{"id":"https://openalex.org/W3206519944","doi":"https://doi.org/10.1007/s11187-021-00557-7","title":"Financial performance of hidden champions: Evidence from German manufacturing firms","display_name":"Financial performance of hidden champions: Evidence from German manufacturing firms","publication_year":2021,"publication_date":"2021-10-13","ids":{"openalex":"https://openalex.org/W3206519944","doi":"https://doi.org/10.1007/s11187-021-00557-7","mag":"3206519944"},"language":"en","primary_location":{"id":"doi:10.1007/s11187-021-00557-7","doi":"https://doi.org/10.1007/s11187-021-00557-7","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s11187-021-00557-7","pdf_url":"https://link.springer.com/content/pdf/10.1007/s11187-021-00557-7.pdf","source":{"id":"https://openalex.org/S41869786","display_name":"Small Business Economics","issn_l":"0921-898X","issn":["0921-898X","1573-0913"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","ki-jl-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Small Business Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://link.springer.com/content/pdf/10.1007/s11187-021-00557-7.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5044524478","display_name":"Matthias S. Johann","orcid":"https://orcid.org/0000-0001-5436-4246","observed_orcids":["https://orcid.org/0000-0001-5436-4246"]},"institutions":[{"id":"https://openalex.org/I89864525","display_name":"Universit\u00e4t Trier","ror":"https://ror.org/02778hg05","country_code":"DE","type":"education","lineage":["https://openalex.org/I89864525"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Matthias S. Johann","raw_affiliation_strings":["University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany"],"raw_orcid":"https://orcid.org/0000-0001-5436-4246","affiliations":[{"raw_affiliation_string":"University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany","institution_ids":["https://openalex.org/I89864525"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5053684127","display_name":"Joern Block","orcid":"https://orcid.org/0000-0003-4564-0346","observed_orcids":["https://orcid.org/0000-0003-4564-0346"]},"institutions":[{"id":"https://openalex.org/I155976169","display_name":"Witten/Herdecke University","ror":"https://ror.org/00yq55g44","country_code":"DE","type":"education","lineage":["https://openalex.org/I155976169"]},{"id":"https://openalex.org/I89864525","display_name":"Universit\u00e4t Trier","ror":"https://ror.org/02778hg05","country_code":"DE","type":"education","lineage":["https://openalex.org/I89864525"]},{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["DE","NL"],"is_corresponding":true,"raw_author_name":"J\u00f6rn H. Block","raw_affiliation_strings":["Erasmus School of Economics, Burgemeester Oudlaan 50, 3062 PA, Rotterdam, the Netherlands","University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany","Witten Institute for Family Business, Alfred-Herrhausen-Stra\u00dfe 50, 58455, Witten, Germany"],"raw_orcid":"https://orcid.org/0000-0003-4564-0346","affiliations":[{"raw_affiliation_string":"Erasmus School of Economics, Burgemeester Oudlaan 50, 3062 PA, Rotterdam, the Netherlands","institution_ids":["https://openalex.org/I913958620"]},{"raw_affiliation_string":"University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany","institution_ids":["https://openalex.org/I89864525"]},{"raw_affiliation_string":"Witten Institute for Family Business, Alfred-Herrhausen-Stra\u00dfe 50, 58455, Witten, Germany","institution_ids":["https://openalex.org/I155976169"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5025308846","display_name":"Lena Benz","orcid":"https://orcid.org/0000-0002-0952-130X","observed_orcids":["https://orcid.org/0000-0002-0952-130X"]},"institutions":[{"id":"https://openalex.org/I89864525","display_name":"Universit\u00e4t Trier","ror":"https://ror.org/02778hg05","country_code":"DE","type":"education","lineage":["https://openalex.org/I89864525"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Lena Benz","raw_affiliation_strings":["University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany"],"raw_orcid":"https://orcid.org/0000-0002-0952-130X","affiliations":[{"raw_affiliation_string":"University of Trier, Universit\u00e4tsring 15, 