Rikkers, FriedaThibeault, Andre E2017-12-022017-12-0220111755-3830https://doi.org/10.1504/ijbaaf.2011.041455http://hdl.handle.net/20.500.12127/4079Financial statements vary between industries. Therefore, economic intuition suggests that industry effects should be an important component in bankruptcy prediction; however, in previous academic literature on default prediction, not much attention has been paid to these effects. In this study a number of questions concerning credit risk modelling of small and medium-sized enterprises (SMEs) and industry are answered.en3501 Accounting, Auditing and AccountabilityInternational Journal of Banking Accounting and Finance1755-3849141055691244711