Research Methods Overview Lecture 2 PDF

Research methods overview Lesson 2 Dr Owen Hogan Overview  Defining quantitative and qualitative approaches (incl. mixed methods)  Benefits and limitations of qualitative and quantitative methods  Matching the right method to the research question ...

Research methods overview Lesson 2 Dr Owen Hogan Overview  Defining quantitative and qualitative approaches (incl. mixed methods)  Benefits and limitations of qualitative and quantitative methods  Matching the right method to the research question  The research design What do we already know? Quantitative or Qualitative Research Quantitative Qualitative  data is numerically analysed and  non-numerical data that quantified into hard facts describes qualities  cause/effect, or relationships  understanding behaviour, perceptions and attitudes  ‘what’ or ‘how’ questions, confirmatory, testing  ‘why’ questions, exploratory research, understanding, learning  validated instruments – surveys, questionnaires, controlled  interviews, focus groups, experiments qualitative questionnaires Mixed methods – quantitative and qualitative data are collected and analysed in tandem or sequentially, to investigate a problem/opportunity within a single study (Creswell, 2014). What is quantitative research  Provides valuable insights into the relationships between variables and helps researchers make evidence-based decisions.  A method of empirical investigation that aims to quantify data and analyse relationships between variables using statistical techniques  Involves collecting numerical data and analysing it using mathematical and statistical methods to identify patterns, trends, or relationships within the data. Characteristics  Involves the collection of numerical data that can be quantified and subjected to statistical analysis. Researchers aim for objectivity and use standardized measures to gather data that can be compared and measured.  Uses a deductive approach, where researchers test a hypothesis derived from theory. It involves the development of a hypothesis prior to the data collection and analysis. This is based on logic and mathematical computations to validate or refute the hypothesis.  Often taking place in settings where variables can be manipulated and controlled. Researchers create structured situations to isolate cause and effect relationships. Why do quantitative research?  Allow researchers to gather data from a large sample size, making the findings more generalizable to the broader population  Used statistical analysis to measure and quantify a phenomenon, making the results more objective and less prone to researcher bias  Often more efficient than qualitative research methods, as they can be conducted quickly and on a large scale  Limitations of quantitative research  Limited Depth: Quantitative research often focuses on quantifiable data and may not capture the depth and richness of human experiences, attitudes, or behaviours. It may overlook context, nuances, and underlying meanings that qualitative methods can provide.  Lack of Flexibility: Quantitative research typically follows a predetermined research design and structured methodology, which may limit the researcher's ability to adapt to unexpected findings or explore new avenues of inquiry during data collection.  Potential for Simplification: Quantitative research may oversimplify complex phenomena by reducing them to numerical measures or variables. This can lead to a loss of detail and complexity, particularly in fields where human behaviour or social interactions are multifaceted.  Difficulty in Capturing Context: Quantitative research may struggle to capture the context in which data are collected, including social, cultural, or environmental factors that influence the phenomenon under study. Ignoring context can limit the interpretation and generalizability of findings.  Reliance on Instrumentation: Quantitative research often relies on standardized measurement instruments or scales, which may not fully capture the constructs being studied or may introduce measurement error. Inadequate or inappropriate measurement tools can compromise the validity and reliability of findings.  Potential for Bias: Quantitative research is susceptible to various forms of bias, including selection bias, measurement bias, and response bias. Researchers must take precautions to minimize bias during study design, data collection, and analysis to ensure the accuracy and integrity of results.  Difficulty in Studying Complex Phenomena: Some phenomena, such as human emotions, motivations, and attitudes, may be challenging to quantify and analyze using quantitative methods alone. These phenomena may require complementary qualitative approaches to gain a more comprehensive understanding.  Difficulty in Establishing Causality: While quantitative research can identify associations between variables, establishing causality can be challenging. Correlation does not imply causation, and factors such as confounding variables or reverse causation may influence the observed relationships. What is qualitative research?  A method of inquiry that seeks to understand social phenomena from the perspective of the participants.  