The research design for finance dissertations differs from other types of research designs. Financial researchers have to design research strategy that is different from conventional designs. It is because financial research encompasses numbers and accounting. Financial research comes within the domain of business research. Business research applies scientific tools for comprehending business phenomena.
Similarly, financial research involves identifying and understanding financial risks. It involves analysing the financial situation of a company or a government. It is a complex research process; therefore, researchers must carefully design research strategy. This article will tell you how you can design research strategy for a finance dissertation.
What Is The Purpose Of Financial Research?
You must have a clear idea about the aims and objectives of financial research before you design research strategy. Every company or organisation has stakeholders, investors, and creditors. They demand from the company to make a realistic assessment of investments, profits, and revenues. Financial analysts and accountants must be skilled in financial research. So, finance students must have a clear idea that financial research has practical implications. The study should be relevant to society. It should analyse the financial problem with the help of concrete and reliable data.
How To Select Research Design For Financial Research?
You can design research strategy for financial research using quantitative and qualitative research methods. You will have to analyse the following things:
- What are the causes? (Causation)
- How does it occur?
- Why does it happen?
A financial research design strategy must analyse the way people use financial services. It also requires the analysis of financial operations. You can use a mixed methods approach to design research strategy. Getting finance dissertation writing service can be important in this regard.
What Are The Different Research Design Strategies For Finance Dissertations?
You can design research strategy for a finance dissertation using the following research designs.
Basic Or Exploratory Research
Basic or exploratory research in financial dissertations encompasses research at the basic level. When the researchers aim to find and explore a financial phenomenon, basic research is common. It only concerns itself with generalisations and theory formulation. Exploratory research helps build the foundations for practical research. You can design research strategy for exploratory research by reviewing the financial literature.
Quantitative Research Design Strategy
A quantitative research design strategy is common in financial research. Financial research involves empirical data. So, quantitative data is essential for financial research. The quantitative research design strategy in financial research emphasises using mathematical and statistical tools. It helps researchers analyse a company’s financials, such as debts, equities, and stocks. Quantitative analysis also uses diverse numerical data such as past empirical data and current values to assess and predict financial behaviour.
Computer models and trade algorithms help researchers examine investment opportunities. It also helps develop effective financial strategies. Financial research must have practical value. The primary aim of quantitative research in finance dissertation is to use quantified data and tangible metrics. It can provide deep insights and practical value to investors and any business taken as a case study.
Strategies for Quantitative Research Design
A quantitative research design strategy involves the collection of numerical data. It also requires the formulation of a testable hypothesis. The researcher has to collect the data by defining a sample size. The sampling technique uses statistical methods such as probability sampling, which selects sample size randomly.
Mathematical Models And Statistical Analysis
You can design research strategy for quantitative research by using mathematical models and statistical analysis to examine a financial issue. Researchers must be skilled at developing mathematical models. They must be proficient at using statistical tools such as SPSS (Statistical Package for Social Sciences) and STATA. The analytical strategies for quantitative research require understanding the data patterns. Researchers will have to identify the trends and relationships between the data points. It also requires familiarity with econometric models, correlational analysis, causal analysis, regression, and time series analysis.
Descriptive Statistical Technique
The quantitative research design strategy uses descriptive statistics to define the various attributes of collected data. Researchers have to use frequency distribution tables, bar charts and scatter plots to summarise the data. It is an effective technique in financial research that explains the data to the readers. Researchers also have to use a central measure of tendency and measures of dispersion to explain the data.
Inferential Statistical Technique
The inferential statistical technique is essential in quantitative research design strategy. The researcher has to draw inferences from the data and test the hypothesis at this stage. The analysis part, where inferences are drawn from the data, uses inductive logic and makes generalisations. It also helps researchers predict future outcomes and financial behaviours.
Qualitative Research Design Strategy
You can design research strategy by using the qualitative research method. The qualitative research method in financial research uses qualitative tools and methods for examining a financial issue. It does not involve statistical data and analysis. You can design research strategy for your finance dissertation using qualitative research methods. Qualitative research is useful when you are looking to describe the features of a financial phenomenon and understand the implicit meanings. But qualitative approach alone cannot predict financial behaviours. You can use it as a supplement design research strategy for financial research. Confirming and validating your findings using the mixed methods approach strategy leads to diverse and robust findings.
You can use the qualitative method for exploring a financial issue. Financial processes are not independent of human interaction. Human behaviour is a complex phenomenon that cannot be quantified and generalised. It requires applying qualitative analysis for a better understanding of financial issues. Qualitative research questions are open-ended, flexible, and multi-direction. If you design research strategy for your financial dissertation using the mixed methods approach, you will gain access to a rich variety of data. The mixed-methods approach leads to more valid conclusions and deep insights.
You can design research strategy for your finance dissertation using quantitative and qualitative methods. The usage of mixed methods approach adds value to your research and helps you gain deep insights into an issue.