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

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  • 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
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