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Greek hidden champions:: lessons from small, little-known firms in Greece

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Listed:
  • Voudouris, Irini
  • Lioukas, Spyros
  • Makridakis, Spyros
  • Spanos, Yiannis

Abstract

The purpose of the research described in this paper is to first identify successful Greek SMEs that can be qualified as `hidden champions' and second to uncover the factors that have contributed to their success. These factors relate to their choice of markets served, their relationships with customers and suppliers, innovative behavior, leadership and human resources management practices. The findings suggest that four overall themes or `recipes' may explain the success of these firms: (a) intense specialization in narrowly defined market segments, (b) commitment to customer service, (c) innovative culture and adaptation to new technologies, and (d) strong leadership and a healthy organizational climate.

Suggested Citation

  • Voudouris, Irini & Lioukas, Spyros & Makridakis, Spyros & Spanos, Yiannis, 2000. "Greek hidden champions:: lessons from small, little-known firms in Greece," European Management Journal, Elsevier, vol. 18(6), pages 663-674, December.
    • Handle: RePEc:eee:eurman:v:18:y:2000:i:6:p:663-674
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    Citations

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    Cited by:

    1. Perea Muñoz, Eva & Ripoll-i-Alcon, Joan & Berlanga Silvente, Vanesa, 2017. "Hidden Champions in Spain: The Path to Successful Business Decisions || Hidden Champions en España: el camino hacia la toma de decisiones empresariales de éxito," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 24(1), pages 190-208, Diciembre.
    2. Matthias S. Johann & Jörn H. Block & Lena Benz, 2022. "Financial performance of hidden champions: Evidence from German manufacturing firms," Small Business Economics, Springer, vol. 59(3), pages 873-892, October.
    3. Spanos, Yiannis E. & Voudouris, Irini, 2009. "Antecedents and trajectories of AMT adoption: The case of Greek manufacturing SMEs," Research Policy, Elsevier, vol. 38(1), pages 144-155, February.
    4. Schlepphorst, Susanne & Schlömer-Laufen, Nadine & Holz, Michael, 2016. "Determinants of hidden champions: Evidence from Germany," Working Papers 03/16, Institut für Mittelstandsforschung (IfM) Bonn.
    5. Suh, Yongyoon & Kim, Moon-Soo, 2014. "Internationally leading SMEs vs. internationalized SMEs: Evidence of success factors from South Korea," International Business Review, Elsevier, vol. 23(1), pages 115-129.
    6. Matopoulos, Aristides & Vlachopoulou, Maro, 2008. "Identifying Innovation Strategies: Insights from the Greek Food Industry," 110th Seminar, February 18-22, 2008, Innsbruck-Igls, Austria 49881, European Association of Agricultural Economists.
    7. Rammer, Christian & Spielkamp, Alfred, 2019. "The distinct features of hidden champions in Germany: A dynamic capabilities view," ZEW Discussion Papers 19-012, ZEW - Leibniz Centre for European Economic Research.
    8. Ilias A. Makris & Vasilis Nikolaidis & Stavros Stavroyiannis, 2016. "Economic Growth and Exporting Activity: An Empirical Analysis on Greek Industry," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 41-52.
    9. Dimitratos, Pavlos & Petrou, Andreas & Plakoyiannaki, Emmanuella & Johnson, Jeffrey E., 2011. "Strategic decision-making processes in internationalization: Does national culture of the focal firm matter?," Journal of World Business, Elsevier, vol. 46(2), pages 194-204, April.
    10. Huimin Zhang & Meng Li & Wen Chen, 2023. "Assessing Competitiveness in New Energy Vehicle Enterprises: A Group Decision Model with Interval Multiplicative Preference Relations," Mathematics, MDPI, vol. 12(1), pages 1-21, December.
    11. Rammer, Christian & Spielkamp, Alfred, 2015. "Hidden Champions - Driven by Innovation: Empirische Befunde auf Basis des Mannheimer Innovationspanels," ZEW Dokumentationen 15-03, ZEW - Leibniz Centre for European Economic Research.
    12. Nelson Duarte, 2013. "Entrepreneurship and Local Sustainability: Is There any Relation? A Case Study in the Region Vale do Sousa," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 93-116.
    13. Schenkenhofer, Julian, 2020. "Hidden champions: A review of the literature & future research avenues," UO Working Papers 06-20, University of Augsburg, Chair of Management and Organization.
    14. David B. Audretsch & Erik E. Lehmann & Julian Schenkenhofer, 2021. "A Context-Choice Model of Niche Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 45(5), pages 1276-1303, September.
    15. WooJin KIM, 2016. "Structural Features and Mechanisms of The Korean Powerhouses: What Makes These Niche Companies Leaders in The Global Market?," Journal of Economics and Political Economy, KSP Journals, vol. 3(2), pages 284-308, June.
    16. Deligianni, Ioanna & Voudouris, Irini & Lioukas, Spyros, 2015. "Growth paths of small technology firms: The effects of different knowledge types over time," Journal of World Business, Elsevier, vol. 50(3), pages 491-504.
    17. Wittenstein, Daniel, 2020. "Champions of digital transformation? The dynamic capabilities of hidden champions," ZEW Discussion Papers 20-065, ZEW - Leibniz Centre for European Economic Research.
    18. Julian Schenkenhofer, 2022. "Hidden champions: a review of the literature & future research avenues," Management Review Quarterly, Springer, vol. 72(2), pages 417-482, June.

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