Standard Industrial Classification

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Standard Industrial Classification (SIC)

A code system that designates a unique business activity classified by industry.

Standard Industrial Classification

A system of four digit codes used in business to classify the industry to which a company belongs. The SIC was created by the U.S. government in 1937 to facilitate communication within and between businesses and industries. For the most part, the SIC was replaced by the six digit NAICS in 1997, but the SEC still uses the SIC. For example, an oil and gas exploration company might file with the SEC under the code 1382.

Standard Industrial Classification (SIC)

a system which codifies and measures groups of economic activity at various levels of aggregation and disaggregation. In the UK, the Standard Industrial Classification comprises 10 major divisions, 60 classes, 222 groups and 334 activities. Activities, or their equivalent ‘industries’ (see INDUSTRY), are derived on the basis of their supply characteristics, in particular the use of common raw materials and processes of manufacture. Such a classification provides a useful source of information on industry structure and statistical details of employment, output and investment by the industrial sector. However, for purposes of MARKETING strategy, SIC data usually needs to be reinterpreted in order to provide more meaningful specifications of MARKETS, defined in terms of groups of products which are regarded by buyers as close substitute products. To illustrate, glass jars and metal cans are assigned to different industries by the SIC (Division 2, Activity ‘glass containers’, Division 3 ‘packaging products of metal’, respectively), but would be regarded by a user of packaging materials such as a coffee manufacturer as substitute products. See STRUCTURE OF INDUSTRY.

standard industrial classification

see INDUSTRIAL CLASSIFICATION.
References in periodicals archive ?
Specifically, I form three matching-firm samples based and two-, three-, or four-digit SIC codes and size.
To gather a list of these entities within the geographic boundaries of our selected area, the process is a matter of determining the proper SIC codes.
Refer to the NAISC/SIC document listing the most commonly used SIC codes, visit www.
It is assumed that stratifying firms based on four-digit SIC codes will control for differences between industries.
SIC codes are 7311, 7312, 7313, 7391, 7331, 7336, 7812, 8742 and 8743.
The NAICS codes are organized into industry groupings, descriptions of each industry, important reference information, industry cross-references, and an appendix that matches the old SIC codes to the new NAIC codes.
EPA is currently working on Toxic Release Inventory (TRI) reporting software to assist foundries with the completion and filing of their Form Rs for SIC codes 332, 3335, 3336 and 3339.
Most business researchers will be happy to find that frustrating SIC codes such as 8748 "Business Consulting Services, Not Elsewhere Classified (NEC)" are not as imprecise in the NAICS system.
The reason is that plastics manufacturers are often listed under several SIC codes, and accidents can come up under any of them.
Tables showing correspondence between 1997 NAICS and 1987 SIC codes
The data are for publicly traded firms in a variety of SIC codes.