The German Miracle Keeps Running: How Germany's Hidden Champions Stay Ahead in the Global Economy

35 Pages Posted: 11 Jun 2007

See all articles by Bernd Venohr

Bernd Venohr

Berlin School of Economics - Institute of Management

Klaus E. Meyer

China Europe International Business School (CEIBS); Copenhagen Business School - Center for East European Studies (CEES)

Date Written: March 2007

Abstract

Despite mediocre macro-economic performance of the German economy, German companies are successful players in global trade. This article explores the strategies of one of the pillars of this export success, the 'Hidden Champions.' Our empirical analysis focuses on their leading medium size companies identified by Hermann Simon in the early 1990s, and investigates their long-term progress over one decade. We show that these companies continue to prosper with family ownership combined with professional external management, strategies of market leadership in global niches and a persistent focus on operational effectiveness. Scholars and business leaders, in particular of companies based in other high-cost countries, therefore ought to consider German companies as source for lessons on how to succeed in the global economy.

Keywords: Hidden Champions, Medium Size Firms, Export Performance, Germany, Case Studies

JEL Classification: M10, M13, P12, L20,

Suggested Citation

Venohr, Bernd and Meyer, Klaus E., The German Miracle Keeps Running: How Germany's Hidden Champions Stay Ahead in the Global Economy (March 2007). Available at SSRN: https://ssrn.com/abstract=991964 or http://dx.doi.org/10.2139/ssrn.991964

Bernd Venohr (Contact Author)

Berlin School of Economics - Institute of Management ( email )

Badensche Strasse 50-51
Berlin, D-10825
Germany

Klaus E. Meyer

China Europe International Business School (CEIBS) ( email )

Shanghai-Hongfeng Road
Shanghai 201206
Shanghai 201206
China

HOME PAGE: http://www.ceibs.edu/faculty/facultylist/09/100132.shtml

Copenhagen Business School - Center for East European Studies (CEES) ( email )

Porcelanshaven 24
2000 Frederiksberg
Denmark

HOME PAGE: http://www.klausmeyer.co.uk

Register to save articles to
your library

Register

Paper statistics

Downloads
1,226
Abstract Views
4,372
rank
16,119
PlumX Metrics