Nearly one in 12 publicly quoted companies has considered shopping around for a better deal on a different stock exchange.
That is according to a report issued by law firm DLA Piper which has its Midlands office in Birmingham.
Corporate and commercial partner Charles Cook said the DLA Piper International Capital Markets Survey indicated there was likely to be fierce competition between international stock exchanges over the next few years.
The research was conducted among publicly quoted companies listed on eight key international stock exchanges that included New York, Nasdaq, London’s main market and AIM, Euronext and exchanges in Germany, Hong Kong and Australia.
In the report, almost one in 12 companies admitted to having considered over the past three years whether their business needs and aspirations might be better served on a different market.
DLA Piper commissioned the survey to help understand the rationale behind different capital market strategies and highlight key trends within international capital markets from the perspectives of both corporates and investment banks.
Partner John Campion commented: "The findings reveal that individual exchanges are perceived by listed companies to have their own particular strengths and weaknesses.
"Unsurprisingly, access to capital and institutions receives the highest ranking in both the US and on the London main market."
However, for Euronext, it was "company profile" that generated the highest rating, while "valuation" was the highest concern in Australia and "liquidity" for the UK’s AIM-listed companies.
Mr Cook said: "Our findings highlight the importance to any company of giving careful consideration to its intended stock exchange and then reviewing the benefits of its listing on a regular basis.
"The feeling amongst investment bankers is that there has been increasing thought given by their clients to moving their primary listing to other exchanges, and we believe this trend will continue as businesses become increasingly global and as individual stock exchanges implement more active marketing strategies."
The survey also highlights that many listed companies see the increasing influence of the private equity sector and hedge funds on the debt and equity markets as broadly positive.
Mr Campion said: "Our findings underline how much the capital markets landscape is increasingly being shaped by private equity strategies and hedge funds.
"Over the past three years the interest from corporates in accessing a new pool of capital via private equity and hedge fund investment has increased significantly, and notwithstanding the current economic climate, we expect to see this interest continue.
"The components and participants of capital markets are increasingly diverse, with the markets having become ever more accessible to a wide range of companies, regardless of their size.
"Our findings show that the world's key international stock exchanges each have their own individual strengths and, as a consequence of this, they suit different companies, according to their stage of development or specific business sector.
"If businesses are to exploit fully this diverse choice of stock exchanges they must ensure that they take into account every aspect of a market and select the one that best suits their particular company's business objectives and future aspirations."
