Financial and State Regulation Approaches of Companies to Hydrogen Energy

Financial and State Regulation Approaches of Companies to Hydrogen Energy | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Financial and State Regulation Approaches of Companies to Hydrogen Energy Mubariz Mammadli This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6531924/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The growth of hydrogen energy use is an area that has become increasingly important in recent years, especially within the scope of clean energy transition and the use of sustainable energy resources. In order to expand investments in hydrogen sector, active participation of the private sector is indispensable. Hence, it is of paramount importance to assess the factors that determine essentially private sector actors' investments into hydrogen sector. The study focuses on the case study Azerbaijan, a small oil and gas exporting country that puts a particular attention on the deployment of renewable energy sources and development green hydrogen value chain for production of hydrogen for European Union. To address the challenges and opportunities of Azerbaijani companies within the hydrogen value chain the study surveys representatives of 65 companies based on structured interviews. The study finds that the state regulation approach of companies differs depending on the company's field of activity, company size and year of activity. On the contrary, it was determined that the financial approaches of companies did not change according to their basic characteristics. JEL: Q42 hydrogen energy financial approaches state regulation renewable resources sustainability Figures Figure 1 1. Introduction Hydrogen offers a substantial potential for the sustainable transformation of the energy and transportation systems and decarbonization of heavy to abate sectors like metallurgy or cement industries that have a relatively high carbon footprint. Renewable hydrogen is going to play a central role important role in energy production, storage and transportation, and is an alternative to the use of fossil fuels in many sectors. The importance of hydrogen energy is especially due to the reduction of carbon emissions [ 1 ]. Hydrogen produces only water vapor when burned or used in fuel cells. It does not emit carbon dioxide (CO₂) or other greenhouse gases, making it a completely clean and environmentally friendly energy source. Green hydrogen, in particular, is completely zero-emission when obtained from renewable energy sources [ 2 – 5 ]. The use of hydrogen, especially in carbon-intensive sectors such as transportation, industry and energy production, greatly reduces carbon emissions. Hydrogen is the most abundant element in the universe. Although it is rare in nature in its free form, it is widely found in compounds such as water (H₂O) and natural gas (CH₄). It is possible to produce hydrogen from these compounds. Hydrogen, especially obtained by electrolysis of water, is a completely sustainable energy source when produced with renewable resources [ 6 – 8 ]. Hydrogen also offers a very effective solution in terms of energy storage. There may be interruptions in the use of renewable energy sources (solar, wind etc.) at times [ 9 – 11 ]. The advantage of hydrogen is that it can be stored and made available when needed. This feature of hydrogen increases the reliability of electrical networks and helps balance energy supply [ 12 – 14 ]. Hydrogen provides diversity and security in energy supply. Reducing fossil fuel dependency helps countries diversify their energy sources. In addition, the ability to produce hydrogen locally provides a strategic advantage in terms of energy security [ 15 – 16 ]. Hydrogen is an element with a high energy density per mass. This means that the same amount of hydrogen can carry more energy than other energy sources. For example, the energy density of hydrogen is about three times higher than that of gasoline. This feature is especially advantageous in areas with high energy demands, such as heavy transportation and aviation [ 17 – 18 ]. Today, many companies operate and invest in the field of hydrogen energy [ 19 – 21 ]. These companies focus on developing hydrogen technologies and infrastructure as part of the clean energy transition. Some examples of companies in the field of hydrogen energy are Air Liquide (France), Plug Power (USA), ITM Power (UK), Siemens Energy (Germany), Ballard Power Systems (Canada), Siemens Energy (Germany), Nel ASA (Norway), Hydrogenics (Canada), etc. Air Liquide is a global leader in hydrogen production and storage. It carries out various projects related to hydrogen production from renewable energy sources and fuel cells. Air Liquide has installed more than 200 hydrogen stations around the world over 20 years [ 22 ]. Plug Power is an American company that produces hydrogen fuel cells. It develops hydrogen fuel cells for industrial vehicles and energy storage systems [ 23 ]. ITM Power is a company that specializes in hydrogen production through electrolysis technology. It develops infrastructure projects that produce hydrogen with renewable energy [ 24 ]. Toyota is a leader in developing hydrogen-powered vehicles in particular. Toyota Mirai is one of the most well-known models among hydrogen fuel cell vehicles [ 25 ]. As can be seen, large companies worldwide attach importance to the use of hydrogen energy and are expanding their activities in this area. These companies draw attention with large-scale projects and investments by emphasizing the critical role of hydrogen energy in clean energy transformation. In addition to multinational companies in hydrogen energy production, the role of small companies is also seen to be significant. Small-scale companies operating in hydrogen energy production generally develop innovative technologies and act as suppliers to large players. These small companies offer various innovative solutions to improve hydrogen production processes, increase efficiency and reduce costs. H2Pro (Israel) can be shown as an example of newly established companies operating in hydrogen energy production. It is a company that aims to reduce hydrogen production costs with an innovative water separation technology. Founded in 2019, H2Pro has developed the "E-TAC" technology, which offers a more efficient process than traditional electrolysis [ 26 ]. Enapter (Germany) is a company that develops modular and cost-effective electrolyzers for hydrogen production. Aiming to be responsible for 10% of global hydrogen production capacity by 2050, this company currently offers solutions that are particularly suitable for small-scale projects and distributed energy systems [ 27 ]. One of the companies offering small-scale hydrogen production solutions is HyGear (Netherlands). It develops on-site hydrogen production systems, especially for industrial applications, and reduces costs with gas recycling technologies [ 28 ]. These companies often offer technological innovations in the field of hydrogen energy in cooperation with large companies or governments. These companies play an important role in the widespread use and production of energy resources [ 29 ]. The widespread use and production of hydrogen is also of great importance for Azerbaijan. The study evaluated the approaches of companies operating in the country to state and financial regulation in order to spread the production and use of hydrogen in Azerbaijan. 2. Hydrogen Energy Use in Azerbaijan Azerbaijan is one of the countries that is rich in energy resources and also produces it [ 30 ]. Although the use of hydrogen energy in Azerbaijan is still in its early stages, the country is evaluating the potential opportunities for hydrogen technologies to achieve its energy transition and sustainable development goals. Azerbaijan has significant potential in terms of renewable energy sources such as solar and wind. In particular, the production of green hydrogen with electricity from wind energy creates an opportunity for the country. The development of hydrogen energy can increase energy diversity by integrating it with electricity produced from these renewable sources. Azerbaijan is traditionally rich in oil and natural gas. However, global climate change targets and pressures to reduce carbon emissions require the country to move away from fossil fuels and invest in clean energy solutions. In this context, the production of “blue hydrogen” (with carbon capture and storage technology) from natural gas could be an important option in Azerbaijan’s energy sector transformation. Graph 1 shows the source of electricity produced in Azerbaijan. As can be seen from Chart 1, electricity production from gas has increased in Azerbaijan in recent years. To be more specific, electricity production from gas was calculated as 151.22 TWh in 2023, while electricity production from oil was calculated as 71.34 TWh. On the other hand, the amount of electricity obtained from solar, wind and hydroelectricity were very low. Efforts in the green hydrogen have been strengthened in recent years in Azerbaijan. In particular, consistent strategic steps are being taken in the direction of exporting "green energy" with international energy companies. The implementation of "green energy" projects and the production of green hydrogen are carried out with energy companies such as "Masdar", "ACWA Power", and "Fortescue Future Industries" [ 31 ]. 3. Hypotheses In this part of the study, some hypotheses were developed to evaluate the approaches of companies operating in Azerbaijan towards the use of hydrogen energy from different perspectives. In this process, the basic characteristics of the companies, namely the size of the company, its field of activity, its duration of activity and whether the company conducts environmentally friendly commercial activities, were investigated based on their environmental approaches, state regulation approaches and financial approaches. In this context, three main hypotheses were formed in the study. 3.1. State regulation approaches to hydrogen energy Government regulations are important in the field of hydrogen energy. Making the necessary regulations for the development and expansion of the hydrogen energy sector can greatly benefit the development of this sector. In other words, government policies can provide a strategic environment to direct both the private sector and the general public to more sustainable energy sources in the context of hydrogen energy. By actively making regulations, the state contributes to the acceleration of investments in hydrogen energy and the reduction of carbon emissions. On the other hand, having a legal basis for hydrogen energy production and regulating this production will eliminate questions and hesitations that investors may have. Laws that aim to reduce emissions of harmful gases will encourage innovations in this area. In addition, support for R&D in the field of hydrogen energy within the framework of state regulation will contribute to the growth of production [32-34]. So, the first hypothesis of the study aims to evaluate the approaches of companies with different characteristics to government regulation. Since government regulations impact companies at different levels, companies’ approaches to hydrogen energy regulations may also differ. In order to determine which characteristics, cause the differences, the first hypothesis of the study can be derived as follows: Hypothesis 1 (H1). The state regulation approaches to hydrogen energy vary in terms of business characteristics. Hypothesis 1a (H1a). The state regulation approaches to hydrogen energy vary in terms of the field of activity of the enterprise. Hypothesis 1b (H1b). The state regulation approaches to hydrogen energy vary in terms of the operating year of the business. Hypothesis 1c (H1c). The state regulation approaches to hydrogen energy vary in terms of the size of the business. 