Global networks, local specialisation and regional patterns of innovation

•Analyses the impact of the global network of regional companies on local innovation.•Finds that global networks and local specialisation are complementary drivers of regional innovation.•The role of global networks also depends on its geographical characteristics and sector relatedness.•Local firms establishing global networks can play the role of knowledge gatekeepers.•Concludes that the internationalisation of local firms can sustain the regional knowledge base.