Methods and Ethical Issues
This section of the proposal outlines the methods which will be implemented in the proposed research. Any ethical issues relevant to the proposed research along with the primary objective of the proposed research are also explained in this section.
Object of Study
The primary aim of the proposed research is to identify and analyse the impact of financial derivative instruments in international finance and this research aim will be accomplished by achieving several research objectives which have been highlighted in the introduction section of this proposal.
Research Approach
A research approach plays an integral role in a research as an effective research cannot be conducted by ignoring the research approach. The research approach provides a means for analysing and evaluating an element, hypothesis or phenomenon efficiently and effectively. Valid and logical conclusions in a research can only be derived when a researcher realises the significance of an appropriate research approach and methodology and the role it plays during a research. A researcher must analyse various types and forms of research approaches and methodologies before actual implementation to ensure that the most relevant, appropriate and effective research approach is selected. This will not only lead to effective collection and analysis of data but the research outcomes can also be achieved more easily and effectively (Bergh & Ketchen, 2009).
The researcher has to analyse various research methods and approaches in the planning and design phases of the research as a specific research approach needs to be identified before the actual research process starts. A researchers needs to be extremely cautious in selecting or choosing the research approach or methodology and ensure that only the most appropriate research approach is selected and implemented. There is an array of various paradigms, methods, approaches, techniques and tools for the researcher to select from. The researcher needs to analyse and evaluate these elements before designing the specific approach for a particular research (Raulin & Graziano, 2006).
The primary aim of all researchers is the effective accomplishment of research outcomes whether these researches are carried out in the academic context or business context. The research outcomes can only be achieved in an effective manner if the researchers realise the importance of an appropriate research approach and implement that approach during the actual research process (Blessing & Chakrabarti, 2009).
The research approach implemented in the proposed research will be based on the positivist research paradigm due to the objectivity of the research. This paradigm will be implemented to identify and analyse the impact of financial instrument derivates in international finance through a combination of qualitative and quantitative techniques. The data for the proposed research will be acquired from both primary and secondary sources. Survey questionnaires will be utilised for gathering data from primary sources. These survey questionnaires will be sent to executives of various multinational organisations in order to acquire their perspective on the impact of financial instrument derivatives in international finance. The secondary data on the other hand will be acquired from various sources including articles from journals, books, company records, websites and reports. The findings and results of the proposed research will be mainly based on data collected from primary sources while data gathered from secondary sources will be utilised to support the findings and observations of primary research.
The methodology of the proposed research will be structured as a combination of qualitative and quantitative research techniques. The data acquired from secondary sources will be analysed by implementing qualitative research methods while the data acquired from primary sources will be analysed using quantitative research methods. Both the qualitative and quantitative research methods carry benefits and limitations and this is the primary reason why a combination of these methods will be implemented where the proposed research can benefit from the advantages of both and alleviate any limitations found in these methods if they are implemented individually. The qualitative and quantitative research methods are explained in the following section with their respective advantages and limitations. The evaluation of the benefits and limitations of these methods will enable the researcher to apply these methods more accurately and effectively.
Evaluation of Data Analysis Methods
Quantitative Research Methods
The quantitative techniques of research are usually implemented in researches carried out in areas of medicine, finance, psychology, economics and other researches based on science. The quantitative methodology entails the use of quantitative data such as measurements, averages and ratios. Statistical and mathematical tools and techniques are commonly implemented in quantitative researches to analyse, interpret and evaluate data. The statistical or mathematical data acquired from research participants or relevant research areas is evaluated and analysed to arrive at conclusions through statistical results. Quantitative researches are usually conducted to investigate the interdependencies and interrelationships of specific variables related to a phenomenon (Ulin, Robinson, & Tolley, 2004). This is one of the primary reasons for implementing quantitative methods in the proposed research as the aim of the proposed research is to analyse the impact of financial derivative instruments in international finance. Statistical and mathematical analysis is usually applied in quantitative research techniques and may include mathematical and statistical tools such as measures of central tendency, averages, ratios, correlation and regression to analyse a sample population and variables acquired from the population (McNabb, 2002).
Benefits and limitations
The quantitative research methodology carries several benefits and limitations in a research. One of the primary advantages of using quantitative methods is that lesser amount of time required to gather, analyse and interpret quantitative data. Any changes in variables are easily identified and an objective explanation can be presented with respect to the data which will not only benefit the researcher but other users of the research as well. The easy comparability of quantitative data with historical data and other relevant researches is another advantage of the quantitative approach to research. In addition to the benefits, there are several limitations of the quantitative research approach as well. One limitation of this approach is the over simplified format of presentation where a significant amount of subjective and qualitative data may be ignored. Results of quantitative researches may not be practically applicable in real world scenarios of generalised nature. The data acquired in this approach should be quantitative and measurable otherwise it would be irrelevant and will not yield useful results (French, Reynolds, & Swain, 2001).
Qualitative Research Methods
The qualitative techniques of research unlike the quantitative techniques are usually implemented in researchers which are more subjective in nature such as literature, humanities and sciences but these techniques are also implemented in combination of the quantitative techniques where an analysis of both qualitative and quantitative data is required. The qualitative research approach is more descriptive and explanatory in nature and is applied to analyse, interpret and present data which is subjective in nature. The qualitative research approach enables a researcher to analyse the strength and richness of a specific phenomenon, situation or problem. The qualitative research approach requires a heavy involvement of the researcher and the abilities, expertise, knowledge and experience of the researcher are quite important in carrying out a qualitative research effectively (Burns & Grove, 2004).
Benefits and Limitations
There are several limitations and benefits of the qualitative approach to research as well and one of the most significant advantages of this approach is the flexibility in analysis and interpretation as the research can be adapted to changing situations and conditions. The involvement of the researcher is much higher in the research process as compared to other research approaches. A qualitative research provides a more descriptive, in-depth and explanatory presentation of the analysis and results as compared to other approaches. There are several disadvantages of this research approach as well such as the biasness of the research participants of researcher with respect to the whole research or any particular part of a research. As this approach is subjective in nature the scope of researches conducted under this approach is quite limited which implies that the same data and analysis techniques may yield different results in different situations. A higher amount of time is required to conduct a qualitative research as compared to other researches (Harrison, 2001).
Ethical Issues
There are various issues and risks which may be present in the proposed research as the researcher will collect data from both secondary and primary sources. The probable risks and issues relevant to the proposed research are outlined below.
Probable Risks of the Proposed Research
· There are several probable risks in the proposed research and some of these are outlined below.
· The risk of respondent identities being revealed
· The probable risk of breach of privacy and confidentiality of research participants and their relevant organisations
· Danger of using data from secondary sources without appropriate acknowledgement and referencing
· A risk of research participants feeling marked or targeted due to extensive use of data collection techniques.
Probable Solutions for Ethical Issues
The researcher will take appropriate prior approval before contacting any research participants and will ensure that the data and identities relevant to research participants are kept highly confidential and are only used for research purposes. Anonymous names will be replaced with actual names of companies and research participants to ensure security and privacy. A proper acknowledgement and referencing system will be used to avoid any instances of plagiarism and ensure that all data acquired from other sources is properly referenced and acknowledged. The survey questionnaires will be structured in such a manner that the research participants feel quite comfortable while answering and do not have a feeling of being targeted.
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