3.2. Financial approaches to hydrogen energy Providing different incentives in the form of tax breaks, tax credits or non-refundable grants by governments can increase hydrogen energy production. In addition, applying different taxes on fossil fuel emissions, such as carbon taxes, can reduce fossil fuel use and shift producers and consumers to cleaner energy sources and technologies. To this end, innovation is encouraged and producers and consumers can be shifted to more sustainable choices. In other words, financial regulations, especially incentives and disincentives, are of great importance in this context. Investments in infrastructure, especially in the field of hydrogen energy, stimulate the implementation of modern infrastructure projects in this field and the introduction of innovative and efficient technologies [35-36]. Such application reduces overall energy losses and helps to use resources more efficiently. Moreover, providing low-interest loans, offering green bonds or allocating various funds to companies working in the field of hydrogen energy will allow them to expand their activities and production [37-39]. Energy-related crises are not only environmental but also financial issue. Different investments are required for countries to have cleaner and more sustainable energy resources. In order to collect the necessary capital, the state can implement incentive plans, provide various aids, and expand investments in this area. Government subsidies and green bonds can be widely used in this area. Allocating subsidies and providing tax incentives and credits for the projects can reduce the cost of renewable energy [40-46]. Financial advantages can make energy sources competitive with fossil fuels. Hypothesis 2 (H2). Financial approaches to hydrogen energy vary in terms of business characteristics. Hypothesis 2a (H2a). Financial approaches to hydrogen energy vary in terms of the field of activity of the enterprise. Hypothesis 2b (H2b). Financial approaches to hydrogen energy vary in terms of the operating year of the business. Hypothesis 2c (H2c). Financial approaches to hydrogen energy vary in terms of the size of the business. 4. Material and Methods The primary data collection technique was used in the study. The research questions were sent to 65 companies operating in Azerbaijan. The top managers of the enterprise filled out the questionnaire. The questionnaires were filled out by enterprises operating in different business areas, namely transportation, food, tourism, heavy industry and other sectors. This survey study conducted by the author was carried out between January and March 2024. IBM SPSS Statistics Version 26 was used in the analysis and evaluation of the data. The basic statements regarding all three approaches are given below. 1. The state regulation approaches to hydrogen energy: o Regulations that encourage innovation will improve the hydro energy system. o State funding and resource support will strengthen the hydro energy system. o The incentives provided by the state to the hydro energy system will support its development. o State environmentally friendly technology use control will improve the hydro energy system. 2. Financial approaches to hydrogen energy: o The use of hydro energy increases the company’s revenues in the long run. o Investment on hydro energy systems increase image of company and attracts more consumers. o The use of hydro energy increases the opportunity to earn carbon credits. o The use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses. In order to conduct the ANOVA analysis, the central limit theorem was relied upon and a minimum sample size of 30 (n 30) was provided [47-48]. In addition, skewness and kurtosis coefficients were also measured to evaluate whether the quantitative variable used in the study showed a normal distribution (Table 1). Table 1. Skewness and Kurtosis coefficients of the variables. Descriptives Statistic Std. Error State regulation approaches Skewness 0.389 0.101 Kurtosis 0.225 0.318 Financial approaches Skewness 0.560 0.472 Kurtosis -0.673 0.581 The data in Table 1 show that the skewness and kurtosis values have values between -1 and +1 in all variables. In other words, since the obtained data showed a normal distribution, it is possible to apply the ANOVA test. 5. Data Analysis and Findings In the study, first of all, the reliability of the scales used in the analysis of the variables was measured with the Cronbach’s alpha method. According to Cronbach’s alpha method, for a scale to be considered reliable, its alpha value must be at least 0.70. Table 2 shows that the reliability values of each variable are greater than the generally accepted value (0.70). Table 2. Reliability statistics. Descriptives Cronbach’s Alpha Cronbach’s Alpha Based on Standardized Items N of Items State regulation approaches 0.984 0.990 4 Financial approaches 0.763 0.768 4 Additionally, the basic characteristics of the companies participating in the survey, namely field of activity, company scale and year of activity, are presented in this section. According to the results presented in Table 3, 32.0% of the enterprises have been operating for up to 5 years, 38.0% for 5-10 years, and 29% for 10 years and above. When the fields of activity of the enterprises participating in the survey are examined, it is seen that 28.0% operate in the food sector, 23.0% in the transportation sector, 17.0% in heavy industry, 20.0% in the tourism sector, and 12.0% in other sectors. When the scales of the enterprises are examined, 17% of the enterprises are large enterprises, 35% are medium-sized enterprises, and 48% are small enterprises. Table 3. Main characteristics of companies. Number Percent (%) Business field of activity Food industry 18 28 Transportation industry 15 23 Heavy industry 11 17 Tourism 13 20 Other 8 12 Business size Large enterprise 11 17 Mid-size enterprise 23 35 Small enterprise 31 48 Operating year Up to 5 years 21 32 Between 5-10 years 25 38 More than 10 years 19 29 6. Results The hypotheses of the research were tried to be proven by including the results of ANOVA analysis according to various variables. 6.1. Verification of Hypothesis 1 In order to prove the hypotheses presented above, the approaches of companies to state regulations on hydrogen energy were examined in terms of company size. Table 4 reveals the ANOVA results regarding company size and state regulation approaches. When the ANOVA table is reviewed, it is seen that the “Sig.” values for all components are less than 0.05. Based on this result got by applying one-way variance analysis, the H1a hypothesis was accepted. It means, it was found that the approaches to consumption size differed from each other according to the size of the companies with 95% confidence. Although the one-way ANOVA test result emphasizes that there is a difference, it does not clearly reflect which groups this difference occurs between. In other words, it is not possible to determine this difference depending on the size of the business. Tukey post-hoc test was used in the study to find this difference. Table 4. ANOVA results regarding state regulation approaches and business size. ANOVA Sum of Squares df Mean Square F Sig. Regulations that encourage innovation will improve the hydro energy system. Between Groups 30.560 2 15280 8,322 0.000 Within Groups 113.840 62 1836 Total 144.400 64 State funding and resource support will strengthen the hydro energy system. Between Groups 37.739 2 18869,5 12,821 0.000 Within Groups 91.247 62 1472 Total 128.986 64 The incentives provided by the state to the hydro energy system will support its development. Between Groups 28.195 2 14097,5 12,927 0.001 Within Groups 67.615 62 1091 Total 95.810 64 State environmentally friendly technology use control will improve the hydro energy system. Between Groups 19.520 2 9760 7,467 0.001 Within Groups 81.041 62 1307 Total 100.561 64 The results obtained from the Tukey post-hoc test show that there is a difference between the approaches of large-sized, medium-sized and small-sized companies (see Appendix A Table A1). In other words, the statement ‘Regulations that encourage innovation will improve the hydro energy system.’ was more positively received by large and medium-sized companies. On the other hand, the approach to the statement ‘State funding and resource support will strengthen the hydro energy system.’ differed in terms of small and large enterprises. Small enterprises, compared to large enterprises, think that state funding and resource support will strengthen the hydropower system. Another difference was seen in the approach of small enterprises and medium and large enterprises to the statement ‘The incentives provided by the state to the hydro energy system will support its development.’ Unlike the other two types of enterprises, small enterprises did not think that the incentives provided by the state to hydropower systems would support the development of the hydropower system. The last approach aimed to evaluate the companies’ approaches to the state’s control of the use of environmentally friendly technologies. The results obtained revealed that this difference is between medium and large enterprises. In other words, medium-sized companies think that the state’s control of the use of environmentally friendly technologies will improve the hydropower system compared to large-sized companies. So, H1a was accepted according to the results obtained. The ANOVA test results for the proof of the H1b hypothesis are presented in Table 5. Based on results (“Sig.” values are less than 0.05) which is given in Table 5, it was found that the state regulation approaches to hydrogen energy vary in terms of the operating year of the business. Table 5. ANOVA results regarding state regulation approaches and operating year of the business. ANOVA Sum of Squares df Mean Square F Sig. Regulations that encourage innovation will improve the hydro energy system. Between Groups 18.025 2 9012,5 7,596 0.001 Within Groups 73.560 62 1186 Total 91.585 64 State funding and resource support will strengthen the hydro energy system. Between Groups 40.126 2 20063 15,546 0.000 Within Groups 80.017 62 1291 Total 120.143 64 The incentives provided by the state to the hydro energy system will support its development. Between Groups 35.201 2 17600,5 13,098 0.000 Within Groups 83.311 62 1344 Total 118.512 64 State environmentally friendly technology use control will improve the hydro energy system. Between Groups 24.365 2 12182,5 6,514 0.002 Within Groups 115.961 62 1870 Total 140.326 64 After the ANOVA results regarding the company's year of operation and government regulation approaches, the results of the Tukey post-hoc test clearly determined the source of the difference (see Appendix A Table A2). The first difference is observed between the attitude of enterprises operating for 5-10 years and those operating for more than 10 years. Enterprises operating for 5-10 years have a positive attitude towards government regulations aimed precisely at encouraging innovation. The statement 'State funding and resource support will strengthen the hydro energy system' was received more positively by companies operating for up to 5 years compared to companies operating for more than 10 years. The idea that ‘The incentives provided by the state to the hydro energy system will support its development’ was mostly stated by companies operating between 5-10 years. This approach difference was stated among organizations operating up to 5 years. The idea that environmentally friendly technology use state control will improve the hydro energy system was again supported by companies that have been operating for 5-10 years. However, this time this approach difference was found among organizations that have been operating for more than 10 years. So, H1b was accepted according to the results obtained. The analysis below aims to prove hypothesis H1c. The data presented in Table 6 also show that hypothesis H1c is supported. Because Sig values have values less than 0.05. Since these results allowed to perform Tukey post-hoc test, its results are presented in