The Impact of Market Orientation and Patient Capital on New-Quality Productive Forces: An Empirical Study Based on the Mediating Effects of Green Technology Innovation

Abstract

Based on A-share-listed manufacturing firms in China from 2012 to 2024, this paper obtains 11,626 firm-year observations after sample screening. We construct a market-orientation indicator via text mining and examine its association with new-quality productive forces, as well as the mediating role of green technological innovation. The results show that market orientation is significantly and positively associated with new-quality productive forces, while full-chain mediation is not empirically supported. Heterogeneity tests reveal differentiated associations across firm ownership, industrial pollution levels and regions. Findings are derived from observational data and reflect associations rather than strict causal inferences. This study enriches empirical evidence concerning market orientation and new-quality productive forces and provides references for manufacturing firms’ green-transition practices.