Evolution of ownership and financing structures among Belgian Hidden Champions

Saadi, Abir
(2026)

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Details

Supervisors
Kamp, Bartholomeus
Faculty
Louvain School of Management
Degree label
Master [120] : ingénieur de gestion, à finalité spécialisée
Abstract
enHidden Champions are small to mid-sized companies, leading their global niche while remaining largely unknown to the public. Despite their economic significance, their ownership and financing structures remain largely unstudied, particularly in the Belgian context. This thesis studies 47 Belgian Hidden Champions over the period 2008 to 2024, trying to understand how their ownership and financing structures have evolved and what role foreign and institutional investors have played in this evolution.