Appendix A Table A3. Table 6. ANOVA results regarding state regulation approaches and business field. ANOVA Sum of Squares Df Mean Square F Sig. Regulations that encourage innovation will improve the hydro energy system. Between Groups 35.092 3 11697,33 8,829 0.001 Within Groups 80.811 61 1324,77 Total 115.903 64 State funding and resource support will strengthen the hydro energy system. Between Groups 52.653 3 17551 10,479 0.000 Within Groups 102.171 61 1674,934 Total 154.824 64 The incentives provided by the state to the hydro energy system will support its developments. Between Groups 29.588 3 9862,667 9,593 0.001 Within Groups 62.714 61 1028,098 Total 92.302 64 State environmentally friendly technology use control will improve the hydro energy system. Between Groups 30.515 3 10171,67 11,501 0.000 Within Groups 53.951 61 884,4426 Total 84.466 64 So, H1c was accepted according to the results obtained. Following the ANOVA results, the results of the Tukey post-hoc test are presented in Appendix A Table A3. According to the results obtained, the first difference is seen between the attitudes of enterprises in the heavy industry and those operating in the transportation sector. Heavy industry enterprises mostly have a positive attitude towards regulations that encourage innovation and believe that these regulations will improve the hydropower system. On the other hand, the statement 'State funding and resource support will strengthen the hydro energy system' was received more positively by companies operating in the tourism sector compared to companies operating in the transportation sector. While the approach on ‘incentives provided by the state to hydropower systems will support the development of the hydropower system’ was mostly supported by companies operating in the transportation sector, companies operating in the food sector had a more negative view. Companies in the transportation sector have a positive view of the idea that state control of the use of environmentally friendly technologies will improve the hydropower system. This approach was mostly received negatively by heavy industry organizations. 5.2. Verification of Hypothesis 2 After the first hypothesis was proven, the study investigated whether financial approaches varied according to the characteristics of the companies. In the second hypothesis, it was first found whether financial approaches varied according to the size of the companies. In the ANOVA analysis conducted to prove the H2a hypothesis, it was concluded that the financial dimension did not differ according to the size of the company because the "Sig." value was greater than 0.05 (Table 7). In other words, there is no significant difference between the averages of the answers given by the companies grouped according to their business size. Within the scope of this result, H2a was rejected. Table 7. ANOVA results regarding financial approaches and business size. ANOVA Sum of Squares df Mean Square F Sig. The use of hydro energy increases the company’s revenues in the long run. Between Groups 13.588 2 6794 2,357 0.622 Within Groups 178.714 62 2882 Total 192.302 64 Investment on hydro energy systems increase image of company and attracts more consumers. Between Groups 11.408 2 5704 2,286 0.605 Within Groups 154.721 62 2496 Total 166.129 64 The use of hydro energy increases the opportunity to earn carbon credits. Between Groups 10.807 2 5403,5 1,870 0.750 Within Groups 179.140 62 2889 Total 189.947 64 The use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses. Between Groups 14.695 2 7347,5 2,694 0.637 Within Groups 169.096 62 2727 Total 183.791 64 A similar result was observed in the approaches of the groups that differed in terms of operating year of the business regarding the financial dimension. Namely, in the ANOVA analysis, the “Sig.” value was greater than 0.05 (Table 8). These values reflect that the responses of companies to the choices given in terms of business fields do not differ. As a result, H2b was rejected. Table 8. ANOVA results regarding financial approaches and operating year of the business. ANOVA Sum of Squares df Mean Square F Sig. The use of hydro energy increases the company’s revenues in the long run. Between Groups 6.020 2 3010 3,127 0.851 Within Groups 59.683 62 963 Total 65.703 64 Investment on hydro energy systems increase image of company and attracts more consumers. Between Groups 3.784 2 1892 1,288 0.558 Within Groups 91.107 62 1469 Total 94.891 64 The use of hydro energy increases the opportunity to earn carbon credits. Between Groups 7.670 2 3835 2,615 0.770 Within Groups 90.916 62 1466 Total 98.586 64 The use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses. Between Groups 3.588 2 1794 2,283 0.731 Within Groups 48.714 62 786 Total 52.302 64 The results of the analysis conducted to test H2c are presented in Table 9. The results of the variance analysis in terms of the financial size and field of activity of the companies are shown separately for each statement. Table 9 . ANOVA results regarding financial approaches and business field. ANOVA Sum of Squares Df Mean Square F Sig. The use of hydro energy increases the company’s revenues in the long run. Between Groups 12.092 4 3023 1,817 0.710 Within Groups 99.811 60 1664 Total 111.903 64 Investment on hydro energy systems increase image of company and attracts more consumers. Between Groups 4.653 4 1163,25 1,024 0.501 Within Groups 68.171 60 1136 Total 72.824 64 The use of hydro energy increases the opportunity to earn carbon credits. Between Groups 10.589 4 2647,25 1,197 1.569 Within Groups 132.714 60 2212 Total 143.303 64 The use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses. Between Groups 18.802 4 4700,5 1,662 0.657 Within Groups 169.734 60 2829 Total 188.536 64 The values given in Table 9 indicate that there is no difference in each approach. There is no difference between the financial approaches of the companies grouped according to the field of study. Based on this result, H2c was rejected. Conclusion Azerbaijan has made several commitments to reduce carbon emissions and achieve sustainable development goals. The use of hydrogen energy can be a critical solution to achieve these goals, especially in difficult decarbonization sectors such as transportation and heavy industry. Additionally, hydrogen fuel cell vehicles and the use of hydrogen in industrial processes can make a significant contribution to efforts to reduce its carbon footprint. The transportation sector is one of the areas where hydrogen is potentially used. Hydrogen-powered fuel cell vehicles can be used in this area. In particular, it can be used in heavy-duty vehicles and public transportation systems. Azerbaijan can contribute to the decarbonization of transportation by investing in projects that promote the use of hydrogen in the public transportation and logistics sectors. Azerbaijan’s industrial sector can also be integrated with hydrogen energy. Ensuring and expanding the use of hydrogen, especially in carbon-intensive sectors such as steel production and the chemical industry, will help transition to sustainability in these areas. The preparation of a comprehensive production or consumption infrastructure for hydrogen energy in Azerbaijan, encouraging various companies to develop pilot projects in this field and invest in research will contribute to the expansion of hydrogen energy technologies. The following steps can be taken to expand government regulation investments in the field of hydrogen energy. 1. Tax incentives. Different incentives can be offered in the form of tax breaks, tax credits or non-refundable grants to make investments in the field of hydrogen energy attractive. These practices will encourage companies of different scales and fields to invest in the field of hydrogen energy. 2. Renewable energy targets and legal requirements in the field of hydrogen energy production. Legal requirements to reduce greenhouse gas emissions can provide significant motivation to transform energy production and consumption patterns. 3. Infrastructure investments. By investing directly in hydrogen energy infrastructure, the necessary infrastructure for energy production and distribution can be established. 4. Providing low-interest loans. Low-interest loans, green bonds and public funds can be allocated for hydrogen energy projects. 5. Providing R&D support. State-supported programs can be developed in the field of hydrogen energy to accelerate the development of sustainable energy technologies. Declarations Funding: This research received no external funding. Ethics, Consent to Participate, and Consent to Publish declarations : The study was conducted in accordance with the ethical standards as laid down in the 1964 Declaration of Helsinki, and its later amendments or comparable ethical standards, and approved by the Institutional Review Board (or Ethics Committee) of Economic Think (protocol code 202311 and date of approval 14 November 2023). Clinical trial is not applicable. Informed Consent Statement : Informed consent was obtained from all subjects involved in the study. Conflicts of Interest : The authors declare no conflict of interest. Author Contribution I have written and done everything. References Sadik-Zada ER. Political Economy of Green Hydrogen Rollout: A Global Perspective. Sustainability. 2021;13:13464. https://doi.org/10.3390/su132313464 . Małek A, Dudziak A, Caban J, Stoma M. Strategic Model for Yellow Hydrogen Production Using the Metalog Family of Probability Distributions. 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Secure Hydrogen Production Analysis and Prediction Based on Blockchain Service Framework for Intelligent Power Management System. Smart Cities. 2023;6:3192–224. https://doi.org/10.3390/smartcities6060142 . Li K, Zhang H, Zheng X, Liu C, Chen Q. Hydrogen Production by Water Electrolysis with Low Power and High Efficiency Based on Pre-Magnetic Polarization. Energies. 2022;15:1878. https://doi.org/10.3390/en15051878 . Cader J, Koneczna R, Olczak P. The Impact of Economic, Energy, and Environmental Factors on the Development of the Hydrogen Economy. Energies. 2021;14:4811. https://doi.org/10.3390/en14164811 . Zhu L, Hu L, Yüksel S, Dinçer H, Karakuş H, Ubay GG. Analysis of Strategic Directions in Sustainable Hydrogen Investment Decisions. Sustainability. 2020;12:4581. https://doi.org/10.3390/su12114581 . AlZohbi G. An Overview of Hydrogen Energy Generation. ChemEngineering. 2024;8:17. https://doi.org/10.3390/chemengineering8010017 . Zhang F, Zhao P, Niu M, Maddy J. The survey of key technologies in hydrogen energy storage. Int J Hydrogen Energy. 2016;41:14535–52. Air Liquide. https://www.airliquide.com/group/activities/hydrogen Power P. https://www.plugpower.com/hydrogen/electrolyzer-hydrogen/ Power ITM. https://itm-power.com/markets/power-to-gas-energy-storage Toyota. https://www.toyota.com/mirai/ H2Pro. https://www.h2pro.co/hydrogen Enapter. https://www.enapter.com/ HyGear. https://hygear.com/technologies/steam-methane-reforming/ ?utm_source=google&utm_medium=cpc&utm_campaign=14870107912 &utm_adgroup=131587411161&gad_source=1&gclid=Cj0KCQjw99e4BhDiARIsAISE7P9GSNcOSAn-d4dgho OyX_B4F6yd0-LsPxoPv-kZ4ge8VhCoAHuiwMkaAlNfEALw_wcB Sadik-Zada ER, Gatto A, Aldieri L, Bimonte G, Senatore L, Vinci CP. Game Theory Applications to Socio-Environmental Studies, Development Economics, and Sustainability Research. Games. 2024;15:5. https://doi.org/10.3390/g15010005 . Valiyev V, Suleymanov A, Namazova N. A Small Macro Econometric Model of Azerbaijan Economy. J Ecohumanism. 2024;3(7):1051–63. Hidrogen enerjisi. 11-07-2023 15:35. https://minenergy.gov.az/az/maariflendirici-melumat/hidrogen-enerjisi Lee D, Kim K. Research and Development Investment and Collaboration Framework for the Hydrogen Economy in South Korea. Sustainability. 2021;13:10686. https://doi.org/10.3390/su131910686 . Magazzino C, Mele M, Leogrande A. Regional Disparities and Strategic Implications of Hydrogen Production in 27 European Countries. Reg Sci Environ Econ. 2024;1:3–30. https://doi.org/10.3390/rsee1010002 . Li L, Wang S, Zhang S, Liu D, Ma S. The Hydrogen Energy Infrastructure Location Selection Model: A Hybrid Fuzzy Decision-Making Approach. Sustainability. 