liu, Qing & Hou, Bojun, 2023. "Deregulation and green innovation: Does cultural reform pilot project matter," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 84-105.
    13. Yangjie Huang & Jiali Zhang & Ying Xu & Yue Yuan & Mengting Zhang & Leilei Huang, 2025. "Digital entrepreneurial ecosystem and female entrepreneurial activity," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
    14. Qin, Rongyuan & Dawood, Sharifah Rohayah Sheikh, 2025. "Green image, digital economy, and the promotion of low-carbon lifestyles among residents," Finance Research Letters, Elsevier, vol. 85(PD).
    15. Xu Zhang & Xing Bao, 2025. "Sustainable Transformation: The Impact of Climate Risk Perception on Corporate Operational Resilience in China," Sustainability, MDPI, vol. 17(8), pages 1-19, April.
    16. Wang, Jun-Zhuo & Feng, Gen-Fu & Chang, Chun-Ping, 2024. "How does political instability affect renewable energy innovation?," Renewable Energy, Elsevier, vol. 230(C).
    17. Hanyu Zhang & Kaiyue Zhang & Taihua Yan & Xiaonan Cao, 2025. "The impact of digital infrastructure on regional green innovation efficiency through industrial agglomeration and diversification," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    18. Li, Yuanyuan, 2025. "Digital financial inclusion and intangible cultural heritage," Finance Research Letters, Elsevier, vol. 77(C).
    19. Lixin Zhou & Caiping Qu & Li Zhi, 2024. "Research on the Impact of Digital Infrastructure on Urban Breakthrough Green Innovation: A Case Study of the Yangtze River Economic Belt in China," Sustainability, MDPI, vol. 16(22), pages 1-22, November.
    20. Weihong Chen & David Diwei Lv & Christina W. Y. Wong, 2023. "Corporate environmental efforts, government environmental subsidies, and corporate non‐environmental R&D intensity: Evidence from listed firms," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(4), pages 1321-1333, October.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025007464. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.