Patient Capital and Sustained Green Innovation in Manufacturing Firms: Evidence from Double Machine Learning

Promoting sustained green innovation plays an important role in facilitating the green transformation of the economy and achieving high-quality development. This study utilizes data from Chinese listed manufacturing firms from 2015 to 2024 and employs a double machine learning model to investigate the impact of patient capital on sustained green innovation. Results show that patient capital significantly promotes sustained green innovation. Mechanism analysis indicates that curbing managerial myopia, alleviating information asymmetry, and increasing knowledge diversity constitute the key channels. Heterogeneity analysis finds stronger effects in firms with high human capital, in highly competitive industries, and in regions with greater public environmental attention. The study enriches the literature on sustained green innovation and offers implications for designing more targeted policies to support long-term green transformation in manufacturing firms.