How Does Patient Capital Empower the Resilience of Sports Enterprises?——A Heterogeneity Analysis Based on Causal Forests

How Does Patient Capital Empower the Resilience of Sports Enterprises?——A Heterogeneity Analysis Based on Causal Forests | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article How Does Patient Capital Empower the Resilience of Sports Enterprises?——A Heterogeneity Analysis Based on Causal Forests Fenghao Wang, Chen Gang This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-9212289/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 6 You are reading this latest preprint version Abstract Using A-share listed sports enterprises from 2015 to 2023 as the sample, this study empirically examines the impact of patient capital on the resilience of sports enterprises. Findings indicate that patient capital significantly enhances the resilience of sports enterprises, a conclusion that remains valid after undergoing a series of endogeneity and robustness tests. Heterogeneity analysis reveals: at the relational debt level, patient capital exerts a particularly pronounced effect on sports enterprises with higher return on assets. Such high-resilience enterprises typically exhibit stable equity structures, smaller firm sizes, and higher proportions of fixed assets. At the stable equity level, its enabling effect is most pronounced in enterprises with low debt-to-asset ratios. These sports enterprises often combine strong growth capabilities, high relational debt, and high book-to-market ratios. Mechanism tests indicate that patient capital enhances sports enterprises’ resilience primarily by alleviating financing constraints and increasing innovation investment. Accordingly, policy recommendations are proposed from three perspectives: government, investors, and sports enterprises. Business and commerce/Economics Social science/Economics Earth and environmental sciences/Environmental social sciences Patience Capital Sports Enterprises Corporate Resilience Causal Forests Full Text Additional Declarations No competing interests reported. Supplementary Files statacode.docx Rcode.docx Rdata.xlsx data.xlsx Cite Share Download PDF Status: Under Review Version 1 posted Reviewers agreed at journal 12 Apr, 2026 Reviewers invited by journal 10 Apr, 2026 Editor assigned by journal 10 Apr, 2026 Editor invited by journal 10 Apr, 2026 Submission checks completed at journal 08 Apr, 2026 First submitted to journal 08 Apr, 2026 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-9212289","acceptedTermsAndConditions":true,"allowDirectSubmit":false,"archivedVersions":[],"articleType":"Article","associatedPublications":[],"authors":[{"id":625116893,"identity":"c241c1ee-4a22-461d-bf94-0a2d9a5ce7cb","order_by":0,"name":"Fenghao Wang","email":"","orcid":"","institution":"Wuhan Sports University","correspondingAuthor":false,"prefix":"","firstName":"Fenghao","middleName":"","lastName":"Wang","suffix":""},{"id":625116899,"identity":"4ee039b9-148f-4f3a-90de-c6bde48376ae","order_by":1,"name":"Chen 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