IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v335y2025ics0360544225034528.html

Analysis of investment and R&D strategies evolution in wind-solar-hydrogen integration projects: A perspective of institutional investor networks

Author

Listed:
  • Ding, Liping
  • Zhang, Siyu
  • Yang, Qian
  • Zeng, Bo
  • Zheng, Longwei

Abstract

Wind-solar hydrogen production, as an important path for green hydrogen production, has been developed more slowly on a large scale. Considering the influence of information diffusion and resource orchestration carried by social relations and the interactive mechanism of investor behavior, this study constructs a complex network game model of investor investment and research & development (R&D) strategies from the perspective of the institutional investor network. It analyzes the influence mechanism of subsidy policy on investment and collaborative R&D behaviors under the network structure, to promote the efficient development of the wind-solar-hydrogen integration project (WSHIP). It was found that cooperative subsidies are more likely to be inhibited by the highly modular structure of the network and need to be used in conjunction with investment subsidies at this stage. High investment subsidies lead to “take subsidies, no collaboration” at the stage of technology maturity or when externalities are high. High initial investment ratio, high technology maturity, high externalities, and high network density can stimulate investment and collaborative behavior to some extent. Improvements in network connectivity can promote investment and collaborative R&D even when both types of subsidies are low. In addition, targeted incentives for key investors across communities can promote overall investment and collaborative R&D behavior.

