Research Methodology

Dr Pradiptarathi Panda
Assistant Professor, NISM
 Outlines
What is Research?

Objectives of Research

Why do we do research?

Types of Research

Research Approaches

Significance of Research

Research and scientific method

Research Process

Criteria of Good research

 What is Research?
Search for knowledge.
A scientific and systematic search for pertinent information on a
specific topic.
 In fact, research is an art of scientific investigation.
 The Advanced Learner’s Dictionary defines research as “a careful
investigation or inquiry specially through search for new facts in any
branch of knowledge.”
 Redman and Mory define research as a “systematized effort to gain
new knowledge.”
 Some people consider research as a movement, a movement from
the known to the unknown.
 Research is an academic activity.

 According to Clifford Woody research comprises defining and redefining

problems, formulating hypothesis or suggested solutions; collecting, organising
and evaluating data; making deductions and reaching conclusions; and at last
carefully testing the conclusions to determine whether they fit the formulating
hypothesis.

 D. Slesinger and M. Stephenson in the Encyclopaedia of Social Sciences define

research as “the manipulation of things, concepts or symbols for the purpose of
generalising to extend, correct or verify knowledge, whether that knowledge
aids in construction of theory or in the practice of an art.”
 In short, the search for knowledge through objective and systematic
method of finding solution to a problem is research.

 The systematic approach concerning generalisation and the formulation

of a theory is also research.

 As such the term ‘research’ refers to the systematic method consisting of

enunciating the problem, formulating a hypothesis, collecting the facts or
data, analysing the facts and reaching certain conclusions either in the
form of solutions(s) towards the concerned problem or in certain
generalisations for some theoretical formulation.
 Objectives of Research
 To gain familiarity with a phenomenon or to achieve new insights
into it

To portray accurately the characteristics of a particular individual,

situation or a group

 To determine the frequency with which something occurs or with

which it is associated with something else

To test a hypothesis of a causal relationship between variables

 Motivation in Research
Desire to get a research degree along with its consequential
benefits;

Desire to face the challenge in solving the unsolved problems, i.e.,

concern over practical problems initiates research;

Desire to get intellectual joy of doing some creative work;

Desire to be of service to society;

Desire to get respectability.

 Types of Research

 Descriptive vs. Analytical

 Applied vs. Fundamental

 Quantitative vs. Qualitative

 Conceptual vs. Empirical

 Some Other Types of Research

 Descriptive vs. Analytical
Descriptive research includes surveys and fact-finding enquiries of different
kinds.

The major purpose of descriptive research is description of the state of affairs

as it exists at present.

In social science and business research we quite often use the term Ex post facto
research for descriptive research studies.

The main characteristic of this method is that the researcher has no control over
the variables; he can only report what has happened or what is happening.
 In analytical research, on the other hand, the researcher has to use facts or
information already available, and analyze these to make a critical evaluation
of the material.
 Applied vs. Fundamental
Applied research aims at finding a solution for an immediate problem facing a society or

an industrial/business organization, whereas fundamental research is mainly concerned

with generalizations and with the formulation of a theory.

Research concerning some natural phenomenon or relating to pure mathematics are

examples of fundamental research.

Similarly, research studies, concerning human behaviour carried on with a view to

make generalisations about human behaviour, are also examples of fundamental

research, but research aimed at certain conclusions (say, a solution) facing a concrete

social or business problem is an example of applied research.

 Quantitative vs. Qualitative
Quantitative research is based on the measurement of quantity or
amount.

 It is applicable to phenomena that can be expressed in terms of

quantity.

Qualitative research, on the other hand, is concerned with qualitative

phenomenon, i.e., phenomena relating to or involving quality or kind.

It is specially important in the behavioural sciences where the aim is to

discover the underlying motives of human behaviour.
 Conceptual vs. Empirical
Conceptual research is that related to some abstract idea(s) or theory.

It is generally used by philosophers and thinkers to develop new

concepts or to reinterpret existing ones.

 On the other hand, empirical research relies on experience or

observation alone, often without due regard for system and theory.

It is appropriate when proof is sought that certain variables affect

other variables in some way
 Some Other Types of Research

 One Time Research

 Simulation Research

 Field –setting research or Laboratory research

 Clinical or Diagnostic Research

 Historical Research

 Conclusion-oriented and decision oriented research

Research Approaches

Qualitative Approach

Quantitative approach

Experimental Approach

Simulation Approach
Research Process
 Formulating the Research Problem
There are two types of research problems, viz., those which relate to
states of nature and those which relate to relationships between
variables.

Initially the problem may be stated in a broad general way and then
the ambiguities, if any, relating to the problem be resolved.

Essentially two steps are involved in formulating the research

problem, viz., understanding the problem thoroughly, and
rephrasing the same into meaningful terms from an analytical point
of view.
The researcher must at the same time examine all available literature to get
himself acquainted with the selected problem.

He may review two types of literature—the conceptual literature concerning the
concepts and theories, and the empirical literature consisting of studies made
earlier which are similar to the one proposed.

The basic outcome of this review will be the knowledge as to what data and other
materials are available for operational purposes which will enable the researcher
to specify his own research problem in a meaningful context.
 Extensive Literature Survey
 Once the problem is formulated, a brief summary of it should be written down.

