Helpful information on how to apply Bayesian methodology to investigate empirical data in the field of management.
Bayesian Presentation Slide (2025)
Videos of Symposium Presentations
https://www.youtube.com/playlist?list=PLHTAJIrEstwIu5brfQfv_Dp6s2z43K8HR
The links above provide access to the presentation slides and a video from an earlier Bayesian Analysis symposium. Below you will find additional helpful information on how to apply Bayesian methodology to investigate empirical data in the field of management. Three stars (***) identify sources we find especially helpful!
Readings for Starters
***McCann, B. & Schwab. A. (2023). Bayesian Analysis in Strategic Management Research: Time to Update Your Priors. Strategic Management Review, Vol. 4(1): 75–106; DOI: 10.1561/111.00000053
***Mackey, T. B., & Dotson, J. P. (2024). Bayesian Statistics in Management Research: Theory, Applications, and Opportunities. In Oxford Research Encyclopedia of Business and Management. https://doi.org/10.1093/acrefore/9780190224851.013.287
Main General Monographs
***McElreath, R. (2020). Statistical Rethinking: A Bayesian Course with Examples in R and Stan. CRC Press. [Textbook Webpage, Lecture series]
Hahn, E.D. (2014). Bayesian Methods for Management and Business: Pragmatic Solutions for Real Problems. Hoboken, NJ: Wiley. [includes management research examples using R and WINBUGS]
Gelman, A., Carlin, J.B., Stern, H.S. and Rubin, D.B. (2014). Bayesian Data Analysis. Boca Raton, FL: Chapman and Hall/CRC Press.
Gill, J. (2015). Bayesian Methods: A Social and Behavioral Sciences Approach. Boca Raton, FL: Chapman & Hall/CRC Press.
Nicenboim, B., Schad, D. J., & Vasishth, S. (2025). Introduction to Bayesian data analysis for cognitive science. CRC Press.
Kaplan, D. (2023). Bayesian statistics for the social sciences. Guilford Publications.
Kruschke, J.K. (2014). Doing Bayesian Data Analysis: A Tutorial with R and BUGS. 2nd Edition. Academic Press. [https://sites.google.com/site/doingbayesiandataanalysis/]
Other Valuable Bayesian Internet Resources
Michael Betancourt Website
(https://betanalpha.github.io/)
Alexandre Andorra Podcasts
(https://www.learnbayesstats.com/)
Gelman Blog (http://andrewgelman.com/)
Kruschke Blog (http://doingbayesiandataanalysis.blogspot.com/)
International Society of Bayesian Analysis (http://www.bayesian.org/)
Software Platforms for Bayesian Statistics
R (with packages by Stan, JAGS, WinBugs and others)
Stata (since Version 14)
Python
SPSS
MPlus
MatLab
SAS
... and others!
Software Application-Oriented Bayesian Statistics Publications
R with platforms Stan or JAGS (open software)
https://cran.r-project.org/web/packages/bayesm/vignettes/bayesm_Overview_Vignette.html
McElreath, R. (2020). Statistical Rethinking: A Bayesian Course with Examples in R and Stan. CRC Press. [Textbook Webpage, Lecture series]
Stata (commercial software; Versions 19, 18, 17, 16, 15 and 14)
https://www.stata.com/features/overview/bayesian-analysis/
https://www.stata.com/manuals/bayes.pdf
Python (open source; PyMC, ArivZ, Bambi, etc）
https://www.pymc.io/welcome.html
Martin, O. (2024). Bayesian analysis with Python: A practical guide to probabilistic modeling. Packt Publishing.
General Bayesian Statistics Journal Articles
Bayarri, M. J. and Berger, J. O. (2004). The Interplay of Bayesian and Frequentist Analysis. Statistical Science, 19(1), 58-80.
Berger, J.O. (2000). Bayesian Analysis: A Look at Today and Thoughts of Tomorrow. Journal of the American Statistical Association, 95 (452), 1269-1276.
Certo, S. T., Albader, L. A., Raney, K. E., & Busenbark, J. R. (2022). A Bayesian approach to nested data analysis: A primer for strategic management research. Strategic Organization, https://doi.org/10.1177/14761270211072248.