Suggested Citation

  • Ding, Liping & Zhang, Siyu & Yang, Qian & Zeng, Bo & Zheng, Longwei, 2025. "Analysis of investment and R&D strategies evolution in wind-solar-hydrogen integration projects: A perspective of institutional investor networks," Energy, Elsevier, vol. 335(C).
    • Handle: RePEc:eee:energy:v:335:y:2025:i:c:s0360544225034528
    DOI: 10.1016/j.energy.2025.137810
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0360544225034528
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.energy.2025.137810?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Duan-Bing Chen & Hui Gao & Linyuan Lü & Tao Zhou, 2013. "Identifying Influential Nodes in Large-Scale Directed Networks: The Role of Clustering," PLOS ONE, Public Library of Science, vol. 8(10), pages 1-10, October.
    2. Masini, Andrea & Menichetti, Emanuela, 2012. "The impact of behavioural factors in the renewable energy investment decision making process: Conceptual framework and empirical findings," Energy Policy, Elsevier, vol. 40(C), pages 28-38.
    3. Zeng, Xihuan & Huang, Qinxu & Liu, Yongzhang & Qin, Quande, 2025. "Decoding China's hydrogen development: A content analysis of policy objectives and instruments," Renewable and Sustainable Energy Reviews, Elsevier, vol. 217(C).
    4. Xu, Hedong & Tian, Cunzhi & Xiao, Xinrong & Fan, Suohai, 2018. "Evolutionary investors’ power-based game on networks," Applied Mathematics and Computation, Elsevier, vol. 330(C), pages 125-133.
    5. Wang, Junling & Cheng, Siyu & Guo, Xinyu & Xu, Xin & Wang, Zehao, 2024. "An evolutionary analysis of the diffusion of low-carbon technology innovation in supply networks," Research in International Business and Finance, Elsevier, vol. 70(PB).
    6. ., 2024. "Single Euro Payments Area (SEPA) Regulation," Chapters, in: EU Banking and Financial Regulation, chapter 58, pages 555-560, Edward Elgar Publishing.
    7. Fan, Ruguo & Dong, Lili, 2018. "The dynamic analysis and simulation of government subsidy strategies in low-carbon diffusion considering the behavior of heterogeneous agents," Energy Policy, Elsevier, vol. 117(C), pages 252-262.
    8. Zhang, Dayong & Cao, Hong & Zou, Peijiang, 2016. "Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence," Energy Policy, Elsevier, vol. 95(C), pages 468-478.
    9. Halleck Vega, Solmaria & Mandel, Antoine, 2018. "Technology Diffusion and Climate Policy: A Network Approach and its Application to Wind Energy," Ecological Economics, Elsevier, vol. 145(C), pages 461-471.
    10. Zhao, Tian & Liu, Zhixin & Jamasb, Tooraj, 2022. "Developing hydrogen refueling stations: An evolutionary game approach and the case of China," Energy Economics, Elsevier, vol. 115(C).
    11. Fu, Wenying & Revilla Diez, Javier & Schiller, Daniel, 2013. "Interactive learning, informal networks and innovation: Evidence from electronics firm survey in the Pearl River Delta, China," Research Policy, Elsevier, vol. 42(3), pages 635-646.
    12. Ahn, Joon Mo & Lee, Weonvin & Mortara, Letizia, 2020. "Do government R&D subsidies stimulate collaboration initiatives in private firms?," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    13. Liu, Lintong & Zhai, Rongrong & Hu, Yangdi, 2023. "Performance evaluation of wind-solar-hydrogen system for renewable energy generation and green hydrogen generation and storage: Energy, exergy, economic, and enviroeconomic," Energy, Elsevier, vol. 276(C).
    14. Zhao, Dan & Ji, Shou-feng & Wang, He-ping & Jiang, Li-wen, 2021. "How do government subsidies promote new energy vehicle diffusion in the complex network context? A three-stage evolutionary game model," Energy, Elsevier, vol. 230(C).
    15. Merton, Robert C, 1987. "A Simple Model of Capital Market Equilibrium with Incomplete Information," Journal of Finance, American Finance Association, vol. 42(3), pages 483-510, July.
    16. Christopher Kaminker & Fiona Stewart, 2012. "The Role of Institutional Investors in Financing Clean Energy," OECD Working Papers on Finance, Insurance and Private Pensions 23, OECD Publishing.
    17. Ferreira, Miguel A. & Matos, Pedro, 2008. "The colors of investors' money: The role of institutional investors around the world," Journal of Financial Economics, Elsevier, vol. 88(3), pages 499-533, June.
    18. He, Jia & Shen, Xixi, 2024. "Institutional investor cross-ownership networks and green innovation: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    19. Fan, Yaoyao & Ly, Kim Cuong & Jiang, Yuxiang, 2023. "Institutional investor networks and firm innovation: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 89(C).
    20. Lastrapes, William D. & Wiesen, Thomas F.P., 2025. "Regional bank failures and volatility transmission," Journal of Financial Stability, Elsevier, vol. 78(C).
    21. Hutchinson, Marion & Seamer, Michael & Chapple, Larelle (Ellie), 2015. "Institutional Investors, Risk/Performance and Corporate Governance," The International Journal of Accounting, Elsevier, vol. 50(1), pages 31-52.