2023;15:10195. https://doi.org/10.3390/su151310195 . Marouani I, Guesmi T, Alshammari BM, Alqunun K, Alzamil A, Alturki M, Hadj Abdallah H. Integration of Renewable-Energy-Based Green Hydrogen into the Energy Future. Processes. 2023;11:2685. https://doi.org/10.3390/pr11092685 . Migliavacca G, Carlini C, Domenighini P, Zagano C, Hydrogen. Prospects and Criticalities for Future Development and Analysis of Present EU and National Regulation. Energies. 2024;17:4827. https://doi.org/10.3390/en17194827 . Hadaś-Dyduch M, Puszer B, Czech M, Cichy J. Green Bonds as an Instrument for Financing Ecological Investments in the V4 Countries. Sustainability. 2022;14:12188. https://doi.org/10.3390/su141912188 . Lin R, Ma G, Cao J. Do Green Bonds Help to Improve Enterprises’ Financing Efficiency? Empirical Evidence Based on Chinese A-Share Listed Enterprises. Sustainability. 2024;16:7472. https://doi.org/10.3390/su16177472 . Hassan Q, Azzawi IDJ, Sameen AZ, Salman HM. Hydrogen Fuel Cell Vehicles: Opportunities and Challenges. Sustainability. 2023;15:11501. https://doi.org/10.3390/su151511501 . Cheekatamarla P. Hydrogen and the Global Energy Transition—Path to Sustainability and Adoption across All Economic Sectors. Energies. 2024;17:807. https://doi.org/10.3390/en17040807 . Oladapo BI, Olawumi MA, Omigbodun FT. Renewable Energy Credits Transforming Market Dynamics. Sustainability. 2024;16:8602. https://doi.org/10.3390/su16198602 . Supriyanto E, Sentanuhady J, Hasan WH, Nugraha AD, Muflikhun MA. Policy and Strategies of Tariff Incentives Related to Renewable Energy: Comparison between Indonesia and Other Developing and Developed Countries. Sustainability. 2022;14:13442. https://doi.org/10.3390/su142013442 . Zeynalova Z. Overview of International Tax Competition. Astra Salvensis. 2022;1:443–55. Du H, Hu J, Wu H, Li T, Chen L. Analysis of the Threshold Effect of Renewable Energy Industry Subsidies Based on the Perspective of Industry Life Cycle. Sustainability. 2023;15:15199. https://doi.org/10.3390/su152115199 . Hu L, Chen Y, Fan T. The Influence of Government Subsidies on the Efficiency of Technological Innovation: A Panel Threshold Regression Approach. Sustainability. 2023;15:534. https://doi.org/10.3390/su15010534 . Xu X, Chen X, Xu Y, Wang T, Zhang Y. Improving the Innovative Performance of Renewable Energy Enterprises in China: Effects of Subsidy Policy and Intellectual Property Legislation. Sustainability. 2022;14:8169. https://doi.org/10.3390/su14138169 . Mammadli M. Environmentally Responsible Business Approaches in Azerbaijan. Sustainability. 2022;14:6227. https://doi.org/10.3390/su14106227 . Hair JF, Hult GTM, Ringle CM, Sarstedt M. A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). 3rd ed. Thousand Oaks, CA, USA: Sage; 2022. Additional Declarations No competing interests reported. Supplementary Files AppendixA.docx Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6531924","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":456369352,"identity":"5f074572-4d6f-4f1e-86dc-e320a35c39d4","order_by":0,"name":"Mubariz Mammadli","email":"data:image/png;base64,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","orcid":"","institution":"Azerbaijan State University of Economics","correspondingAuthor":true,"prefix":"","firstName":"Mubariz","middleName":"","lastName":"Mammadli","suffix":""}],"badges":[],"createdAt":"2025-04-26 00:38:08","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-6531924/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6531924/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":82889443,"identity":"186eeb33-3a49-4073-b093-8f14097b3541","added_by":"auto","created_at":"2025-05-16 12:06:02","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":61342,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eGraph 1. Electricity production by source, Azerbaijan\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eSource: https://ourworldindata.org/energy/country/azerbaijan#how-much-energy-does-the-country-consume-each-year\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-6531924/v1/a19cd943e9c1ea5e643caf1e.png"},{"id":87931571,"identity":"2c0e5a2f-8333-40f3-96b7-285dff155f7d","added_by":"auto","created_at":"2025-07-30 13:39:41","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1068749,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6531924/v1/206915db-949d-4b93-80aa-10b43bb8ec8c.pdf"},{"id":82889442,"identity":"e2135aa6-b91e-4137-8015-088c3b6eda47","added_by":"auto","created_at":"2025-05-16 12:06:02","extension":"docx","order_by":2,"title":"","display":"","copyAsset":false,"role":"supplement","size":42542,"visible":true,"origin":"","legend":"","description":"","filename":"AppendixA.docx","url":"https://assets-eu.researchsquare.com/files/rs-6531924/v1/6543a5a70697b0511e5a6b65.docx"}],"financialInterests":"No competing interests reported.","formattedTitle":"\u003cp\u003eFinancial and State Regulation Approaches of Companies to Hydrogen Energy\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eHydrogen offers a substantial potential for the sustainable transformation of the energy and transportation systems and decarbonization of heavy to abate sectors like metallurgy or cement industries that have a relatively high carbon footprint. Renewable hydrogen is going to play a central role important role in energy production, storage and transportation, and is an alternative to the use of fossil fuels in many sectors. The importance of hydrogen energy is especially due to the reduction of carbon emissions [\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e1\u003c/span\u003e]. Hydrogen produces only water vapor when burned or used in fuel cells. It does not emit carbon dioxide (CO₂) or other greenhouse gases, making it a completely clean and environmentally friendly energy source. Green hydrogen, in particular, is completely zero-emission when obtained from renewable energy sources [\u003cspan additionalcitationids=\"CR3 CR4\" citationid=\"CR2\" class=\"CitationRef\"\u003e2\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e5\u003c/span\u003e]. The use of hydrogen, especially in carbon-intensive sectors such as transportation, industry and energy production, greatly reduces carbon emissions.\u003c/p\u003e \u003cp\u003eHydrogen is the most abundant element in the universe. Although it is rare in nature in its free form, it is widely found in compounds such as water (H₂O) and natural gas (CH₄). It is possible to produce hydrogen from these compounds. Hydrogen, especially obtained by electrolysis of water, is a completely sustainable energy source when produced with renewable resources [\u003cspan additionalcitationids=\"CR7\" citationid=\"CR6\" class=\"CitationRef\"\u003e6\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e8\u003c/span\u003e].\u003c/p\u003e \u003cp\u003eHydrogen also offers a very effective solution in terms of energy storage. There may be interruptions in the use of renewable energy sources (solar, wind etc.) at times [\u003cspan additionalcitationids=\"CR10\" citationid=\"CR9\" class=\"CitationRef\"\u003e9\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e11\u003c/span\u003e]. The advantage of hydrogen is that it can be stored and made available when needed. This feature of hydrogen increases the reliability of electrical networks and helps balance energy supply [\u003cspan additionalcitationids=\"CR13\" citationid=\"CR12\" class=\"CitationRef\"\u003e12\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e14\u003c/span\u003e]. Hydrogen provides diversity and security in energy supply. Reducing fossil fuel dependency helps countries diversify their energy sources. In addition, the ability to produce hydrogen locally provides a strategic advantage in terms of energy security [\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e15\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e16\u003c/span\u003e].\u003c/p\u003e \u003cp\u003eHydrogen is an element with a high energy density per mass. This means that the same amount of hydrogen can carry more energy than other energy sources. For example, the energy density of hydrogen is about three times higher than that of gasoline. This feature is especially advantageous in areas with high energy demands, such as heavy transportation and aviation [\u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e17\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e18\u003c/span\u003e].\u003c/p\u003e \u003cp\u003eToday, many companies operate and invest in the field of hydrogen energy [\u003cspan additionalcitationids=\"CR20\" citationid=\"CR19\" class=\"CitationRef\"\u003e19\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e21\u003c/span\u003e]. These companies focus on developing hydrogen technologies and infrastructure as part of the clean energy transition. Some examples of companies in the field of hydrogen energy are Air Liquide (France), Plug Power (USA), ITM Power (UK), Siemens Energy (Germany), Ballard Power Systems (Canada), Siemens Energy (Germany), Nel ASA (Norway), Hydrogenics (Canada), etc. Air Liquide is a global leader in hydrogen production and storage. It carries out various projects related to hydrogen production from renewable energy sources and fuel cells. Air Liquide has installed more than 200 hydrogen stations around the world over 20 years [\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e22\u003c/span\u003e]. Plug Power is an American company that produces hydrogen fuel cells. It develops hydrogen fuel cells for industrial vehicles and energy storage systems [\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e23\u003c/span\u003e]. ITM Power is a company that specializes in hydrogen production through electrolysis technology. It develops infrastructure projects that produce hydrogen with renewable energy [\u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e24\u003c/span\u003e]. Toyota is a leader in developing hydrogen-powered vehicles in particular. Toyota Mirai is one of the most well-known models among hydrogen fuel cell vehicles [\u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e25\u003c/span\u003e]. As can be seen, large companies worldwide attach importance to the use of hydrogen energy and are expanding their activities in this area. These companies draw attention with large-scale projects and investments by emphasizing the critical role of hydrogen energy in clean energy transformation. In addition to multinational companies in hydrogen energy production, the role of small companies is also seen to be significant. Small-scale companies operating in hydrogen energy production generally develop innovative technologies and act as suppliers to large players. These small companies offer various innovative solutions to improve hydrogen production processes, increase efficiency and reduce costs. H2Pro (Israel) can be shown as an example of newly established companies operating in hydrogen energy production. It is a company that aims to reduce hydrogen production costs with an innovative water separation technology. Founded in 2019, H2Pro has developed the \"E-TAC\" technology, which offers a more efficient process than traditional electrolysis [\u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e26\u003c/span\u003e].\u003c/p\u003e \u003cp\u003eEnapter (Germany) is a company that develops modular and cost-effective electrolyzers for hydrogen production. Aiming to be responsible for 10% of global hydrogen production capacity by 2050, this company currently offers solutions that are particularly suitable for small-scale projects and distributed energy systems [\u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e27\u003c/span\u003e]. One of the companies offering small-scale hydrogen production solutions is HyGear (Netherlands). It develops on-site hydrogen production systems, especially for industrial applications, and reduces costs with gas recycling technologies [\u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e28\u003c/span\u003e]. These companies often offer technological innovations in the field of hydrogen energy in cooperation with large companies or governments. These companies play an important role in the widespread use and production of energy resources [\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e29\u003c/span\u003e].