The Impact of Innovation Heterogeneity on Hidden Champions’ Growth : Evidence from China

This study analyzes the impact of innovation heterogeneity on the growth of Chinese-listed hidden champion firms from 2010 to 2019, focusing on the effects of various types of innovation and their interaction, as well as the mediating role of degree of specialization. Findings reveal that innovation (overall, product, and process) significantly contributes to the growth of hidden champions, with product and process innovation complementing each other. Moreover, the degree of specialization mediates the relationship between different types of innovation and growth. This study provides empirical evidence to facilitate the growth of hidden champions through innovation