    22. Fadi Alkaraan & Mahmoud Elmarzouky & Khaled Hussainey & V. G. Venkatesh & Yangyan Shi & Nadia Gulko, 2024. "Reinforcing green business strategies with Industry 4.0 and governance towards sustainability: Natural‐resource‐based view and dynamic capability," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3588-3606, May.
    23. Li, Dandan & Ma, Jing & Tian, Zihao & Zhu, Hengmin, 2015. "An evolutionary game for the diffusion of rumor in complex networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 433(C), pages 51-58.
    24. Andrea Masini & E. Menichetti, 2012. "The impact of behavioural factors in the renewable energy investment decision making process: Conceptual framework and empirical findings," Post-Print hal-00651706, HAL.
    25. Kuang, Wei, 2021. "Which clean energy sectors are attractive? A portfolio diversification perspective," Energy Economics, Elsevier, vol. 104(C).
    26. Mundaca, Gabriela, 2017. "Energy subsidies, public investment and endogenous growth," Energy Policy, Elsevier, vol. 110(C), pages 693-709.
    27. Brown, Stephen & Dutordoir, Marie & Veld, Chris & Veld-Merkoulova, Yulia, 2019. "What is the role of institutional investors in corporate capital structure decisions? A survey analysis," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 270-286.
    28. João Victor Machado & Fernando Sarti & Rodrigo Lanna Franco Silveira & Camila Veneo Campos Fonseca, 2024. "Institutional investors' ownership in the oil and gas industry: evidence from network analysis," Economics Bulletin, AccessEcon, vol. 44(3), pages 847-864.
    29. ., 2024. "Single Resolution Mechanism (SRM) Regulation," Chapters, in: EU Banking and Financial Regulation, chapter 11, pages 133-142, Edward Elgar Publishing.
    30. Wang, Jing & Ye, Kai & Kang, Lixia & Liu, Yongzhong, 2024. "Flexible design of renewable hydrogen production systems through identifying bottlenecks under uncertainty," Energy, Elsevier, vol. 311(C).
    31. Wang, Gang & Chao, Yuechao & Chen, Zeshao, 2021. "Promoting developments of hydrogen powered vehicle and solar PV hydrogen production in China: A study based on evolutionary game theory method," Energy, Elsevier, vol. 237(C).
    32. Kazuhiro Takauchi & Tomomichi Mizuno & Qing Hu, 2025. "Rules of origin and regional upstream competition," Discussion Papers 2519, Graduate School of Economics, Kobe University.
    33. Li, Fangzhou & Jiang, Yuxiang, 2022. "Institutional investor networks and crash risk: Evidence from China," Finance Research Letters, Elsevier, vol. 47(PA).
    34. Ramos, Sofia B. & Latoeiro, Pedro & Veiga, Helena, 2020. "Limited attention, salience of information and stock market activity," Economic Modelling, Elsevier, vol. 87(C), pages 92-108.
    35. Rezaei, Mostafa & Akimov, Alexandr & Gray, Evan Mac A., 2024. "Levelised cost of dynamic green hydrogen production: A case study for Australia's hydrogen hubs," Applied Energy, Elsevier, vol. 370(C).
    36. ., 2024. "Single Supervisory Mechanism (SSM) Regulation," Chapters, in: EU Banking and Financial Regulation, chapter 9, pages 93-110, Edward Elgar Publishing.
    37. Kong, Dongmin & Zhu, Ling & Yang, Zhiqing, 2020. "Effects of foreign investors on energy firms' innovation: Evidence from a natural experiment in China," Energy Economics, Elsevier, vol. 92(C).
    38. Aggarwal, Reena & Erel, Isil & Ferreira, Miguel & Matos, Pedro, 2011. "Does governance travel around the world? Evidence from institutional investors," Journal of Financial Economics, Elsevier, vol. 100(1), pages 154-181, April.
    39. Xuemin Wang & Kan Jiang & Lifeng Xi, 2025. "On Self-Similarity Of Bounded Regions In The Plane," FRACTALS (fractals), World Scientific Publishing Co. Pte. Ltd., vol. 33(07), pages 1-5.
    40. Wang, Bin & Luo, Yan, 2024. "Institutional investors, heterogeneity, and capital structure decisions: Evidence from an emerging market," Research in International Business and Finance, Elsevier, vol. 68(C).
    41. F. Knobloch & J. -F. Mercure, 2016. "The behavioural aspect of green technology investments: a general positive model in the context of heterogeneous agents," Papers 1603.06888, arXiv.org.
    42. Chemmanur, Thomas J. & Hu, Gang & Wei, K.C. John, 2021. "The role of institutional investors in corporate and entrepreneurial finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    43. Rossi, Alberto G. & Blake, David & Timmermann, Allan & Tonks, Ian & Wermers, Russ, 2018. "Network centrality and delegated investment performance," Journal of Financial Economics, Elsevier, vol. 128(1), pages 183-206.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dong, Fugui & Wang, Peijun & Li, Wanying, 2025. "Investment suitability assessment and multi-attribute decision-making research for wind-photovoltaic‑hydrogen-storage integrated project based on GIS and cloud weighted power Heronian mean operator," Applied Energy, Elsevier, vol. 401(PC).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Bin & Luo, Yan, 2024. "Institutional investors, heterogeneity, and capital structure decisions: Evidence from an emerging market," Research in International Business and Finance, Elsevier, vol. 68(C).