\u003c/p\u003e \u003cp\u003eThe widespread use and production of hydrogen is also of great importance for Azerbaijan. The study evaluated the approaches of companies operating in the country to state and financial regulation in order to spread the production and use of hydrogen in Azerbaijan.\u003c/p\u003e"},{"header":"2. Hydrogen Energy Use in Azerbaijan","content":"\u003cp\u003eAzerbaijan is one of the countries that is rich in energy resources and also produces it [\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e30\u003c/span\u003e]. Although the use of hydrogen energy in Azerbaijan is still in its early stages, the country is evaluating the potential opportunities for hydrogen technologies to achieve its energy transition and sustainable development goals. Azerbaijan has significant potential in terms of renewable energy sources such as solar and wind. In particular, the production of green hydrogen with electricity from wind energy creates an opportunity for the country. The development of hydrogen energy can increase energy diversity by integrating it with electricity produced from these renewable sources.\u003c/p\u003e \u003cp\u003eAzerbaijan is traditionally rich in oil and natural gas. However, global climate change targets and pressures to reduce carbon emissions require the country to move away from fossil fuels and invest in clean energy solutions. In this context, the production of \u0026ldquo;blue hydrogen\u0026rdquo; (with carbon capture and storage technology) from natural gas could be an important option in Azerbaijan\u0026rsquo;s energy sector transformation.\u003c/p\u003e \u003cp\u003eGraph 1 shows the source of electricity produced in Azerbaijan.\u003c/p\u003e\u003cp\u003eAs can be seen from Chart 1, electricity production from gas has increased in Azerbaijan in recent years. To be more specific, electricity production from gas was calculated as 151.22 TWh in 2023, while electricity production from oil was calculated as 71.34 TWh. On the other hand, the amount of electricity obtained from solar, wind and hydroelectricity were very low.\u003c/p\u003e \u003cp\u003eEfforts in the green hydrogen have been strengthened in recent years in Azerbaijan. In particular, consistent strategic steps are being taken in the direction of exporting \"green energy\" with international energy companies. The implementation of \"green energy\" projects and the production of green hydrogen are carried out with energy companies such as \"Masdar\", \"ACWA Power\", and \"Fortescue Future Industries\" [\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e31\u003c/span\u003e].\u003c/p\u003e"},{"header":"3. Hypotheses","content":"\u003cp\u003eIn this part of the study, some hypotheses were developed to evaluate the approaches of companies operating in Azerbaijan towards the use of hydrogen energy from different perspectives. In this process, the basic characteristics of the companies, namely the size of the company, its field of activity, its duration of activity and whether the company conducts environmentally friendly commercial activities, were investigated based on their environmental approaches, state regulation approaches and financial approaches. In this context, three main hypotheses were formed in the study.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e3.1. State regulation approaches to hydrogen energy\u0026nbsp;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eGovernment regulations are important in the field of hydrogen energy. Making the necessary regulations for the development and expansion of the hydrogen energy sector can greatly benefit the development of this sector. In other words, government policies can provide a strategic environment to direct both the private sector and the general public to more sustainable energy sources in the context of hydrogen energy. By actively making regulations, the state contributes to the acceleration of investments in hydrogen energy and the reduction of carbon emissions. On the other hand, having a legal basis for hydrogen energy production and regulating this production will eliminate questions and hesitations that investors may have. Laws that aim to reduce emissions of harmful gases will encourage innovations in this area. In addition, support for R\u0026amp;D in the field of hydrogen energy within the framework of state regulation will contribute to the growth of production [32-34].\u003c/p\u003e\n\u003cp\u003eSo, the first hypothesis of the study aims to evaluate the approaches of companies with different characteristics to government regulation. Since government regulations impact companies at different levels, companies\u0026rsquo; approaches to hydrogen energy regulations may also differ. In order to determine which characteristics, cause the differences, the first hypothesis of the study can be derived as follows:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 1 (H1).\u003cem\u003e\u0026nbsp;\u003c/em\u003e\u003c/strong\u003e\u003cem\u003eThe state regulation approaches to hydrogen energy vary in terms of business characteristics.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 1a (H1a).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eThe state regulation approaches to hydrogen energy vary in terms of the field of activity of the enterprise.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 1b (H1b).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eThe state regulation approaches to hydrogen energy vary in terms of the operating year of the business.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 1c (H1c).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eThe state regulation approaches to hydrogen energy vary in terms of the size of the business.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e3.2. Financial approaches to hydrogen energy\u0026nbsp;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eProviding different incentives in the form of tax breaks, tax credits or non-refundable grants by governments can increase hydrogen energy production. In addition, applying different taxes on fossil fuel emissions, such as carbon taxes, can reduce fossil fuel use and shift producers and consumers to cleaner energy sources and technologies. To this end, innovation is encouraged and producers and consumers can be shifted to more sustainable choices. In other words, financial regulations, especially incentives and disincentives, are of great importance in this context.\u003c/p\u003e\n\u003cp\u003eInvestments in infrastructure, especially in the field of hydrogen energy, stimulate the implementation of modern infrastructure projects in this field and the introduction of innovative and efficient technologies [35-36]. Such application reduces overall energy losses and helps to use resources more efficiently. Moreover, providing low-interest loans, offering green bonds or allocating various funds to companies working in the field of hydrogen energy will allow them to expand their activities and production [37-39].\u003c/p\u003e\n\u003cp\u003eEnergy-related crises are not only environmental but also financial issue. Different investments are required for countries to have cleaner and more sustainable energy resources. In order to collect the necessary capital, the state can implement incentive plans, provide various aids, and expand investments in this area.\u003c/p\u003e\n\u003cp\u003eGovernment subsidies and green bonds can be widely used in this area. Allocating subsidies and providing tax incentives and credits for the projects can reduce the cost of renewable energy [40-46]. Financial advantages can make energy sources competitive with fossil fuels.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 2 (H2).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eFinancial approaches to hydrogen energy vary in terms of business characteristics.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 2a (H2a).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eFinancial approaches to hydrogen energy vary in terms of the field of activity of the enterprise.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 2b (H2b).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eFinancial approaches to hydrogen energy vary in terms of the operating year of the business.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHypothesis 2c (H2c).\u0026nbsp;\u003c/strong\u003e\u003cem\u003eFinancial approaches to hydrogen energy vary in terms of the size of the business.\u003c/em\u003e\u003c/p\u003e"},{"header":"4. Material and Methods","content":"\u003cp\u003eThe primary data collection technique was used in the study. The research questions were sent to 65 companies operating in Azerbaijan. The top managers of the enterprise filled out the questionnaire. The questionnaires were filled out by enterprises operating in different business areas, namely transportation, food, tourism, heavy industry and other sectors. This survey study conducted by the author was carried out between January and March 2024. IBM SPSS Statistics Version 26 was used in the analysis and evaluation of the data.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe basic statements regarding all three approaches are given below.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; \u0026nbsp;The state regulation approaches to hydrogen energy:\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eo Regulations that encourage innovation will improve the hydro energy system.\u003c/p\u003e\n\u003cp\u003eo State funding and resource support will strengthen the hydro energy system.\u003c/p\u003e\n\u003cp\u003eo The incentives provided by the state to the hydro energy system will support its development.\u003c/p\u003e\n\u003cp\u003eo State environmentally friendly technology use control will improve the hydro energy system.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; \u0026nbsp;Financial approaches to hydrogen energy:\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eo The use of hydro energy increases the company’s revenues in the long run.\u003c/p\u003e\n\u003cp\u003eo Investment on hydro energy systems increase image of company and attracts more consumers.\u003c/p\u003e\n\u003cp\u003eo The use of hydro energy increases the opportunity to earn carbon credits.\u003c/p\u003e\n\u003cp\u003eo The use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses.\u003c/p\u003e\n\u003cp\u003eIn order to conduct the ANOVA analysis, the central limit theorem was relied upon and a minimum sample size of 30 (n 30) was provided [47-48]. In addition, skewness and kurtosis coefficients were also measured to evaluate whether the quantitative variable used in the study showed a normal distribution (Table 1).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 1.\u003c/strong\u003e Skewness and Kurtosis coefficients of the variables.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd colspan=\"4\" valign=\"top\" style=\"width: 626px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDescriptives\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStatistic\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. Error\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003eState regulation approaches\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003eSkewness\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.389\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.101\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003eKurtosis\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.225\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.318\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003eFinancial approaches\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003eSkewness\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.560\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.472\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003eKurtosis\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e-0.673\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e0.581\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cp\u003eThe data in Table 1 show that the skewness and kurtosis values have values between -1 and +1 in all variables. In other words, since the obtained data showed a normal distribution, it is possible to apply the ANOVA test.