Institutional investors' ownership in the oil and gas industry: evidence from network analysis

João Machado (), Fernando Sarti (), Rodrigo Silveira and Camila Veneo Fonseca ()
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João Machado: University of Campinas (UNICAMP)
Fernando Sarti: University of Campinas (UNICAMP)
Camila Veneo Fonseca: University of Campinas (UNICAMP)

Economics Bulletin, 2024, vol. 44, issue 3, 847 - 864

Abstract: This study investigates the presence of institutional investors in the ownership structure of oil and gas (O&G) corporations during the 2010s. By analyzing a sample of the 50 largest O&G companies, we use a two-mode network methodology to explore the dynamics of investor participation. The results show an increase in institutional investors' ownership share, rising from 23% to 29% over the decade. Furthermore, institutional investors exhibit high centrality within the ownership network, emphasizing their strategic importance. In addition, a substantial portion of investments is concentrated among major money managers, particularly those associated with U.S. companies. This work contributes to understanding the strategic role of institutional investors regarding carbon-intensive assets in a period characterized by changes in the energy paradigm.

Keywords: oil and gas industry; institutional investors; ownership; networks. (search for similar items in EconPapers)
JEL-codes: G3 Q3 (search for similar items in EconPapers)
Date: 2024-09-30
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