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Voudouris I., Lioukas S., Makridakis S., Spanos Y. [25]
3 (15) 2015 ( - ) - ( ) : . Voudouris I., Makridakis S., Spanos Y. [25] Lioukas S., " 40 " [20]. . * 8,8% 61,5% 039 ROI (%) ____________________ 61 6 30,6 13,6 10,4% 62,1% 240 19 16,4 41,98 32 * : Hidden Champions in Central and Eastern Europe, and Dynamically Developing Environments. Research Report, 2011. 41 3 (15) 2015 S. and ). 1% Group 1 4% 70 years and more 14% 26% 15% 34% 20-70 years Group 2 5-20 years 2% 4% Less than 5 years - 42 1- - - (Zahra S. A. [28], Miles R. E. [18], Snow C. C. ). Laforet 43 3 (15) 2015 30- 50- - - 3) Hi- - - 44 - IT- P. 171 180] Barney J. B. [5. B. [26. P. 99 120] - P. 338 1. NT- - 1 . 45 3 (15) 2015 NT- Aldrich H. E., Auster E. [3. P. 19 2) - -MTD). e shoes Technologies, Carl Zeiss. - [1. 46 100 Lee J., Lee S. [13. P. 256 " P. 1 P. W. [10. " F., P. 179 198; 14. [9. P. 361 386]. P. 936 NT- 47 3 (15) 2015 - 1. 2. 2009. 2014. 99. 3. Aldrich H. E., Auster E. Even Dwarfs Started Small: Liabilities of Age and Size and Their Strategic Implications // Shephard D. (ed.). Entrepreneurial Failures. Cheltenham. UK : Edward Elgar, 2013. 4. Aldrich H. E., Kenworthy A. L. The Accidental Entrepreneur: Campbellian Antinomies and Organizational Foundings // Variations in Organization Science / J. A. C. Baum and B. McKelvey (eds.). London : Sage, 1999. 5. Barney J. B. Firm Resources and Sustained Competitive Advantage // Journal of Management. 1991. N 17 (1). P. 99 120. 6. Autio E., Sapienza H. J. and Almeida J. G. Effects of Age at Entry, Knowledge Intensity, and Imitability on International Growth // The Academy of Management Journal. 2000. Vol. 43. N 5 (Oct.). P. 909 924. 7. Belso-Martinez J. A., Molina-Morales F. X., Mas-Verdu F. Combining Effects of Internal Resources, Entrepreneur Characteristics and KIS on New Firms // Journal of Business Research. 2013. N 66. 8. Brouthers K. D., Brouthers, L. E. and Werner S. Real Options, International Entry Mode Choice and Performance // Journal of Management Studies. 2008. N 45. P. 936 960. 9. Coviello N., Munro H. Network Relationships and the Internationalisation Process of Small Software Firms // International Business Review. 1997. Vol. 6 (4). P. 361 386. 10. Evangelista F. Qualitative Insights into the International New Venture Creation Process // Journal of International Entrepreneurship. 2005. N 3. P. 179 198. 11. Kraiczy N. Innovations in Small and Medium-Sized Family Companies. Springer Fachmedien Wiesbaden, 2013. 12. Laforet S. Innovation Characteristics of Young and Old Family Owned Businesses // Journal of Small Business and Enterprise Development. 2013. Vol. 20 (1). P. 204 224. 13. Lee H., Kelley D., Lee J. and Lee S. SME Survival: The Impact of Internationalization, Technology Resources and Alliances // Journal of Small Business Management. 2012. Vol. 50 (1). P. 1 19. 14. Lu J. W., Beamish P. W. The Internationalization and Performance of SMEs // Strategic Management Journal. 2001. N 22. P. 565 586. 15. Ludwig G., Pemberton J. A Managerial Perspective of Dynamic Capabilities in Emerging Markets: the Case of the Russian Steel Industry // Journal of East European Management Studies. 2011. Vol. 16 (3). P. 215 236. 48 16. McDougall P. P., Oviatt B. M., Shrader R. C. A Comparison of International and Domestic New Ventures // Journal of International Entrepreneurship. 2003. Vol. 1 (1). P. 59 82. 17. McKiernan P. and Purg D. Hidden Champions in CEE and Turkey. Springer, 2013. 18. Miles R. E., Snow C. C. and Miles G. The Future Organisation // Long Range Planning. 2000. Vol. 33. P. 300 321. 19. Mudambi R. and Zahra S. A. The Survival of International New Ventures // Journal of International Business Studies, Palgrave Macmillan. 2007. Vol. 38 (2). P. 333 352. 20. Saginova O. V., Skorobogatykh I. I., Musatova Z. B. Hidden Champions in Russia: Using Western Research Methodology to Study Dynamically Developing Markets // Life Sciences Journal. 