合作文化、耐心资本与企业战略选择

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Abstract Cooperative culture, serving as the core carrier of a company’s internal cohesion and external synergy, exerts a critical influence on the formulation and execution of corporate strategies. Meanwhile, patient capital, as a typical form of capital focused on long-term value creation, is increasingly recognized for its guiding role in corporate strategic decision-making. Based on panel data from A-share listed companies from 2010 to 2023, this study systematically examines the mechanism through which cooperative culture influences strategic choices and further reveals the mediating role of patient capital. The findings indicate that firms fostering a cooperative culture are more inclined to adopt aggressive strategies exemplified by exploration, innovation, and proactive advancement. Moreover, both equity-based and debt-based patient capital partially mediate the relationship between cooperative culture and strategic choice. Further analysis shows that this positive association between corporate culture and aggressive strategy is more pronounced in state-owned enterprises, high-tech firms, non-recessionary companies, and those with superior governance levels. To fully leverage the empowering effect of cooperative culture on corporate development, on one hand, enterprises should integrate the win-win cooperation ethos into their value system, strengthen cultural cohesion through cross-departmental collaboration and long-term incentive mechanisms, and highlight cooperative value in financing strategies to attract patient capital while implementing differentiated strategic management. On the other hand, policymakers need to refine institutional frameworks aimed at fostering a cooperative culture within enterprises, and guide firms to regularly disclose their related practices and outcomes. Furthermore, they should encourage financial institutions to innovate patient capital support tools, and implement differentiated regulatory and incentive policies.

Key words： cooperative culture win-win cooperation corporate strategic choice patient capital strategic aggre-ssiveness

Received: 07 August 2025

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	CHEN Xiao-shan

Cite this article:

CHEN Xiao-shan. Cooperative Culture, Patient Capital, and Corporate Strategic Choices[J]. , 2026, 43(1): 87-98.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2026/V43/I1/87

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