Does a Rising Tide Lift All Boats? The role of EU Framework Programme Beneficiaries in Regional Knowledge Networks

European innovation policy combines place-based and spatially blind instruments that operate under distinct logics. Building synergies between them requires not only regulatory alignment, but a better understanding of how economic actors interact across policy levels. This study examines how companies’ participation in the European Framework Programmes (FP) influences their propensity to engage in regional R&D partnerships, supported by Cohesion Policy. We analyse longitudinal data on Valencian firms using inferential network analysis (i.e., Temporal Exponential Random Graph Models). Results indicate that FP beneficiaries are more active in regional tie formation than non-FP firms, especially when academic intermediaries are involved. Yet, they also tend to collaborate with each other, limiting opportunities for knowledge diffusion among firms that do not benefit from the international collaboration premium.