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.

本文研究了外部所有权模式在多大程度上影响了行业地理邻近性的收益。该案例探讨了威尔士在能源和电力供应方面的投资。在创新领域，通过“智能专业化”镜头来检查与地理相关的收益；企业对企业的互动；劳动力市场和公共部门的干预。我们发现有证据表明，关键企业的所有权模型或“所在地”是驱动当地经济利益的重要因素，并探讨了相关的政策含义。该案例表明，所有权的位置是公司创新行为的关键因素，而行业地理位置相近所带来的任何收益的规模和性质将取决于关键决策中心的位置。尽管威尔士在能源方面具有比较优势，该论文没有揭示互动和参与的公司与劳动力的动态“融合”，而是功能狭窄，低价值的经济格局。这导致要求更多地关注所有权和背景因素，这些因素可能会推动地方工业化带来的好处。