Patient Capital and Corporate Green Transformation

The research data used in this paper mainly come from the CSMAR database, supplemented by textual information from corporate annual reports, official websites, and social responsibility reports. The sample covers Chinese A-share listed companies from 2012 to 2024. After excluding financial firms and companies with special treatment (ST/PT), an unbalanced panel dataset containing 35,440 observations is obtained. Among the core variables, the Green Transformation Index (GTI) is constructed by extracting 113 keywords using textual analysis; Strategic Equity (SE) is dynamically identified based on the actual holding duration of institutional investors; Relational Claims (RC) are measured as the ratio of long-term debt. In addition, control variables such as financial leverage, profitability, asset structure, and board characteristics are included, and continuous variables are winsorized at the 1st and 99th percentiles.