54296, Trier, Germany","institution_ids":["https://openalex.org/I89864525"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5053684127"],"corresponding_institution_ids":["https://openalex.org/I155976169","https://openalex.org/I89864525","https://openalex.org/I913958620"],"apc_list":{"value":2780,"currency":"USD","value_usd":2780},"apc_paid":{"value":2780,"currency":"USD","value_usd":2780},"fwci":4.4578,"has_fulltext":true,"cited_by_count":52,"citation_normalized_percentile":{"value":0.94630325,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":100},"biblio":{"volume":"59","issue":"3","first_page":"873","last_page":"892"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9726999998092651,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9726999998092651,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.006300000008195639,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.002400000113993883,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/hidden-champions","display_name":"hidden champions","score":0.9990000128746033},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.8220000267028809},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.9390000104904175},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.9700000286102295},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":1.0},{"id":"https://openalex.org/keywords/german-mittelstand","display_name":"German Mittelstand","score":0.8019999861717224},{"id":"https://openalex.org/keywords/niche-markets","display_name":"niche markets","score":0.859000027179718},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.7609999775886536},{"id":"https://openalex.org/keywords/business-strategy","display_name":"business strategy","score":0.6539999842643738},{"id":"https://openalex.org/keywords/manufacturing-firms","display_name":"manufacturing companies","score":0.7549999952316284}],"concepts":[{"id":"https://openalex.org/C2780465443","wikidata":"https://www.wikidata.org/wiki/Q852061","display_name":"Champion","level":2,"score":0.9470964670181274},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.8224811553955078},{"id":"https://openalex.org/C154775046","wikidata":"https://www.wikidata.org/wiki/Q188","display_name":"German","level":2,"score":0.6948482990264893},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5504964590072632},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4984283447265625},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.48620930314064026},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3317469358444214},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.08039164543151855},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1007/s11187-021-00557-7","doi":"https://doi.org/10.1007/s11187-021-00557-7","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s11187-021-00557-7","pdf_url":"https://link.springer.com/content/pdf/10.1007/s11187-021-00557-7.pdf","source":{"id":"https://openalex.org/S41869786","display_name":"Small Business Economics","issn_l":"0921-898X","issn":["0921-898X","1573-0913"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","ki-jl-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Small Business Economics","raw_type":"journal-article"},{"id":"pmh:oai:pure.eur.nl:openaire/f184b42d-b5bd-4b88-8540-efe071f1d2aa","doi":null,"is_oa":true,"landing_page_url":"https://pure.eur.nl/en/publications/f184b42d-b5bd-4b88-8540-efe071f1d2aa","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Johann, M S, Block, J H & Benz, L 2021, 'Financial performance of hidden champions : Evidence from German manufacturing firms', Small Business Economics. https://doi.org/10.1007/s11187-021-00557-7","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:eur:oai:pure.eur.nl:publications/f184b42d-b5bd-4b88-8540-efe071f1d2aa","doi":null,"is_oa":true,"landing_page_url":"https://pure.eur.nl/en/publications/f184b42d-b5bd-4b88-8540-efe071f1d2aa","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Small Business Economics. Springer Netherlands","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:kap:sbusec:v:59:y:2022:i:3:d:10.1007_s11187-021-00557-7","doi":null,"is_oa":false,"landing_page_url":"http://link.springer.com/10.1007/s11187-021-00557-7","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/286929","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/286929","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.1007/s11187-021-00557-7","doi":"https://doi.org/10.1007/s11187-021-00557-7","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s11187-021-00557-7","pdf_url":"https://link.springer.com/content/pdf/10.1007/s11187-021-00557-7.pdf","source":{"id":"https://openalex.org/S41869786","display_name":"Small Business Economics","issn_l":"0921-898X","issn":["0921-898X","1573-0913"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","ki-jl-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Small Business Economics","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.7257999777793884,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320318419","display_name":"Universit\u00e4t