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Bayesian methods in family business research

Author

Listed:
  • Block, Joern H.
  • Miller, Danny
  • Wagner, Dominik

Abstract

Bayesian methods constitute an alternative to null hypothesis significance testing (NHST). This article briefly reviews the concept of Bayesian methods, describes their differences from NHST, and discusses the potential of Bayesian methods to advance family business research and practice. We argue that Bayesian methods are well suited to account for the significant heterogeneity that exists in the population of family firms. The article closes with a short guide to using Bayesian methods and reporting their results in the context of research on family businesses. The article's focus is on regression models.

Suggested Citation

  • Block, Joern H. & Miller, Danny & Wagner, Dominik, 2014. "Bayesian methods in family business research," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 97-104.
    • Handle: RePEc:eee:fambus:v:5:y:2014:i:1:p:97-104
    DOI: 10.1016/j.jfbs.2013.12.003
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    References listed on IDEAS

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    1. Leamer, Edward E, 1973. "Multicollinearity: A Bayesian Interpretation," The Review of Economics and Statistics, MIT Press, vol. 55(3), pages 371-380, August.
    2. T. D. Stanley, 2005. "Beyond Publication Bias," Journal of Economic Surveys, Wiley Blackwell, vol. 19(3), pages 309-345, July.
    3. Frank Smets & Rafael Wouters, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
    4. Hoogerheide, Lennart & Block, Joern H. & Thurik, Roy, 2012. "Family background variables as instruments for education in income regressions: A Bayesian analysis," Economics of Education Review, Elsevier, vol. 31(5), pages 515-523.
    5. Miller, Danny & Le Breton-Miller, Isabelle & Lester, Richard H. & Cannella Jr., Albert A., 2007. "Are family firms really superior performers?," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 829-858, December.
    6. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
    7. Paul Westhead & Carole Howorth, 2007. "‘Types’ of private family firms: an exploratory conceptual and empirical analysis," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 19(5), pages 405-431, September.
    8. Block Joern H. & Hoogerheide Lennart & Thurik Roy, 2012. "Are Education and Entrepreneurial Income Endogenous? A Bayesian Analysis," Entrepreneurship Research Journal, De Gruyter, vol. 2(3), pages 1-29, July.
    9. Peter E. Rossi & Greg M. Allenby, 2003. "Bayesian Statistics and Marketing," Marketing Science, INFORMS, vol. 22(3), pages 304-328, July.
    10. Andreas Schwab & Eric Abrahamson & William H. Starbuck & Fiona Fidler, 2011. "PERSPECTIVE---Researchers Should Make Thoughtful Assessments Instead of Null-Hypothesis Significance Tests," Organization Science, INFORMS, vol. 22(4), pages 1105-1120, August.
    11. Block, Joern H. & Jaskiewicz, Peter & Miller, Danny, 2011. "Ownership versus management effects on performance in family and founder companies: A Bayesian reconciliation," Journal of Family Business Strategy, Elsevier, vol. 2(4), pages 232-245.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Christopher Hansen & Joern Block & Matthias Neuenkirch, 2020. "Family Firm Performance Over The Business Cycle: A Meta‐Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 476-511, July.
    2. Miller, Danny & Le Breton-Miller, Isabelle, 2021. "Brief reflections on family firm research and some suggested paths forward," Journal of Family Business Strategy, Elsevier, vol. 12(1).
    3. Block, Joern & Wagner, Marcus, 2014. "Ownership versus management effects on corporate social responsibility concerns in large family and founder firms," Journal of Family Business Strategy, Elsevier, vol. 5(4), pages 339-346.
    4. Jasper Brinkerink, 2023. "When Shooting for the Stars Becomes Aiming for Asterisks: P-Hacking in Family Business Research," Entrepreneurship Theory and Practice, , vol. 47(2), pages 304-343, March.
    5. Pourya Darnihamedani & Joern Hendrich Block & Jolanda Hessels & Aram Simonyan, 2018. "Taxes, start-up costs, and innovative entrepreneurship," Small Business Economics, Springer, vol. 51(2), pages 355-369, August.
    6. Wilson, Shawn R. & Whitmoyer, Jeffrey G. & Pieper, Torsten M. & Astrachan, Joseph H. & Hair, Joseph F. & Sarstedt, Marko, 2014. "Method trends and method needs: Examining methods needed for accelerating the field," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 4-14.
    7. Giovanna Campopiano & Patricia Gabaldón & Daniela Gimenez-Jimenez, 2023. "Women Directors and Corporate Social Performance: An Integrative Review of the Literature and a Future Research Agenda," Journal of Business Ethics, Springer, vol. 182(3), pages 717-746, January.
    8. Wagner, Dominik & Block, Joern H. & Miller, Danny & Schwens, Christian & Xi, Guoqian, 2015. "A meta-analysis of the financial performance of family firms: Another attempt," Journal of Family Business Strategy, Elsevier, vol. 6(1), pages 3-13.

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