The present paper aims at unravelling the networking dynamics regarding the evolution of an innovation-niche, by looking at its network configuration over time. To this end, we investigate the actors’ role within the network as well as the network architecture. We employ the social network analysis (SNA) to four different but interrelated types of networks characterising the Italian biofuel industry. Each network was investigated in both its development and maturity phase. Our findings show that, over the niche evolution, actors established new relations, increasing networks’ density and making the networks more centralized. Furthermore, while two out of four networks confirmed their small world configuration over time, one (i.e. “communication” network) increased its small-world-ness, providing a larger number of information channels and more social reinforcement chances for niche actors to innovate. Overall, results suggest that policy makers should accompany and ease the innovation-niche evolution path by fostering the participation of the laggard behind and actors' clusterization, moderating any possible lock-in risk.

This study examines the resilience of ESG investments across different phases of the COVID-19 pandemic, focusing on the Italian Stock Exchange. We compare the performance of firms included in the MIB ESG index with a carefully stratified control group of non-ESG companies. Using a network analysis approach, the results show a higher degree of resilience among ESG assets, particularly in the post-lockdown phase, when they exhibited a faster and stronger recovery than traditional investments. The findings suggest that firm-level commitments to environmental responsibility, social engagement, and sound governance can enhance market robustness during periods of uncertainty and stress. By providing empirical evidence on the stabilising role of ESG practices, the study contributes to the sustainable finance literature and improves understanding of the relationship between ESG investing and market dynamics. The analysis identifies consumer discretionary, healthcare, and technology as the sectors that benefited most from ESG adoption during the recovery phase.