Courey, K. A., Oswald, F. L., & Culpepper, S. A. (2024). Clearer analysis, interpretation, and communication in organizational research: A Bayesian guide. Practical Assessment, Research, and Evaluation, 29(1), 1.
Depaoli, S., & van de Schoot, R. (2017). Improving transparency and replication in Bayesian statistics: The WAMBS-Checklist. Psychological Methods, 22(2): 240–261.
Efron, B. (1986). Why Isn't Everyone a Bayesian? The American Statistician, 40(1), 1-5.
Hoijtink, H., & Chow, S.-M. (2017). Bayesian hypothesis testing: Editorial to the Special Issue on Bayesian data analysis. Psychological Methods, 22(2): 211–216.
Jebb, A.T and Woo, S.E. (2015). A Bayesian Primer for the Organizational Sciences: The 'Two Sources' and an Introduction to BugsXLA. Organizational Research Methods, 18(1), 92-132.
Kruschke, J. K., Aguinis, H., & Joo, H. (2012). The Time Has Come: Bayesian Methods for Data Analysis in the Organizational Sciences. Organizational Research Methods, 15(4), 722-752.
Kruschke, J. K., & Liddell, T. M. (2018). Bayesian data analysis for newcomers. Psychonomic Bulletin & Review, 25(1), 155-177.
Lindley, D. V. (1986) [Why Isn't Everyone a Bayesian?]: Comment. The American Statistician, 40(1), 6-7.
Mackey, T. B., & Dotson, J. P. (2024). Bayesian Statistics in Management Research: Theory, Applications, and Opportunities. In Oxford Research Encyclopedia of Business and Management.
McCann, B. T. (2020). Using Bayesian updating to improve decisions under uncertainty. California Management Review, 62(4), 5-21.
McCann, B. & Schwab. A. (2023). Bayesian Analysis in Strategic Management Research: Time to Update Your Priors. Strategic Management Review, Vol. 4(1): 75–106.
O'Connor, B.P. (2017). A first steps guide to the transition from null hypothesis significance testing to more accurate and informative Bayesian analyses. Canadian Journal of Behavioural Science, 49(3), 166-182.
van de Schoot, R., Winter, S. D., Ryan, O., Zondervan-Zwijnenburg, M., & Depaoli, S. (2017). A systematic review of Bayesian articles in psychology: The last 25 years. Psychological Methods, 22(2): 217–239.
Zyphur, M. J., & Oswald, F. L. (2013). Bayesian probability and statistics in management research: A new horizon. Journal of Management, 39(1), 5-13.
Zyphur, M. J., & Oswald, F. L. (2015). Bayesian estimation and inference: A user’s guide. Journal of Management, 41(2), 390-420.
Bayesian Structural Equation Modeling Journal Articles
Asparouhov, T., Muthén, B., & Morin, A. (2015). Bayesian Structural Equation Modeling with cross-loadings and residual covariances: Comments on Stromeyer et al. Journal of Management, 41(6), 1561-1577.
Lee, S. (2007). Structural Equation Modeling: A Bayesian Approach. New York: Wiley.
Stromeyer, W. R., Miller, J. W., Sriramachandramurthy, R., & DeMartino, R. (2015). The prowess and pitfalls of Bayesian structural equation modeling: Important considerations for management research. Journal of Management, 41(2), 491-520.
Applications of Bayesian Statistics in Management Research Studies
Anderson, R. D. and Lenz, R.T. (2001), Modeling the Impact of Organizational Change: A Bayesian Network Approach. Organizational Research Methods, 4, 112-130.
Arin, K. P., Huang, V. Z., Minniti, M., Nandialath, A. M., & Reich, O. F. (2015). Revisiting the determinants of entrepreneurship: A Bayesian approach. Journal of Management, 41(2), 607-631.
Avnimelech, G., Dushnitsky, G., Ellsaesser, F., & Fitza, M. (2024). Are accelerators akin to breweries or wineries? A Bayesian variance decomposition of accelerator and cohort effects. Strategic Management Journal, 45(3), 534-579.
