In today's society, amid ongoing macroeconomic fluctuations and growing market uncertainty, firms find it difficult to maintain operational stability, causing the cost of patient capital to rise continually and profoundly affecting their capacity for long-term development. Drawing on a specialized lexicon and a textual dataset of 68,000 sentences, this study constructs a dual-dimensional framework of internal and external factors from a dynamic factor-identification perspective and systematically investigates the core determinants of firms' patient-capital costs and their mechanisms. The findings show that changes in external macroeconomic policy, intensifying market competition, and environmental uncertainty significantly increase firms' patient-capital costs; within firms, resource reserves, innovation investment, and long-term strategic planning can effectively optimize the cost structure and reduce ineffective patient-capital costs, whereas governance problems such as managerial myopia and agency conflicts increase cost redundancy. By clarifying the factors and pathways affecting corporate patient capital, this study provides a theoretical reference and practical basis for sustainable operations.

Aichen Ma, Siyu Pan, Siqi Chen, Xiaowei Qiao, Haoyang Song, Jingyi Wang. Identification and Analysis of the Factors Influencing Corporate Patient Capital Based on Dynamic Capabilities Theory. Academic Journal of Business & Management (2026), Vol. 8, Issue 9: 29-41. https://doi.org/10.25236/AJBM.2026.080904.

[1] Deeg, R., & Hardie, I. (2016). What is patient capital and who supplies it? Socio-Economic Review, 14(4), 627–645. https://doi.org/10.1093/ser/mww025

[2] Cremers, M., & Pareek, A. (2016). Patient capital outperformance: The investment skill of high active share managers who trade infrequently. Journal of Financial Economics, 122(2), 288-306. https://doi.org/10.1016/j.jfineco.2016.08.003

[3] Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0

[4] Keynes, J. M. (1936). The general theory of employment, interest and money. Macmillan.

[5] Thaler, R. H., Tversky, A., Kahneman, D., & Schwartz, A. (1997). The effect of myopia and loss aversion on risk taking: An experimental test. The Quarterly Journal of Economics, 112(2), 647–661. https://doi.org/10.1162/003355397555226

[6] Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7%3C509::AID-SMJ882%3E3.0.CO;2-Z

[7] Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640

[8] Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

[9] Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419

[10] Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152. https://doi.org/10.2307/2393553

[11] Helfat, C. E., & Peteraf, M. A. (2015). Managerial cognitive capabilities and the microfoundations of dynamic capabilities. Strategic Management Journal, 36(6), 831–850. https://doi.org/10.1002/smj.2247

[12] Warner, K. S. R., & Wäger, M. (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long Range Planning, 52(3), 326–349. https://doi.org/10.1016/j.lrp.2018.12.001

[13] Schilke, O. (2014). On the contingent value of dynamic capabilities for competitive advantage: The nonlinear moderating effect of environmental dynamism. Strategic Management Journal, 35(2), 179–203. https://doi.org/10.1002/smj.2099

[14] Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73(3), 305–333.

[15] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/10.1086/250105

[16] Rodrik, D. (1991). Policy uncertainty and private investment in developing countries. Journal of Development Economics, 36(2), 229–242. https://doi.org/10.1016/0304-3878(91)90034-S