\u003c/p\u003e\n\n\n\n\n\n\n\n"},{"header":"5. Data Analysis and Findings ","content":"\u003cp\u003eIn the study, first of all, the reliability of the scales used in the analysis of the variables was measured with the Cronbach’s alpha method. According to Cronbach’s alpha method, for a scale to be considered reliable, its alpha value must be at least 0.70. Table 2 shows that the reliability values of each variable are greater than the generally accepted value (0.70).\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eTable 2.\u003c/strong\u003e Reliability statistics.\u003c/p\u003e\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd colspan=\"4\" valign=\"top\" style=\"width: 626px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDescriptives\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCronbach’s Alpha\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 198px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCronbach’s Alpha Based on Standardized Items\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 107px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eN of Items\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003eState regulation approaches\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e0.984\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 198px;\"\u003e\n \u003cp\u003e0.990\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 107px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003eFinancial approaches\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e0.763\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 198px;\"\u003e\n \u003cp\u003e0.768\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 107px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eAdditionally, the basic characteristics of the companies participating in the survey, namely field of activity, company scale and year of activity, are presented in this section.\u003c/p\u003e\u003cp\u003eAccording to the results presented in Table 3, 32.0% of the enterprises have been operating for up to 5 years, 38.0% for 5-10 years, and 29% for 10 years and above. When the fields of activity of the enterprises participating in the survey are examined, it is seen that 28.0% operate in the food sector, 23.0% in the transportation sector, 17.0% in heavy industry, 20.0% in the tourism sector, and 12.0% in other sectors. When the scales of the enterprises are examined, 17% of the enterprises are large enterprises, 35% are medium-sized enterprises, and 48% are small enterprises.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eTable 3.\u003c/strong\u003e Main characteristics of companies.\u003c/p\u003e\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\"\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNumber\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u003cstrong\u003ePercent (%)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd colspan=\"3\" valign=\"top\" style=\"width: 626px;\"\u003e\n \u003cp\u003eBusiness field of activity\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eFood industry\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e18\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e28\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eTransportation industry\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e15\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e23\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eHeavy industry\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eTourism\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e13\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e20\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eOther\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e12\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eBusiness size\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eLarge enterprise\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eMid-size enterprise\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e23\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e35\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eSmall enterprise\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e31\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e48\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eOperating year\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eUp to 5 years\u003c/p\u003e\n \u003c/td\u003e\u003ctd style=\"width: 209px;\"\u003e\n \u003cp\u003e21\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e32\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eBetween 5-10 years\u003c/p\u003e\n \u003c/td\u003e\u003ctd style=\"width: 209px;\"\u003e\n \u003cp\u003e25\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e38\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\" style=\"width: 209px;\"\u003e\n \u003cp\u003eMore than 10 years\u003c/p\u003e\n \u003c/td\u003e\u003ctd style=\"width: 209px;\"\u003e\n \u003cp\u003e19\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"bottom\" style=\"width: 209px;\"\u003e\n \u003cp\u003e29\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e"},{"header":"6. Results","content":"\u003cp\u003eThe hypotheses of the research were tried to be proven by including the results of ANOVA analysis according to various variables.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e6.1. Verification of Hypothesis 1\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eIn order to prove the hypotheses presented above, the approaches of companies to state regulations on hydrogen energy were examined in terms of company size.\u003c/p\u003e\n\u003cp\u003eTable 4 reveals the ANOVA results regarding company size and state regulation approaches.\u003c/p\u003e\n\u003cp\u003eWhen the ANOVA table is reviewed, it is seen that the \u0026ldquo;Sig.\u0026rdquo; values for all components are less than 0.05. Based on this result got by applying one-way variance analysis, the H1a hypothesis was accepted. It means, it was found that the approaches to consumption size differed from each other according to the size of the companies with 95% confidence.\u003c/p\u003e\n\u003cp\u003eAlthough the one-way ANOVA test result emphasizes that there is a difference, it does not clearly reflect which groups this difference occurs between. In other words, it is not possible to determine this difference depending on the size of the business. Tukey post-hoc test was used in the study to find this difference.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 4.\u003c/strong\u003e ANOVA results regarding state regulation approaches and business size.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 520px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 354px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eRegulations that encourage innovation will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e30.560\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e15280\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e8,322\u003c/p\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e113.840\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1836\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e144.400\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eState funding and resource support will strengthen the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e37.739\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e18869,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e12,821\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e91.247\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1472\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e128.986\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe incentives provided by the state to the hydro energy system will support its development.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e28.195\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e14097,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e12,927\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e67.615\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1091\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e95.810\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eState environmentally friendly technology use control will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e19.520\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e9760\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e7,467\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e81.041\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1307\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e100.561\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe results obtained from the Tukey post-hoc test show that there is a difference between the approaches of large-sized, medium-sized and small-sized companies (see Appendix A Table A1). In other words, the statement \u0026lsquo;Regulations that encourage innovation will improve the hydro energy system.\u0026rsquo; was more positively received by large and medium-sized companies. On the other hand, the approach to the statement \u0026lsquo;State funding and resource support will strengthen the hydro energy system.\u0026rsquo; differed in terms of small and large enterprises. Small enterprises, compared to large enterprises, think that state funding and resource support will strengthen the hydropower system.\u003c/p\u003e\n\u003cp\u003eAnother difference was seen in the approach of small enterprises and medium and large enterprises to the statement \u0026lsquo;The incentives provided by the state to the hydro energy system will support its development.\u0026rsquo; Unlike the other two types of enterprises, small enterprises did not think that the incentives provided by the state to hydropower systems would support the development of the hydropower system.\u003c/p\u003e\n\u003cp\u003eThe last approach aimed to evaluate the companies\u0026rsquo; approaches to the state\u0026rsquo;s control of the use of environmentally friendly technologies. The results obtained revealed that this difference is between medium and large enterprises. In other words, medium-sized companies think that the state\u0026rsquo;s control of the use of environmentally friendly technologies will improve the hydropower system compared to large-sized companies.\u003c/p\u003e\n\u003cp\u003eSo, H1a was accepted according to the results obtained.\u003c/p\u003e\n\u003cp\u003eThe ANOVA test results for the proof of the H1b hypothesis are presented in Table 5. Based on results (\u0026ldquo;Sig.\u0026rdquo; values are less than 0.05) which is given in Table 5, it was found that the state regulation approaches to hydrogen energy vary in terms of the operating year of the business.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 5.\u003c/strong\u003e ANOVA results regarding state regulation approaches and operating year of the business.