Journal
REVIEW OF MANAGERIAL SCIENCE
Volume 16, Issue 8, Pages 2467-2493Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11846-021-00504-6
Keywords
Effect size; Economic significance; Optimal significance level; Power analysis; Research Design
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The current paradigm of statistical significance and its decision rule should be modified to fit various fields of science, including business disciplines. A new or modified paradigm is needed for more thoughtful, open, and modest research to be conducted.
In light of the recent statements on the p-value criterion made by the American Statistical Association (ASA), it is now clear that that the current paradigm of statistical significance and its decision rule should be modified, in many fields of science including the business disciplines. We need a new or modified paradigm for thoughtful, open and modest research. This paper explains why we should adopt the ASA recommendations, and proposes a range of possible alternatives that may be included in a new paradigm for statistical research. As an application, the effect of seasonal affective disorder on stock return is re-evaluated.
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