How Does Patient Capital Influence Key Digital Technology Innovation? A Dual Perspective of Pressure and Risk

How Does Patient Capital Influence Key Digital Technology Innovation? A Dual Perspective of Pressure and Risk | 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 Influence Key Digital Technology Innovation? A Dual Perspective of Pressure and Risk Xiaoqing Xie, Yu Qi This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-8933058/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 9 You are reading this latest preprint version Abstract In the context of increasingly intense digital competition, key digital technology innovation (KDTI) in enterprises urgently requires strategic support from patient capital (PC) with high risk tolerance. However, existing research has not yet thoroughly explored the pathways and boundary conditions through which heterogeneous PC affects KDTI. Drawing on the resource-based view and the attention-based view, this paper constructs a theoretical model from the dual perspectives of pressure and risk, introducing environmental regulatory pressure (ERP) and financial misallocation risk (FMR) as mediating variables, and government digital attention (GDA) as a moderating variable. Using panel data from China’s A-share listed companies from 2010 to 2023, empirical tests are conducted through mediation and moderation effect models. The findings reveal that SE significantly promotes KDTI, whereas RD exerts an inhibitory effect. Both ERP and FMR play partial mediating roles in these relationships. Furthermore, GDA not only strengthens the positive impact of SE but also amplifies the negative effects of ERP and FMR. The results illuminate the internal mechanisms through which heterogeneous patient capital influences firms’ KDTI via pressure and risk pathways, providing new insights for digital innovation policies and the optimization of corporate capital structures. Business and commerce/Business and management Social science/Business and management Business and commerce/Economics Social science/Economics Business and commerce/Information systems and information technology patient capital key digital technology innovation environmental regulatory pressure financial misallocation risk government digital attention Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Under Review Version 1 posted Reviewers agreed at journal 30 Apr, 2026 Reviewers agreed at journal 26 Mar, 2026 Reviews received at journal 20 Mar, 2026 Reviewers agreed at journal 17 Mar, 2026 Reviewers invited by journal 17 Mar, 2026 Editor assigned by journal 17 Mar, 2026 Editor invited by journal 11 Mar, 2026 Submission checks completed at journal 03 Mar, 2026 First submitted to journal 03 Mar, 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. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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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-8933058","acceptedTermsAndConditions":true,"allowDirectSubmit":false,"archivedVersions":[],"articleType":"Article","associatedPublications":[],"authors":[{"id":607915136,"identity":"3f09a6fd-e44d-4582-bcb4-74a4ec644666","order_by":0,"name":"Xiaoqing Xie","email":"","orcid":"","institution":"Guangdong University of Finance","correspondingAuthor":false,"prefix":"","firstName":"Xiaoqing","middleName":"","lastName":"Xie","suffix":""},{"id":607915137,"identity":"0e277ff4-7552-4bd7-a38f-c2e3cb653c56","order_by":1,"name":"Yu Qi","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA40lEQVRIiWNgGAWjYDACZiBOqJCw44fyGRuI0vLgjEWyZAPRWkCqHrZVMG44QKwWvuM8ZhIJbBLMxufXHnvMw2Aju+EA87MH+LRIHgZp4ZHgM7vxLt2YhyHNeMMBNnMDfFoMwFokJJjNbpwxk+ZhOJy44QAPmwRhLQYSjJtngLX8J1ZLggTjBv4ekJYDhLVIHmYrtkg4IJEscYMvTXKOQbLxzMNsZni18J0/vPHmz391dvz9Z49JvKmwk+073vwMrxaGAxzQ4JHIAbmTARK5+LWwP4Aw+M8QUjoKRsEoGAUjFQAAPIFF4wuBeO8AAAAASUVORK5CYII=","orcid":"","institution":"Guangdong Polytechnic Normal University","correspondingAuthor":true,"prefix":"","firstName":"Yu","middleName":"","lastName":"Qi","suffix":""}],"badges":[],"createdAt":"2026-02-21 11:23:26","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-8933058/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-8933058/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":105035355,"identity":"3f9f4e44-b859-4bb4-8bc6-b26aa132db95","added_by":"auto","created_at":"2026-03-20 07:25:55","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":460030,"visible":true,"origin":"","legend":"","description":"","filename":"ManuscriptwithoutAuthorDetails.pdf","url":"https://assets-eu.researchsquare.com/files/rs-8933058/v1_covered_0dca259e-912c-49f0-9ec8-4ccbd496d60b.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"How Does Patient Capital Influence Key Digital Technology Innovation? 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