Trier","ror":"https://ror.org/02778hg05"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3206519944.pdf","grobid_xml":"https://content.openalex.org/works/W3206519944.grobid-xml"},"referenced_works_count":63,"referenced_works":["https://openalex.org/W75720669","https://openalex.org/W138279451","https://openalex.org/W165442882","https://openalex.org/W596408654","https://openalex.org/W1505044067","https://openalex.org/W1546881452","https://openalex.org/W1585762138","https://openalex.org/W1855283887","https://openalex.org/W1979241635","https://openalex.org/W1985180665","https://openalex.org/W1986618212","https://openalex.org/W1990462440","https://openalex.org/W1993390823","https://openalex.org/W1997215747","https://openalex.org/W1999507920","https://openalex.org/W2007353217","https://openalex.org/W2008131647","https://openalex.org/W2009078406","https://openalex.org/W2027803961","https://openalex.org/W2037894668","https://openalex.org/W2040675116","https://openalex.org/W2044651061","https://openalex.org/W2061156833","https://openalex.org/W2062476909","https://openalex.org/W2069065856","https://openalex.org/W2075783239","https://openalex.org/W2088037265","https://openalex.org/W2088710596","https://openalex.org/W2089231285","https://openalex.org/W2101006935","https://openalex.org/W2105455604","https://openalex.org/W2124553535","https://openalex.org/W2126387023","https://openalex.org/W2129366512","https://openalex.org/W2135276554","https://openalex.org/W2143698574","https://openalex.org/W2152646183","https://openalex.org/W2158289696","https://openalex.org/W2214662243","https://openalex.org/W2472407755","https://openalex.org/W2556870517","https://openalex.org/W2593014081","https://openalex.org/W2598124868","https://openalex.org/W2731623134","https://openalex.org/W2749208618","https://openalex.org/W2772993861","https://openalex.org/W2793947949","https://openalex.org/W2890038066","https://openalex.org/W2890224206","https://openalex.org/W2892730928","https://openalex.org/W2898808681","https://openalex.org/W2932047851","https://openalex.org/W2939132952","https://openalex.org/W2953773221","https://openalex.org/W3024781351","https://openalex.org/W3042890668","https://openalex.org/W3043028083","https://openalex.org/W3123562738","https://openalex.org/W3197532463","https://openalex.org/W4205104092","https://openalex.org/W4241925444","https://openalex.org/W4297081765","https://openalex.org/W7067207316"],"related_works":["https://openalex.org/W2232830606","https://openalex.org/W2362604023","https://openalex.org/W4416942187","https://openalex.org/W1543223798","https://openalex.org/W3005604998","https://openalex.org/W1546881452","https://openalex.org/W7038362572","https://openalex.org/W1985180665","https://openalex.org/W4388100448","https://openalex.org/W4416965478"],"abstract_inverted_index":{"Abstract":[0],"Hidden":[1],"champions":[2,79],"are":[3,10,72],"market":[4],"leaders":[5],"in":[6,27],"niche":[7],"markets":[8],"and":[9,52,137],"an":[11],"important":[12],"part":[13],"of":[14,44,56,64,69,131,143],"the":[15,19,41,54,113,126,129,144],"German":[16,66],"Mittelstand.":[17],"Although":[18],"hidden":[20,45,57,73,78,98,114,145],"champion":[21,99,115,146],"phenomenon":[22],"has":[23],"received":[24],"considerable":[25],"interest":[26],"practice,":[28],"few":[29],"academic":[30],"studies":[31],"on":[32,40,88,95,102,104,128,134],"this":[33,50],"issue":[34],"exist.":[35],"We":[36],"especially":[37],"lack":[38],"evidence":[39],"financial":[42],"performance":[43,100,116],"champions.":[46,58],"Our":[47,122],"study":[48],"addresses":[49],"gap":[51],"investigates":[53],"profitability":[55,83,136],"In":[59],"analyzing":[60],"a":[61,140],"panel":[62],"dataset":[63],"4677":[65],"manufacturing":[67],"firms,":[68],"which":[70],"617":[71],"champions,":[74],"we":[75],"find":[76],"that":[77],"have":[80],"significantly":[81],"higher":[82],"with":[84,119],"regard":[85],"to":[86,125,139],"return":[87,94,103],"assets":[89,105],"but":[90],"less":[91],"so":[92],"regarding":[93],"equity.":[96],"The":[97],"effect":[101,117,130],"is":[106],"valued":[107],"at":[108],"1.7":[109],"percentage":[110],"points.":[111],"Furthermore,":[112],"decreases":[118],"firm":[120,132,135],"size.":[121],"paper":[123],"contributes":[124],"literature":[127],"strategy":[133],"adds":[138],"better":[141],"understanding":[142],"phenomenon.":[147]},"counts_by_year":[{"year":2026,"cited_by_count":13},{"year":2025,"cited_by_count":14},{"year":2024,"cited_by_count":13},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":2}],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2021-10-25T00:00:00"}