Academic literature on the topic 'Standard Industrial Classification Code (SIC)'

Using a mixture of court docket data and case files, we construct a data set of business litigation in Rhode Island Superior Court during 1987 and 1988. Business litigation is defined as a suit involving an economic firm as both a plaintiff and a defendant. The empirical analysis complements recent scholarship providing answers to descriptive questions about the frequency, nature of, parties to, and intensity of the business litigation docket. Using Standard Industrial Classification (SIC) codes, indicators of industry participation in litigation are developed, and positive analysis undertaken to explain variation across industries. Several hypothesis are developed and tested using quantitative analysis. We conclude that contextual economic conditions favoring the creation of long-term business relationships help prevent litigation between firms.

Purpose The purpose of this research is to account for the internationalization of restaurants. The conceptual framework of upper echelons theory is applied to identify the demographic determinants of internationalization among chief executive officers (CEOs). Design/methodology/approach Data from 30 restaurant firms for the period 1999-2013 were collected from a variety of sources, primarily Compustat and Execucomp, based on Standard Industrial Classification (SIC) code 5812, the annual 10-K and public information. A panel feasible generalized least squares model was used as the main instrument of analysis. Findings The findings indicate that the CEO gender and share ownership negatively affect the internationalization of restaurant companies, whereas size, the extent of franchising, the type of restaurant and stock options positively affect the degree of internationalization. Additionally, an inverted U-shaped relation exists between CEO tenure and the degree of internationalization. Practical implications The presented information may provide shareholders and boards of directors with valuable guidelines regarding the assignment of appropriate managers depending on the extent to which their companies are pursuing internationalization strategies. Originality/value Most studies in hospitality sectors have focused only on accounting-based measures to explain strategic decision-making, although proponents of upper echelons theory have argued that CEO attributes influence strategic decisions/changes. This study contributes to the literature on hospitality by identifying the effects of CEO characteristics on internationalization decisions.

Abstract As part of the changes to industrial classifications following the United Nations’ revision to the International Standard Industrial Classification, ISIC Rev. 4, the UK moved to its version of a new classification between 2007 and 2011. We describe the processes involved in changing an industrial classification, including model-based adjustment methods and changes to survey designs and operations. We discuss the quality of the approaches used for different time periods in the same series, and the ways in which consistent time series are produced for users of economic statistics. We provide some general evaluation of the changeover, and guidance on the best approaches to follow when updating classifications.

Purpose – The purpose of this paper is to extend the research on private equity by studying the drivers of leveraged buyout (LBO) operating performance in Latin America. The authors consider a large set of candidate drivers (financial, governance, macroeconomic and industry variables) and study their effects on performance over short- and long-terms. Design/methodology/approach – To conduct this study, the authors used Capital IQ as a database as well as a hand-collected data set covering LBO in Latin America from 2000 to 2008. Findings – The empirical results show that macroeconomic variables have an important impact on LBO value creation. Governance variables show also that LBO transactions reduce information asymmetries between existing and new management teams. Consequently, a concentrated shareholder structure has a better impact on performance than diluted stockholders. Financial variables present significant effects after the delisting. Research limitations/implications – The characteristics of the debts included in the balance sheets (maturity for example) are not available in the authors' data basis. A test including this information could bring other elements of explanation. The measure of cumulative abnormal returns around going-private announcements and their impacts on shareholder’s value could also be of interest. This last study has been published for the UK (Wright et al., 2006). Further research should introduce other continents and particularly Asia in the analysis but also comparisons between the Brazil–Russia–India–China–South Africa (BRICS) countries. Originality/value – This study makes five main contributions. First, the authors construct an LBO sample with emerging markets and specially Latin America. It is the first time that an academic article has been realized. Data are very difficult to obtain to do empirical tests. Latin America is a part of emerging markets, which is an interesting study subject due to their attractiveness in terms of growth of private equity funds. Second, to understand clearly how LBOs create value, the authors construct a sample control to highlight the key factors. Criteria of size, sector of activity and Standard Industrial Classification (SIC) codes were strictly enforced. Third, the authors do not focus on the moment where the transaction is realized like many studies but before and after the delisting. Indeed, they observed, on the one hand, the operating performance between year −1 and year +1 and, on the other hand, the operating performance between year −1 and year +3. Generally, only the market reaction around the acquisition announcement is examined. Post-performance is not considered due to lack of data. Fourth, the authors take into account the macroeconomic effects on performance of LBOs. It is the first examination of the impact of macroeconomic factors on performance of LBOs in Latin America. And fifth, they analyze the impact of going-private decisions on employees.