The determinants of hidden champion enterprises: Evidence from China

Upgrading China's manufacturing industry structure and attaining high-quality development requires promoting the specialized and innovative development of SMEs and developing ``Hidden champion'' businesses in specific fields. This study analyzes the development characteristics of 58 Chinese ``Hidden champion'' enterprises using fuzzy set qualitative comparison analysis and the TOE (technology, organization, environment) theoretical framework. The results provide four growth models of Chinese 'hidden champions', illustrating how numerous factors affect their success. This helps restructure and upgrade SMEs.