Process substitution not working with install-sh autoconfigure

Question

I have an issue that <() is not working for install-sh from autoconfigure it gives me this error

./install-sh -m 755 <(sed -e 's/string-to-replace/string-for-replace/g' somefile.txt) result.txt
./install-sh: /dev/fd/63 does not exist.

While this works fine

install -m 755 <(sed -e 's/string-to-replace/string-for-replace/g' somefile.txt) result.txt