Moving to a world beyond p-value < 0.05: a guide for business researchers

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.

Automated summary

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.