Supply chain upstream shocks and downstream concentration in the new energy sector: Balancing diversification and centralization

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-04-15 DOI:10.1016/j.eneco.2025.108510

Yuhao Wang , Pengfei Cheng

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Abstract

The rapid growth of the global new energy sector requires balancing supply chain diversification and centralization to manage policy uncertainty and market volatility. Using data from China's A-share listed new energy firms (2005–2022), this study finds that (1) upstream firms' perceptions of economic policy uncertainty significantly reduce downstream supply chain concentration, driving firms to adopt diversification strategies to mitigate risks; (2) mechanism analysis shows that risk tolerance and digital transformation amplify this effect, while cost control and innovation alleviate it; (3) further analysis reveals significant dynamic effects—firms initially diversify in response to short-term shocks but adjust strategies over time to balance efficiency and flexibility as uncertainty persists. Moreover, geopolitical risks intensify the diversification effects of policy uncertainty by increasing supply chain instability; (4) heterogeneity analysis highlights regional differences, ownership structures, and industry characteristics as key factors shaping supply chain adjustments. This research offers valuable guidance for resource-dependent industries to enhance resilience and support sustainable development amid global energy transitions.

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.