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Energy policy stringency and green digital energy start-ups

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Parent Category: 2026

Category: Content №3 2026

Created on 26 June 2026

Last Updated on 26 June 2026

Published on 30 November -0001

Written by M. Sitnicki, D. Kurinskyi, J. Užík, S. Podosynnikov

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Authors:

M. Sitnicki*, orcid.org/0000-0002-0452-0404, West Virginia University, Morgantown, United States of America; VIZJA University, Warsaw, Republic of Poland, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

D. Kurinskyi, orcid.org/0000-0001-9025-778X, Sumy National Agrarian University, Sumy, Ukraine; Selkat Holding, Singapore, Republic of Singapore, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

J. Užík, orcid.org/0000-0001-6678-2285, Bratislava University of Economics and Business, Bratislava, Slovak Republic, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

S. Podosynnikov, orcid.org/0009-0006-3786-5907, Sumy State University, Sumy, Ukraine, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

повний текст / full article

Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2026, (3): 235 - 246

https://doi.org/10.33271/nvngu/2026-3/235

Abstract:

Purpose. The purpose of this article is to determine the impact of energy policy stringency and its individual instruments on the development and financing of green and digital energy start-ups.

Methodology. The study applies panel data analysis for 47 countries over 2000–2023, covering 1,128 country-year observations. The empirical base combines data from the International Energy Agency and the OECD Energy Policy Stringency Index. Two-way fixed-effects models with Driscoll–Kraay standard errors are used to assess the effects of aggregate and disaggregated policy indicators. Dynamic specifications with one- and two-period lags are also estimated, while logarithmic transformations are applied to reduce skewness and zero-inflation in start-up and funding variables.

Findings. The results show that stricter energy policy environments positively affect entrepreneurial activity and investment in green and digital energy sectors. A one-unit increase in the Energy Policy Stringency Index is associated with 8.5 % growth in green start-ups and 11.2 % growth in digital start-ups. The effect on financing is stronger: early-stage green funding increases by 308 %, later-stage green funding by 263 %, while early- and later-stage digital funding rise by 268 and 188 %, respectively. Decomposition results reveal substantial heterogeneity across policy instruments. Feed-in tariffs, renewable auctions and renewable certificates show the strongest positive effects, especially on later-stage financing. Dynamic estimates confirm the persistence of these effects over time.

Originality. The study provides cross-country evidence on how aggregate and individual energy policy instruments affect green and digital energy start-ups. It shows that policy stringency mainly influences investment and scaling rather than start-up entry alone.

Practical value. The findings can help policymakers, regulators and innovation agencies design balanced energy-transition policies that support investment, scaling and sustainable entrepreneurship.

Keywords: policy stringency, energy start-ups, energy transition, start-up financing, panel analysis

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