I'd argue that thinking solely in terms of potential investment opportunity isn't capturing the whole value of trading on your local country's stock exchange. It's more money and a larger investor pool today, but less choice and power over one's destiny tomorrow. These sorts of economic micro-decisions accumulate. Where to put a company HQ, what stock exchange to trade on, hiring locally or abroad, selling up to foreign equity funds. As individual business decisions, the leaders might think it's an insignificant drop in the pond and simply the most important thing is making revenue tick up, but there are consequences to that being your only metric of success. It's jumping ship while the rest of the crew is trying to plug holes and bail it out. You've successfully escaped the sinking ship but are now in deep, shark-infested waters.
Perhaps I've just been reading too much on geopolitical power dynamics lately, but as a British person, I fear our economy is suffering from a death-by-a-thousand-cuts from seemingly "insignificant" decisions that pass on tiny parts of our sovereignty to other countries. In the case of companies trading on other exchanges, we're leaving ourselves more open to the whims of the investors on that exchange whose priorities and sentiments don't match the spirit of the country of origin.
Perhaps I've just been reading too much on geopolitical power dynamics lately, but as a British person, I fear our economy is suffering from a death-by-a-thousand-cuts from seemingly "insignificant" decisions that pass on tiny parts of our sovereignty to other countries. In the case of companies trading on other exchanges, we're leaving ourselves more open to the whims of the investors on that exchange whose priorities and sentiments don't match the spirit of the country of origin.