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 520px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 354px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eRegulations that encourage innovation will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e18.025\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e9012,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e7,596\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e73.560\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1186\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e91.585\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eState funding and resource support will strengthen the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e40.126\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e20063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e15,546\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e80.017\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1291\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e120.143\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe incentives provided by the state to the hydro energy system will support its development.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e35.201\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e17600,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e13,098\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e83.311\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1344\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e118.512\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eState environmentally friendly technology use control will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e24.365\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e12182,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e6,514\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e115.961\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1870\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e140.326\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eAfter the ANOVA results regarding the company\u0026apos;s year of operation and government regulation approaches, the results of the Tukey post-hoc test clearly determined the source of the difference (see Appendix A Table A2).\u003c/p\u003e\n\u003cp\u003eThe first difference is observed between the attitude of enterprises operating for 5-10 years and those operating for more than 10 years. Enterprises operating for 5-10 years have a positive attitude towards government regulations aimed precisely at encouraging innovation.\u003c/p\u003e\n\u003cp\u003eThe statement \u0026apos;State funding and resource support will strengthen the hydro energy system\u0026apos; was received more positively by companies operating for up to 5 years compared to companies operating for more than 10 years.\u003c/p\u003e\n\u003cp\u003eThe idea that \u0026lsquo;The incentives provided by the state to the hydro energy system will support its development\u0026rsquo; was mostly stated by companies operating between 5-10 years. This approach difference was stated among organizations operating up to 5 years.\u003c/p\u003e\n\u003cp\u003eThe idea that environmentally friendly technology use state control will improve the hydro energy system was again supported by companies that have been operating for 5-10 years. However, this time this approach difference was found among organizations that have been operating for more than 10 years.\u003c/p\u003e\n\u003cp\u003eSo, H1b was accepted according to the results obtained.\u003c/p\u003e\n\u003cp\u003eThe analysis below aims to prove hypothesis H1c. The data presented in Table 6 also show that hypothesis H1c is supported. Because Sig values have values less than 0.05. Since these results allowed to perform Tukey post-hoc test, its results are presented in Appendix A Table A3.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 6.\u003c/strong\u003e ANOVA results regarding state regulation approaches and business field.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 521px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 348px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37px;\"\u003e\n \u003cp\u003eDf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 70px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 274px;\"\u003e\n \u003cp\u003eRegulations that encourage innovation will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e35.092\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e11697,33\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e8,829\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e80.811\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e61\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e1324,77\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e115.903\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 70px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 274px;\"\u003e\n \u003cp\u003eState funding and resource support will strengthen the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e52.653\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e17551\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e10,479\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e102.171\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e61\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e1674,934\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e154.824\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 70px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 274px;\"\u003e\n \u003cp\u003eThe incentives provided by the state to the hydro energy system will support its developments.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e29.588\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e9862,667\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e9,593\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e62.714\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e61\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e1028,098\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e92.302\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 70px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 274px;\"\u003e\n \u003cp\u003eState environmentally friendly technology use control will improve the hydro energy system.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e30.515\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e10171,67\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e11,501\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e53.951\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e61\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 70px;\"\u003e\n \u003cp\u003e884,4426\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e84.466\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 37px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 70px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eSo, H1c was accepted according to the results obtained.\u003c/p\u003e\n\u003cp\u003eFollowing the ANOVA results, the results of the Tukey post-hoc test are presented in Appendix A Table A3. According to the results obtained, the first difference is seen between the attitudes of enterprises in the heavy industry and those operating in the transportation sector. Heavy industry enterprises mostly have a positive attitude towards regulations that encourage innovation and believe that these regulations will improve the hydropower system.\u003c/p\u003e\n\u003cp\u003eOn the other hand, the statement \u0026apos;State funding and resource support will strengthen the hydro energy system\u0026apos; was received more positively by companies operating in the tourism sector compared to companies operating in the transportation sector.\u003c/p\u003e\n\u003cp\u003eWhile the approach on \u0026lsquo;incentives provided by the state to hydropower systems will support the development of the hydropower system\u0026rsquo; was mostly supported by companies operating in the transportation sector, companies operating in the food sector had a more negative view.\u003c/p\u003e\n\u003cp\u003eCompanies in the transportation sector have a positive view of the idea that state control of the use of environmentally friendly technologies will improve the hydropower system. This approach was mostly received negatively by heavy industry organizations.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e5.2. Verification of Hypothesis 2\u0026nbsp;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eAfter the first hypothesis was proven, the study investigated whether financial approaches varied according to the characteristics of the companies. In the second hypothesis, it was first found whether financial approaches varied according to the size of the companies. In the ANOVA analysis conducted to prove the H2a hypothesis, it was concluded that the financial dimension did not differ according to the size of the company because the \u0026quot;Sig.\u0026quot; value was greater than 0.05 (Table 7). In other words, there is no significant difference between the averages of the answers given by the companies grouped according to their business size. Within the scope of this result, H2a was rejected.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 7.\u003c/strong\u003e ANOVA results regarding financial approaches and business size.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 520px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 354px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the company\u0026rsquo;s revenues in the long run.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e13.588\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e6794\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e2,357\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.622\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e178.714\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2882\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e192.302\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eInvestment on hydro energy systems increase image of company and attracts more consumers.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e11.408\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e5704\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e2,286\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.605\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e154.721\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2496\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e166.129\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the opportunity to earn carbon credits.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e10.807\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e5403,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,870\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.750\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e179.140\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2889\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e189.947\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e14.695\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e7347,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e2,694\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.637\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e169.096\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2727\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e183.791\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eA similar result was observed in the approaches of the groups that differed in terms of operating year of the business regarding the financial dimension. Namely, in the ANOVA analysis, the \u0026ldquo;Sig.\u0026rdquo; value was greater than 0.05 (Table 8). These values reflect that the responses of companies to the choices given in terms of business fields do not differ. As a result, H2b was rejected.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 8.\u003c/strong\u003e ANOVA results regarding financial approaches and operating year of the business.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 520px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 359px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 285px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the company\u0026rsquo;s revenues in the long run.