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How firms drive new energy system development: Evidence from Chinese listed energy companies

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  • Yu, Shiwei
  • He, Lu
  • Hu, Xing
  • Gong, Chengzhu

Abstract

Clarifying the mechanisms that drive firms' participation in the development of the new energy system (NES) is essential for understanding corporate strategic behavior during the low-carbon transition and for supporting China's dual-carbon goals. Drawing on the “Principles-Elements-Functions” framework, this study constructs a theoretical model of the firm dynamic mechanism and employs mathematical modeling to characterize firms' behavioral and decision-making processes in NES development. Based on panel data from Chinese A-share-listed energy companies from 2010 to 2023, the empirical results indicate that profit growth, sustainable development, environmental regulation, and policy incentives are the key drivers of NES development, among which profit growth has the most pronounced effect. These drivers contribute to NES development through executive incentive, innovation, and structural adjustment channels. Further analysis shows that the driving effects are stronger among traditional energy firms and firms with higher-quality corporate governance. In addition, the interaction between profit growth and environmental regulation suggests that market incentives and government regulation jointly shape firms' engagement in NES development, reflecting the coordinated role of market and policy forces in advancing the low-carbon transition.

Suggested Citation

  • Yu, Shiwei & He, Lu & Hu, Xing & Gong, Chengzhu, 2026. "How firms drive new energy system development: Evidence from Chinese listed energy companies," Energy Economics, Elsevier, vol. 160(C).
    • Handle: RePEc:eee:eneeco:v:160:y:2026:i:c:s0140988326003099
    DOI: 10.1016/j.eneco.2026.109430
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