Abstract
This study explores how political–economic forces could affect export performance in the renewable energy technologies market. We conduct panel framework analyses to verify the characteristics of panel data for 19 countries before establishing the panel estimator meant to test the effects of political–economic forces on export specialization. We consider the results of the panel framework analyses and develop an empirical model to test casual dynamic relationships between political–economic forces and export performance. The results from the least squares dummy variable-corrected estimation indicate that the major factors promoting the export specialization of renewable energy technologies are, in order of decreasing importance, public pressure, market size, and government demand-pull policy. However, the traditional energy industry has no significant effect on export performance. Finally, this study finds that dynamic effects exist in all estimations.
Highlights
Increasing focus on energy issues and national policies needed to achieve sustainable economic growth have given renewed stimulus to research the link between public policies and economic performance in the renewable energy technology (RET) industry
The current study investigated the effects of political and economic factors on export performance on the RET market, using panel data for 19 Organization for Economic Co-operation and Development (OECD) countries
From a political–economy perspective, the LSDVC estimation and causality test results show that external political forces derived from government and the public as well as economic forces from the market involved in promoting export specialization of RETs, which suggests there should be increased policy efforts to consider such forces in promoting the RET industry
Summary
Increasing focus on energy issues and national policies needed to achieve sustainable economic growth have given renewed stimulus to research the link between public policies and economic performance in the renewable energy technology (RET) industry. Trade patterns are affected by forces exercised by various factors within a society, including governments. In this context, there are still some empirical gaps that need to be improved with respect to the determinants of the cross-border trade in RETs, as the literature does not explore the effects of various forces on export performance, except for public policy. A balanced consideration between political and economic dimensions should be acceptable to the members of society and that political and economic forces can be considered among the key influences for the promotion and development of RETs. this study tests the effects of various forces structured in a social system on the export performance of RETs by applying a political economy perspective.
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