Berchicci, L., & King, A. A. (2022). Building knowledge by mapping model uncertainty in six studies of social and financial performance. Strategic Management Journal, 43(7), 1319-1346.
Block, J., Jaskiewicz, P. and Miller, D. (2010). Ownership versus Management Effects on Performance in Family and Founder Companies: A Bayesian Reconciliation. Journal of Family Business Strategy, 2(4), 232-245.
Busenbark, J. R., Bundy, J., & Chin, M. K. (2023). Director departure following political ideology (in) congruence with an incoming CEO. Strategic Management Journal, 44(7), 1698-1732.
Casciaro, T. and Lobo, M.S. (2008). When Competence Is Irrelevant: The Role of Interpersonal Affect in Task-Related Ties. Administrative Science Quarterly, 53(4), 655-684.
Chakravarty, A. and Grewal, R. (2011), The Stock Market in the Driver's Seat! Implications for R&D and Marketing. Management Science, 57( 9), 1594-1609.
Cordery, J. L., Cripps, E., Gibson, C. B., Soo, C., Kirkman, B. L., and Mathieu, J. E. (2015). The Operational Impact of Organizational Communities of Practice: A Bayesian Approach to Analyzing Organizational Change. Journal of Management, 41(2), 644-664.
Denrell, J., C. Fang. and Zhao, Z. (2012). Inferring Superior Capabilities from Sustained Superior Performance: A Bayesian Analysis. Strategic Management Journal, 34(2), 182-196.
Gordy, M.B. and Willemann, S. (2012), Constant Proportion Debt Obligations: A Postmortem Analysis of Rating Models. Management Science, 58(3), 476-492.
Guul, T.S., Villadsen, A.R. & Wulff, J.N. 2019. Does Good Performance Reduce Bad Behavior? Antecedents of Ethnic Employment Discrimination in Public Organizations. Public Administration Review, 79(5), 666-674.
Hansen, M.H., Perry, L.T. and Reese, S.S. (2004), A Bayesian Operationalization of the Resource-Based View. Strategic Management Journal, 25, 1279-1295.
Hahn, E.D. and Doh, J.P. (2006), Using Bayesian Methods in Strategy Research: An Extension of Hansen et al., Strategic Management Journal, 27, 783-798.
Jaskiewicz, P., Block, J. H., Combs, J. G., & Miller, D. (2017). The Effects of Founder and Family Ownership on Fired CEOs’ Incentives and Firm Performance. Entrepreneurship Theory and Practice, 41(1), 73-103.
Liu, X., Zhang, L., Gupta, A., Zheng, X., & Wu, C. (2022). Upper Echelons and Intra‐Organizational Learning: How Executive Narcissism Affects Knowledge Transfer Among Business Units. Strategic Management Journal, 43(11), 2351-2381.
Mackey, T. B., Barney, J. B. and Dotson, J. P. (2017). Corporate Diversification and the Value of Individual Firms: A Bayesian Approach. Strategic Management Journal, 38, 322-341.
Nystrom, P. C., Soofi, E.S., and Yasai-Ardekani M. (2010). Identifying and Analyzing Extremes: Illustrated by CEOs’ Pay and Performance. Organizational Research Methods, 13, 782-805.
Paul, U., & Biswas, A. (2017). Consumer Credit Limit Assignment Using Bayesian Decision Theory and Fuzzy Logic–a Practical Approach. Journal of Management, 4(2), 11-18.
Snihur, Y. and Wiklund, J. (2018). Searching for Innovation: Product, Process, and Business Model Innovations and Search Behavior in Established Firms. Long Range Planning, 52(3), 305-325.
Woo, S. E., Chae, M. W., Jebb, A. T., and Kim, Y. D. (2016). A Closer Look at the Personality-Turnover Relationship: Criterion Expansion, Dark Traits, and Time. Journal of Management, 42(2), 357–385.
Final Notes
If you have any questions, additional sources or recommendations for this resources guide, please contact Andreas Schwab (aschwab@iastate.edu).