Capital ownership, innovation and regional development policy in the economic periphery: an energy industry case.

Jones, Calvin ORCID: https://orcid.org/0000-0003-4980-2330 and Munday, Maxim ORCID: https://orcid.org/0000-0001-9067-2481 2020. Capital ownership, innovation and regional development policy in the economic periphery: an energy industry case. Local Economy 35 (6) , pp. 545-565. 10.1177/0269094220968048

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Abstract

This paper examines how far patterns of external ownership affect benefits from industry geographical proximity. The case explores investments in energy and electricity supply in Wales. Geographically-related benefits are examined through a Smart-specialisation lens, in the areas of innovation; firm-to-firm interaction; the labour market and public sector intervention. We find evidence that the ownership model or ‘home location’ of key firms is an important factor driving local economic benefits, and explore related policy implications. The case shows that the location of ownership is a key factor in firm innovative behaviour, and that the scale and nature of any benefits from industry geographical proximity will be dependent on where key decision centres lay. In spite of Wales’ comparative advantage in energy, the paper reveals no dynamic ‘melt’ of interactive and engaged firms and labour, but a functionally narrow, low value economic landscape. This leads to a request for more focus on the ownership and contextual factors that may drive the benefits of industrial proximity for places.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Additional Information:	This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/)
Publisher:	SAGE
ISSN:	0269-0942
Date of First Compliant Deposit:	5 October 2020
Date of Acceptance:	1 October 2020
Last Modified:	05 May 2023 20:27
URI:	https://orca.cardiff.ac.uk/id/eprint/135265

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