Exploring attitudes, behaviours and experiences  Can involved a range of techniques to collect data such as interviews, focus groups, case studies, and document analysis  Examines the richness and complexity of human behaviour and the reasons behind it  Subjective and interpretive in nature  Acceptance that there are multiple truth’s Characteristics  Often involves subjective interpretation of phenomena based on the meanings people bring to them, providing depth and context to the data, offering insights beyond what can be quantified.  Typically employs inductive reasoning moving from specific observations to broader generalizations and theories. This is opposite to the deductive approach of quantitative research.  Often occurs in natural settings, where behaviours and events occur naturally, providing a real-world context to the findings.  Why do qualitative research?  Understanding context including the motives, attitudes and behaviours of individuals and organisations  Exploring complex phenomena offering rich insights into intricate situations and events – wicked problems  Can identify new variables, theoretical models and offer nuanced understandings not previously considered  Flexile and adaptable to explore rapidly changing areas where existing theories are scarce  Incorporates multiple perspectives stakeholder inclusivity  Provide actionable insights and strategies that professionals can use in the real world  Can be used to explain quantitative results, trends and anomalies found in data Limitations to qualitative research  Subjectivity: Qualitative research can be influenced by the researcher's personal biases, affecting the objectivity of the findings.  Generalizability: The findings from qualitative studies, often based on small or non-random samples, may not be applicable to larger populations.  Time and Resource Intensive: The in-depth nature of qualitative methods can require significant time and resources, limiting the scope of research.  Difficulty in Quantifying Data: The textual or visual data from qualitative research can be challenging to quantify, limiting statistical analysis.  Reliance on Interpretation: Data analysis is highly dependent on the researcher's interpretation, leading to potential variability in conclusions.  Vulnerability to Researcher Influence: The researcher's presence can affect participant behaviour, potentially skewing the data.  Data Overload: The vast amounts of data generated can lead to selective reporting and potential loss of important insights.  Group Activity - Is it true? Why is it true?  Italy places a strong emphasis on leisurely dining experiences. Lunch, the main meal of the day, is often a lengthy affair, with multiple courses and a break in the middle of the day for the traditional "riposo" or rest period. Dinner is also a relaxed affair, often enjoyed with family and friends, lasting well into the evening.  In Italy, there is a more relaxed attitude towards time. Punctuality is not as strictly enforced, and it's not uncommon for events to start later than scheduled. Italians often prioritise social interactions and flexibility over adhering strictly to timetables. Method depends on the research question  What is the research question seeking to understand?  What are the phenomena being investigated – for example, very specific variables, or more open constructs?  What approach have studies in this area taken?  Feasibility of data collection in the time available?  Access to data.  Developing your method Research focus Example Method Descriptive: Seeks to describe What are the trends in corporate dividend Quantitative analysis of patterns, trends, or relationships in payouts over the last decade? financial statements, trend data. analysis. Comparative: Compares metrics How do financial performance indicators differ Comparative analysis of between different groups or periods. between publicly traded and privately held financial statements, ratio companies in the tech sector? analysis. Causal: Investigates the cause-and- Does the adoption of sustainable investment Regression analysis, event effect relationship between variables. practices impact a firm's long-term return on studies. investment? Exploratory: Explores areas where What are the emerging risks in global financial Qualitative interviews with there is limited understanding, to gain markets due to cryptocurrency adoption? market experts, literature insights. review. Group activity – qual or quant?  How do interest rate changes impact the risk profiles of our fixed income investment portfolio?  What factors are most influential in shaping customer satisfaction levels for our new product line?  What are the common ethical dilemmas faced by accountants in the practice of corporate financial reporting?  What are the main reasons for the recent decline in employee morale within Australian universities?  What has been the average annual return of our equity investments over the past 10 years compared to the benchmark index?  How do different corporate governance structures influence the quality of financial reporting in publicly traded companies?  How can the company optimize inventory levels to reduce waste and improve supply chain efficiency?  Which cost-cutting measures have been most effective in improving the financial health of companies within the retail sector?  Should the company enter a new international market, and if so, which market presents the best opportunity?