2014. V l. 11 (5). P. 512 518. 21. Sciascia S. and Mazzola P. Family Involvement in Ownership and Management: Exploring Nonlinear Effects on Performance // Family Business Review. 2008. Vol. 21 (4). P. 331 345. 22. Simon H. Hidden Champions of the 21st Century. Success Strategies of Unknown World Market Leaders. London, New York : Springer Dordreht, 2009. 23. Sirmon D. G. and Hitt M. A. Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms // Entrepreneurship Theory and Practice. 2003. Vol. 27. June. Issue 4. P. 339 358. 24. Stinchcombe A. L. Information and Organizations. Berkeley : University of California Press, 1990. 25. Voudouris I., Lioukas S., Makridakis S., Spanos Y. Greek Hidden Champions: Lessons from Small, Little-Known Firms in Greece // European Management Journal. 2000. Vol. 18. Issue 6. P. 663 674. 26. Wernerfelt B. A Resource-Based View of the Firm // Strategic Management Journal. 1984. Vol. 5. P. 171 180. 27. Zahra S. A., Ireland R. D., Hitt M. A. International Expansion by New Venture Companies: International Diversity, Mode of Market Entry, Technological Learning and Performance // Academy of Management Journal. 2000. N 43 (5). P. 925 950. 28. Zahra S. A. Governance, Ownership, and Corporate Entrepreneurship: the Moderating Impact of Industry Technological Opportunities // Academy of Management Journal. 1996. Vol. 39. N 6. P. 1713 1735. 29. CEEMAN: International Management Development Association. Hidden Champions in Central and Eastern Europe, and Dynamically Changed Environments. Research Report, 2011. URL: http://www.ceeman.org/publications.php/90/hidden-champions-in-cee-and-dynamically-changingenvironments-research-report 30. Jaruzelski B. and Dehoff K. The Global Innovation // Strategy+Business Magazine. 2010. N 1. URL: http://www.strategy-business.com 31. Russia Trade, Exports and Imports in 2010. Economy Watch. Follow the Money. URL: http://www.economywatch.com/world_economy/russia/export-import.html Purg Danica, Saginova O. V., Skorobogatykh I. I., Musatova Zh. B. INNOVATIONS, INTERNATIONALIZATION MOTIVES The paper reports on the family owned Russian companies, which were identified as Hidden companies in dynamically developing markets including marketing strategies, leadership styles, entrepreneurship approaches and customer value creation patterns. The authors pay special attention to al and growth. Keywords: hidden champion (HC), dynamically developing markets, key success factors, marketing niche, family owned business, early internationalization, human capital. 49 3 (15) 2015 References 1. Matveeva A. Tehnologii bez spekuljacij [Technology Without Speculation], Jekspert [Expert], 2009, No. 2 (641), pp. 56. (In Russ.). 2. Tokarev B. E. Opredelenie rynochnogo potenciala dlja innovacionnogo produkta [The Determination of Market Potential for an Innovative Product], Marketing i marketingovye issledovanija [Marketing and Marketing Research], 2014, No. 2, pp. 92 99. (In Russ.). 3. Aldrich H. E., Auster E. Even Dwarfs Started Small: Liabilities of Age and Size and Their Strategic Implications. Shephard D. (ed.). Entrepreneurial Failures. Cheltenham, UK, Edward Elgar, 2013. (In Russ.). 4. Aldrich H. E., Kenworthy A. L. The Accidental Entrepreneur: Campbellian Antinomies and Organizational Foundings, Variations in Organization Science, J. A. C. Baum and B. McKelvey (eds.), London, Sage, 1999. 5. Barney J. B. Firm Resources and Sustained Competitive Advantage, Journal of Management, 1991, No. 17 (1), pp. 99 120. 6. Autio E., Sapienza H. J. and Almeida J. G. Effects of Age at Entry, Knowledge Intensity, and Imitability on International Growth, Academy of Management Journal, 2000, Vol. 43, No. 5 (Oct.), pp. 909 924. 7. Belso-Martinez J. A., Molina-Morales F. X., Mas-Verdu F. Combining Effects of Internal Resources, Entrepreneur Characteristics and KIS on New Firms. Journal of Business Research, 2013, No. 66. 