A Critical Review of Hidden Champions and Emerging Research Findings on Their International Strategies and Orientations

In contrast to the extensive reviews on global strategies particularly appropriate to large enterprises (Chng and Pangarkar, 2000; Peng and Pleggenkuhle-Miles, 2009), there is a dearth of literature that comprehensively reviews more niche-orientated global strategies appropriate to small and medium-sized enterprises (SMEs). Peng and Meyer (2011, p. 440) also agree that ‘international business is often presented as primarily a matter of big MNEs competitive markets, especially in American textbooks’. They themselves respond to this and recognize further global strategy variants more appropriate for medium-sized companies based essentially on some form of focusing. They highlight in particular niche strategy variants such as ‘globalfocusing’ and ‘Hidden Champions’. Reviews have mainly focused on niche players characterized by exceptional accelerated internationalization such as ‘born glob als’,1 (Knight and Cavusgil, 1996; Korot and Tovstiga, 1999; McKinsey and Co., 1993; Oviatt and McDougall, 1997; Rennie, 1993), and also ‘born-again globals’ (Bell et al., 2001).