Shifting from Black to Green: A Study of Diversification in Norwegian Oil and Gas Companies
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As Norwegian oil and gas companies increasingly struggle with international competition, and with an environmental crisis looming overhead, now may be the time for oil and gas companies to shift from black to green by diversifying into the renewable energy sector. This study is based on diversification theory, as well as survey data from 118 Norwegian oil and gas companies. Using the quantitative approach of logistic regression, different strategic and environmental factors are examined in an attempt to better understand the antecedents of diversification for oil and gas companies. Results show how strategic and environmental factors affect the likelihood of diversification, and lead to several implications for managers and policymakers on how oil and gas companies in the near future can be stimulated to diversify into the renewable energy sector.