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e6.020\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e3010\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e3,127\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.851\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e59.683\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e963\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e65.703\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 285px;\"\u003e\n \u003cp\u003eInvestment on hydro energy systems increase image of company and attracts more consumers.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e3.784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e1892\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,288\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.558\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e91.107\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e1469\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e94.891\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 285px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the opportunity to earn carbon credits.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e7.670\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e3835\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e2,615\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.770\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e90.916\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e1466\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e98.586\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 285px;\"\u003e\n \u003cp\u003eThe use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e3.588\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e1794\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e2,283\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.731\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e48.714\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e786\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e52.302\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe results of the analysis conducted to test H2c are presented in Table 9. The results of the variance analysis in terms of the financial size and field of activity of the companies are shown separately for each statement.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 9\u003c/strong\u003e. ANOVA results regarding financial approaches and business field.\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"634\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\" valign=\"top\" style=\"width: 520px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eANOVA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 354px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003eDf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 63px;\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the company\u0026rsquo;s revenues in the long run.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e12.092\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e3023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,817\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.710\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e99.811\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e60\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1664\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e111.903\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eInvestment on hydro energy systems increase image of company and attracts more consumers.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e4.653\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1163,25\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,024\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.501\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e68.171\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e60\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e1136\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e72.824\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy increases the opportunity to earn carbon credits.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e10.589\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2647,25\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,197\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e1.569\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e132.714\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e60\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2212\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e143.303\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 280px;\"\u003e\n \u003cp\u003eThe use of hydro energy balances the fluctuations of energy prices and affects the stabilization of expenses.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eBetween Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e18.802\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e4700,5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e1,662\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003cp\u003e0.657\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eWithin Groups\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e169.734\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e60\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e2829\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003e188.536\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 38px;\"\u003e\n \u003cp\u003e64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 63px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 66px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe values given in Table 9 indicate that there is no difference in each approach.\u003c/p\u003e\n\u003cp\u003eThere is no difference between the financial approaches of the companies grouped according to the field of study. Based on this result, H2c was rejected.\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eAzerbaijan has made several commitments to reduce carbon emissions and achieve sustainable development goals. The use of hydrogen energy can be a critical solution to achieve these goals, especially in difficult decarbonization sectors such as transportation and heavy industry. Additionally, hydrogen fuel cell vehicles and the use of hydrogen in industrial processes can make a significant contribution to efforts to reduce its carbon footprint.\u003c/p\u003e\n\u003cp\u003eThe transportation sector is one of the areas where hydrogen is potentially used. Hydrogen-powered fuel cell vehicles can be used in this area. In particular, it can be used in heavy-duty vehicles and public transportation systems. Azerbaijan can contribute to the decarbonization of transportation by investing in projects that promote the use of hydrogen in the public transportation and logistics sectors.\u003c/p\u003e\n\u003cp\u003eAzerbaijan\u0026rsquo;s industrial sector can also be integrated with hydrogen energy. Ensuring and expanding the use of hydrogen, especially in carbon-intensive sectors such as steel production and the chemical industry, will help transition to sustainability in these areas.\u003c/p\u003e\n\u003cp\u003eThe preparation of a comprehensive production or consumption infrastructure for hydrogen energy in Azerbaijan, encouraging various companies to develop pilot projects in this field and invest in research will contribute to the expansion of hydrogen energy technologies.\u003c/p\u003e\n\u003cp\u003eThe following steps can be taken to expand government regulation investments in the field of hydrogen energy.\u003c/p\u003e\n\u003cp\u003e1. Tax incentives. Different incentives can be offered in the form of tax breaks, tax credits or non-refundable grants to make investments in the field of hydrogen energy attractive. These practices will encourage companies of different scales and fields to invest in the field of hydrogen energy.\u003c/p\u003e\n\u003cp\u003e2. Renewable energy targets and legal requirements in the field of hydrogen energy production. Legal requirements to reduce greenhouse gas emissions can provide significant motivation to transform energy production and consumption patterns.\u003c/p\u003e\n\u003cp\u003e3. Infrastructure investments. By investing directly in hydrogen energy infrastructure, the necessary infrastructure for energy production and distribution can be established.\u003c/p\u003e\n\u003cp\u003e4. Providing low-interest loans. Low-interest loans, green bonds and public funds can be allocated for hydrogen energy projects.\u003c/p\u003e\n\u003cp\u003e5. Providing R\u0026amp;D support. State-supported programs can be developed in the field of hydrogen energy to accelerate the development of sustainable energy technologies.\u0026nbsp;\u003c/p\u003e"},{"header":"Declarations","content":"\u003ch2\u003eFunding:\u003c/h2\u003e \u003cp\u003eThis research received no external funding.\u003c/p\u003e \u003cp\u003e \u003cb\u003eEthics, Consent to Participate, and Consent to Publish declarations\u003c/b\u003e: The study was conducted in accordance with the ethical standards as laid down in the 1964 Declaration of Helsinki, and its later amendments or comparable ethical standards, and approved by the Institutional Review Board (or Ethics Committee) of Economic Think (protocol code 202311 and date of approval 14 November 2023).\u003c/p\u003e \u003cp\u003eClinical trial is not applicable.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInformed Consent Statement\u003c/b\u003e: Informed consent was obtained from all subjects involved in the study.\u003c/p\u003e \u003cp\u003e \u003cb\u003eConflicts of Interest\u003c/b\u003e: The authors declare no conflict of interest.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eI have written and done everything.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eSadik-Zada ER. 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Thousand Oaks, CA, USA: Sage; 2022.\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"hydrogen energy, financial approaches, state regulation, renewable resources, sustainability","lastPublishedDoi":"10.21203/rs.3.rs-6531924/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6531924/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe growth of hydrogen energy use is an area that has become increasingly important in recent years, especially within the scope of clean energy transition and the use of sustainable energy resources. In order to expand investments in hydrogen sector, active participation of the private sector is indispensable. Hence, it is of paramount importance to assess the factors that determine essentially private sector actors' investments into hydrogen sector. The study focuses on the case study Azerbaijan, a small oil and gas exporting country that puts a particular attention on the deployment of renewable energy sources and development green hydrogen value chain for production of hydrogen for European Union. To address the challenges and opportunities of Azerbaijani companies within the hydrogen value chain the study surveys representatives of 65 companies based on structured interviews. The study finds that the state regulation approach of companies differs depending on the company's field of activity, company size and year of activity. On the contrary, it was determined that the financial approaches of companies did not change according to their basic characteristics.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eJEL: Q42\u003c/strong\u003e\u003c/p\u003e","manuscriptTitle":"Financial and State Regulation Approaches of Companies to Hydrogen Energy","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-05-16 12:05:57","doi":"10.21203/rs.3.rs-6531924/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"3a84a77a-5424-41bb-97f8-61c3874ef22c","owner":[],"postedDate":"May 16th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2025-07-30T13:39:05+00:00","versionOfRecord":[],"versionCreatedAt":"2025-05-16 12:05:57","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-6531924","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-6531924","identity":"rs-6531924","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}