How Does Participation in Technical Standard Setting Affect Firms’ Patient Capital Investment? Evidence from Enterprises Engaged in ICT Standardization

Against the backdrop of pursuing technological self-reliance and strength, examining how participation in technical standard setting influences corporate patient capital investment holds significant importance. This study constructs a complex mediation model based on the Technology-Organization-Environment (TOE) framework. It employs a sample of 211 listed enterprises involved in China’s Information and Communication Technology (ICT) standardization. Utilizing both their cross-sectional data from 2023 and panel data spanning 2003 to 2024, it empirically tests the impact of participation in technical standard setting on corporate patient capital investment and its underlying mechanisms. Findings reveal: First, participation in technical standard setting exerts a significant and robust direct positive effect on corporate patient capital investment. Second, this influence operates primarily through multiple heterogeneous configurational pathways. Configurational analysis identifies four pathways leading to higher patient capital investment, categorized into “innovation-driven” and “sustainable development-driven” types. Further mediation tests reveal that three of these pathways mediate the relationship between participation in technical standard setting and patient capital investment. Third, comparative analysis of linear and complex mediation mechanisms reveals that participation in technical standard setting primarily exerts direct effects through independent pathways influencing innovation levels, innovation information disclosure, and ESG responsibility fulfillment. Variables such as long-term corporate investment and financing constraints—which are insignificant in linear models—emerge as critical components within specific configuration scenarios. These findings enrich the literature on the economic consequences of participating in technical standard setting and the determinants of patient capital investment, providing theoretical foundations and practical references for optimizing corporate strategic allocation and formulating relevant government policies.