Institutional Architectures as Market Catalysts: How Government Quality Moderates Private Investment in Renewable Energy in VISTA‐C Countries
研究了VISTA-C六国政府质量和政治意识形态如何影响私人对可再生能源的投资，发现议会制且政府质量高的国家能通过政策稳定和独立监管产生积极市场效应。
ABSTRACT This study advances the debate on sustainable energy transitions by investigating how government quality and political ideologies shape private sector investment in renewable energy across VISTA‐C countries (Vietnam, Indonesia, South Africa, Turkey, Argentina and Colombia). Challenging Ecological Modernization Theory's core premise, we reveal a paradox: while private investment generally reduces renewable adoption, parliamentary systems with high government quality (South Africa and Turkey) demonstrate positive market effects through policy stability and independent regulation. Using panel data (1990–2022) and the Panel Corrected Standard Error technique, we showed that higher levels of government quality strengthened the relationship between private sector investment and renewable energy in parliamentary systems. Notably, Turkey's centrist convergence shows how ideological pragmatism can overcome traditional left–right divides in energy policy. The findings provide policymakers with actionable insights: (1) legislative safeguards against policy reversals, (2) depoliticised regulatory frameworks and (3) cross‐party energy councils enhance investment viability. This research redefines the political economy of energy transitions by demonstrating that institutional architecture, not market forces alone, determines renewable investment success in emerging economies.