8. Brouthers K. D., Brouthers, L. E. and Werner S. Real Options, International Entry Mode Choice and Performance, Journal of Management Studies, 2008, No. 45, pp. 936 960. 9. Coviello N., Munro H. Network Relationships and the Internationalization Process of Small Software Firms, International Business Review, 1997, Vol. 6 (4), pp. 361 386. 10. Evangelista F. Qualitative Insights into the International New Venture Creation Process, Journal of International Entrepreneurship, 2005, No. 3, pp. 179 198. 11. Kraiczy N. Innovations in Small and Medium-Sized Family Companies. Springer Fachmedien Wiesbaden, 2013. 12. Laforet S. Innovation Characteristics of Young and Old Family Owned Businesses, Journal of Small Business and Enterprise Development, 2013, No. 20 (1), pp. 204 224. 13. Lee H., Kelley D., Lee J. and Lee S. SME Survival: The Impact of Internationalization, Technology Resources and Alliances, Journal of Small Business Management, 2012, No. 50 (1), pp. 1 19. 14. Lu J. W., Beamish P. W. The Internationalization and Performance of SMEs, Strategic Management Journal, 2001, No. 22, pp. 565 586. 15. Ludwig G., Pemberton J. A Managerial Perspective of Dynamic Capabilities in Emerging Markets: the Case of the Russian Steel Industry, Journal of East European Management Studies, 2011, No. 16 (3), pp. 215 236. 16. McDougall P. P., Oviatt B. M., Shrader R. C. A Comparison of International and Domestic New Ventures, Journal of International Entrepreneurship, 2003, No. 1 (1), pp. 59 82. 17. McKiernan P. and Purg D. Hidden champions in CEE and Turkey, Springer, 2013. 18. Miles R. E., Snow C. C. and Miles G. The Future Organization, Long Range Planning, 2000, Vol. 33, pp. 300 321. 19. Mudambi R. and Zahra S. A. The Survival of International New Ventures, Journal of International Business Studies, Palgrave Macmillan, 2007, Vol. 38 (2), pp. 333 352. 20. Saginova O. V., Skorobogatykh I. I., Musatova Z. B. Hidden Champions in Russia: Using Western Research Methodology to Study Dynamically Developing Markets, Life Sciences Journal, 2014, No. 11 (5), pp. 512 518. 21. Sciascia S. and Mazzola P. Family Involvement in Ownership and Management: Exploring Nonlinear Effects on Performance, Family Business Review, 2008, Vol. 21 (4), pp. 331 345. 50 22. Simon H. Hidden Champions of the 21st Century. Success Strategies of Unknown World Market leaders, London, New York, Springer Dordreht, 2009. 23. Sirmon D. G. and Hitt M. A. Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms, Entrepreneurship Theory and Practice, 2003, Vol. 27, June, Issue 4, pp. 339 358. 24. Stinchcombe A. L. Information and Organizations, Berkeley, University of California Press, 1990. 25. Voudourisa I., Lioukasb S., Makridakisc S., Spanosa Y. Greek Hidden Champions: Lessons From Small, Little-Known Firms in Greece, European Management Journal, 2000, Vol. 18, Issue 6, pp. 663 674. 26. Wernerfelt B. A Resource-Based View of the firm, Strategic Management Journal, 1984, Vol. 5, pp. 171 180. 27. Zahra S. A., Ireland R. D., Hitt M. A. International Expansion By New Venture Companies: International Diversity, Mode of Market Entry, Technological Learning and Performance, Academy of Management Journal, 2000, No. 43(5), pp. 925 950. 28. Zahra S. A. Governance, Ownership, and Corporate Entrepreneurship: the Moderating Impact of Industry Technological Opportunities, Academy of Management Journal, 1996, Vol. 39, No. 6, pp. 1713 1735. 29. CEEMAN: International Management Development Association. Hidden Champions in Central and Eastern Europe, and Dynamically Changed Environments. Research Report, 2011. Available at: http://www.ceeman.org/publications.php/90/hidden-champions-in-cee-and-dynamicallychanging-environments-research-report 30. Jaruzelski B. and Dehoff K. The Global Innovation, Strategy+Business Magazine, 2010, No 1. Available at: http://www.strategy-business.com 31. Russia Trade, Exports and Imports in 2010. Economy Watch. Follow the Money. Available at: http://www.economywatch.com/world_economy/russia/export-import.html 51