Hidden champions: Through a retrospective systematic literature review

Since 1990, the concept of hidden champions has attracted growing academic interest due to their strategic importance, exceptional performance, and global competitiveness despite limited public visibility. However, despite this increasing attention, the field still lacks a comprehensive and retrospective synthesis of scholarly production over the past three decades. This study aims to address that gap by conducting a systematic literature review spanning the period from 1992 to 2024. Building upon and extending the prior review by Schenkenhofer (2022), this article provides a holistic and integrative overview of 58 peer-reviewed articles indexed in internationally recognized academic databases such as Scopus and Web of Science. Through a rigorous content analysis, six major thematic trends were identified in the literature: (1) management and human capital, (2) research and development (R&D) and innovation, (3) internationalization processes, (4) market leadership strategies, (5) involvement and geographic distribution, and (6) emerging or less explored topics. Each trend is thoroughly examined to uncover the distinctive capabilities, strategic behaviors, and patterns of sustained competitiveness that characterize hidden champions. Particular attention is paid to their dynamic capabilities, innovation ecosystems, organizational resilience, and role in regional and global value chains. Furthermore, the review sheds light on the underlying theoretical frameworks, including resource-based and capability-based views, and identifies research gaps, inconsistencies, and areas of fragmentation. Ultimately, this study offers a comprehensive foundation for advancing academic inquiry on hidden champions by outlining future research avenues and proposing a research agenda that addresses contextual, methodological, and conceptual shortcomings in the existing body of literature.