 At this juncture the researcher should undertake extensive literature survey connected

with the problem.

 For this purpose, the abstracting and indexing journals and published or unpublished

bibliographies are the first place to go to.

 Academic journals, conference proceedings, government reports, books etc., must be

tapped depending on the nature of the problem.

 In this process, it should be remembered that one source will lead to another. The earlier

studies, if any, which are similar to the study in hand should be carefully studied.

 A good library will be a great help to the researcher at this stage.

 Development of Working Hypothesis
These are tentative assumptions made in order to draw out and
test its logical or empirical consequences.

They also affect the manner in which tests must be conducted in

the analysis of data and indirectly the quality of data which is
required for the analysis.

The role of the hypothesis is to guide the researcher by delimiting

the area of research and to keep him on the right track.

Null and Alternative Hypothesis

 How does one go about developing working
hypotheses?
by using the following approach:

Discussions with colleagues and experts about the problem, its origin and the
objectives in seeking a solution;

Examination of data and records, if available, concerning the problem for

possible trends, peculiarities and other clues;

Review of similar studies in the area or of the studies on similar problems; and

Exploratory personal investigation which involves original field interviews on

a limited scale with interested parties and individuals with a view to secure
greater insight into the practical aspects of the problem.
 Preparing the research Design
• state the conceptual structure within which research would be conducted.

a) the means of obtaining the information;

b) the availability and skills of the researcher and his staff (if any);

c) explanation of the way in which selected means of obtaining information

will be organized and the reasoning leading to the selection;

d) the time available for research; and

e) the cost factor relating to research, i.e., the finance available for the
purpose.
Determining Sample Design
1. Probabilistic
a. Simple random sampling,
b. systematic sampling,
c. stratified sampling,
d. cluster/area sampling
2. Non Probabilistic
a. convenience sampling,
b. judgement sampling and
c. quota sampling
 Collecting the Data

Primary Data
i. By Observation
ii. Personal Interview
iii. Telephone Interviews
iv. Mailing of Questionnaires
v. Through Schedules
Secondary Data
 Execution of the Project

The researcher should see that the project is executed in a systematic

manner and in time.

If the survey is to be conducted by means of structured questionnaires,

data can be readily machine-processed.
 Analysis of Data
Time Series-Data that have been collected over a period of time on
one or more variables. Ex- stock price, money supply, IIP, FII etc.

Cross Section- data of one or more variables collected in a single

point in time.

Panel- It is the combination of both time series as well as cross

section data. Ex. Stock price of Nifty 50 companies over 10 years,
financial statement of 50 companies for 10 years, Stock Prices of five
countries for five years. ( Balanced Panel and Unbalanced Panel)
 Types of Data-2

Primary Data Secondary Data

 Collected from primary  Collected from Secondary

source Source which has already
 through questionary method been collected by others
Telephonic interview From different data bases or
websites or journals
Personal interview
By Mailing of Questionaries'
 Types of Data-3

Cardinal:- is the actual numerical values that a particular variable

takes have meaning. Example- stock price

Ordinal:- arrange data in orderly manner or Ranking data like

marks of students in a class with ranks

Nominal:- Qualitative data in which coding's are assigned-

Normally Primary data

Ratio: Financial ratios

 Hypothesis Testing
Null Hypothesis
Alternative Hypothesis
 Generalisation and Interpretation
If a hypothesis is tested and upheld several times, it may be possible for the
researcher to arrive at generalisation, i.e., to build a theory.

As a matter of fact, the real value of research lies in its ability to arrive at
certain generalisations.

 If the researcher had no hypothesis to start with, he might seek to explain his
findings on the basis of some theory.

 It is known as interpretation.

The process of interpretation may quite often trigger off new questions which
in turn may lead to further researches.
 Criteria of Good Research
1. Good research is systematic: It means that research is structured with specified steps to be taken
in a specified sequence in accordance with the well defined set of rules.

2. Good research is logical: This implies that research is guided by the rules of logical reasoning and
the logical process of induction and deduction are of great value in carrying out research. In fact,
logical reasoning makes research more meaningful in the context of decision making.

3. Good research is empirical: It implies that research is related basically to one or more aspects of a
real situation and deals with concrete data that provides a basis for external validity to research
results.

4. Good research is replicable: This characteristic allows research results to be verified by

replicating the study and thereby building a sound basis for decisions.
 Steps for Research
Defining a Research Problem
Review of literature
 Formulation of Hypothesis
Research Design
Sample Design
Collection of Data
Model Estimation
Hypothesis testing
Generalisation and interpretation
Preparation of the Report or Thesis
 Date Bases in NISM

1. Bloomberg Journal Data Bases

2. ACEMF 1. Science Direct
3. PrimeMF 2. J Gate
4. Indiastat 3. EBSCO
5. Prowess
Free Resources
Research Papers and
Research papers Historical Database

1. Google Scholar 1. Bank for International

Settlement (BIS)
2. National Bureau of
Economic Research 2. International Monetary
(NBER) Fund (IMF)
3. World Bank
3. Social Science Research
Network (SSRN) 4. World Federation of
Exchanges(WFE)
4. Research Gate
5. International Capital Market
5. Academia.edu Association (ICMA)
6. IIMs & IGIDR 6. SEBI, BSE, NSE, RBI
7. Top 10 World
Universities
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