Internal Cognition or External Monitoring? The Contingent Mechanism of Patient Capital Driving Corporate Green Innovation: Empirical Evidence Based on ESG Performance

Patient capital is widely regarded as a key source of funding for corporate green technological innovation. However, existing research lacks systematic comparisons of its mechanisms, transmission pathways, and contingency characteristics across internal and external contexts. This study therefore examines how patient capital influences green technological innovation and how this influence varies across capital types, ESG channels, and internal versus external environments. The results reveal a robust positive correlation between patient capital and green innovation. Mechanism tests indicate that patient capital indirectly affects green innovation through three pathways: enhancing overall ESG (Environmental, Social, and Governance) performance and synergistically strengthening the environmental, social, and governance sub-dimensions. Stable equity exerts a stronger influence on the governance dimension than relationship-based debt. Contingency analysis further shows that managerial green cognition generally amplifies the effect of patient capital, whereas media attention primarily affects equity capital, reflecting a pattern where “managerial green cognition universally amplifies the effect, while media attention specifically targets equity capital.” This study provides empirical evidence on how patient capital drives green innovation. Future policies should promote precise alignment between capital attributes and firms’ internal and external contexts, thereby shifting green innovation from isolated efforts toward systemic synergy.