    2. Miletkov, Mihail K. & Poulsen, Annette B. & Babajide Wintoki, M., 2014. "The role of corporate board structure in attracting foreign investors," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 143-157.
    3. Anna Białek-Jaworska & Aneta Maria Dzik-Walczak & Edyta Choromańska, 2025. "Przyczyny niekontynuowania działalności a specyfika spółek rodzinnych," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 50-67.
    4. Białek-Jaworska, Anna & Dzik-Walczak, Aneta Maria & Choromańska, Edyta, . "Przyczyny niekontynuowania działalności a specyfika spółek rodzinnych," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2025(1).
    5. Abdioglu, Nida & Khurshed, Arif & Stathopoulos, Konstantinos, 2013. "Foreign institutional investment: Is governance quality at home important?," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 916-940.
    6. Jayawardhana, Purnima & Kiehle, Julia & Calò, Antonio & Pongrácz, Eva, 2025. "Hydrogen pipedreams or a new industrial revival: Industrial hydrogen demand by 2030 in Finland and Europe," Renewable and Sustainable Energy Reviews, Elsevier, vol. 222(C).
    7. Guo, Xiaoping & Fan, Ningyuan & Liu, Zhenchun & Wang, Jianwei, 2024. "Macro topology structure and evolution of Chinese Public Funds’ Co-holding Network," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    8. Lilian Ng & Fei Wu & Jing Yu & Bohui Zhang, 2016. "Foreign Investor Heterogeneity and Stock Liquidity around the World," Review of Finance, European Finance Association, vol. 20(5), pages 1867-1910.
    9. Wai‐Man Liu & Jing Yu & Bohui Zhang, 2022. "Foreign Investment under the Spotlight of Home Media," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(8), pages 2197-2234, December.
    10. Heeß, Paula & Schönecker, Johanna & Weibelzahl, Martin & Wolf, Linda, 2026. "Navigating the energy transition: A review of factors influencing renewable energy investments," Renewable and Sustainable Energy Reviews, Elsevier, vol. 228(C).
    11. Alderighi, Stefano & Cleary, Siobhan & Varanasi, Padmasai, 2019. "Do institutional factors influence cross-border portfolio equity flows? New evidence from emerging markets," Journal of International Money and Finance, Elsevier, vol. 99(C).
    12. Chang, Kai & Zeng, Yonghong & Wang, Weihong & Wu, Xin, 2019. "The effects of credit policy and financial constraints on tangible and research & development investment: Firm-level evidence from China's renewable energy industry," Energy Policy, Elsevier, vol. 130(C), pages 438-447.
    13. Ge, Yiyun & Zhu, Hanbin, 2025. "Fund social network and abnormal positive tone in MD&A disclosures," International Review of Economics & Finance, Elsevier, vol. 98(C).
    14. Egli, Florian, 2020. "Renewable energy investment risk: An investigation of changes over time and the underlying drivers," Energy Policy, Elsevier, vol. 140(C).
    15. Zhang, Liguang & Li, Zhuohao & Liao, Yunxiang & Wang, Yunchen & Hu, Ning, 2023. "Foreign investment and information quality – A quasi-experiment from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
    16. Qiu, Wenkang & Xiang, Cheng & Li, Chunhong & Chen, Yinong, 2025. "Institutional investor cliques and ESG performance: Evidence from Chinese firms," International Review of Economics & Finance, Elsevier, vol. 100(C).
    17. Ozkan, Oktay & Olasehinde‐Williams, Godwin & Olanipekun, Ifedolapo Olabisi, 2025. "Effects of the Paris Agreement on new energy investments: Do energy risks play a role? Evidence from (multivariate) time-varying quantile regression," Energy, Elsevier, vol. 340(C).
    18. Shi, Yingying & Wei, Zixiang & Shahbaz, Muhammad & Zeng, Yongchao, 2021. "Exploring the dynamics of low-carbon technology diffusion among enterprises: An evolutionary game model on a two-level heterogeneous social network," Energy Economics, Elsevier, vol. 101(C).
    19. Nadia Ameli & Paul Drummond & Alexander Bisaro & Michael Grubb & Hugues Chenet, 2020. "Climate finance and disclosure for institutional investors: why transparency is not enough," Climatic Change, Springer, vol. 160(4), pages 565-589, June.
    20. Yin, Ting & Chen, Siyuan & Wang, Ge & Tan, Yuxuan & Teng, Fei & Zhang, Qi, 2024. "Can subsidy policies achieve fuel cell logistics vehicle (FCLV) promotion targets? Evidence from the beijing-tianjin-hebei fuel cell vehicle demonstration city cluster in China," Energy, Elsevier, vol. 311(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:energy:v:335:y:2025:i:c:s0360544225034528. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.