Industry classification schemes: An analysis and review

Abstract

This article examines the industry classification schemes used in business research from the Standard Industrial Classification system and the North American Industry Classification System to market-based industry classification schemes like the Global Industry Classification and the Industry Classification Benchmark. The examination answers why there are so many, who developed them, and for what purpose. An assortment of industry classification schemes is reviewed to highlight differentiating characteristics, how companies are assigned industry codes, their use by different user groups, and the coverage of industry codes in well-known business databases. The article also introduces the new Sustainability Industry Classification System from the Sustainable Accounting Standards Board designed to classify companies by sustainability metrics.

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