In this chapter, the researcher has used various tools for completing the research that includes research onion, research paradigm, research design, data collection and analysis methods and sampling technique. In this paper, the researcher has conducted secondary data that aligns with the topic on working capital management and organizational performance of the 25 construction companies situated in Bursa Malaysia. The researcher used research paradigm and research design for planning the research strategy and implementing different components in the study.
The researcher implements research onion for executing the research process in much simpler way. It demonstrates the stages that the researcher must implement for developing the research strategy. Research onion highlights on six stages relating to research procedure and time horizon.
Figure 1: Six stages of Research Onion
Research paradigm aids the researcher in categorizing research principle by using this research aspect. Research paradigm are classified into four main types that include- pragmatism, positivism, realism and interpretivism (Flick 2015).
Pragmatism paradigm assists the researcher in assessing the research theories in terms of practical application.
Positivism paradigm explains collection of scientific data and positive facts accredited from the empirical evidence. This philosophy reflects the society that operates in accordance with common laws. Positivism takes into account the existing theories for conducting testing of hypothesis while doing the research study. This philosophy assists the researcher in interpreting the information by using logic and other variables. Furthermore, it also applies the fact in order to validate the data.
Realism paradigm depends upon independent idea of reality from any human being. This philosophy assumes scientific approach to the facts of development activity.
Interpretivism paradigm is a type of social approach that is based on social science. This paradigm combats positivism paradigm and is linked with idealism. The researcher implements this philosophy by using qualitative research. Qualitative research is the process of inquiring social sciences and in other disciplines. In addition, the researcher interprets the research elements and amalgamates individual’s interest in the particular study (Panneerselvam 2014).
In this research paper, the researcher has adopted positivism paradigm for analyzing the working capital and business performance of 25 companies in Malaysia. The researcher has used profitability ratio and working capital ratio in order to determine the financial performance of 25 companies.
The researcher strategizes to implement research design in order to integrate different components of the paper logically. This method also facilitates the researcher in appraising the variables used in research problem. Research design can be broadly classified into three main types such as exploratory, explanatory and descriptive (Creswell 2013).
Exploratory research design aids the researcher in exploring the situation in order to meet the objectives of the study. This research design involves different methods such as interviews, trial studies, experiments and group design for gaining proper data associated with the research. These methods assist the researcher in evaluating and analyzing the problem in specific way.
Explanatory research design is an attempt to connect with the thoughts for comprehending the cause and effect of relationship. This type of research design explains and interrelates with the things that come in collective way (Teichler, Arimoto and Cummings 2013).
Descriptive research design is a type of design that describes the behavior of the participants in accurate manner. The researcher endeavors in explaining additional information at a particular time on the research topic.
In this study, the researcher has implemented explanatory design for exploring the impact of organizational performance due to their respective working capital management. However, this is also explained by using profitability and working capital ratio.
Research method is generally classified into two types- inductive and deductive. Inductive method utilizes the observation for expanding the general principles about that research study. This method is concerned with qualitative data and mainly formulates tentative hypothesis for developing general theories.
Deductive method is an approach that explores the theory and test its validity in particular situation. This method connects with developing and testing the hypothesis in comparison with secondary data. In addition, the researcher designs the research strategy based on this hypothesis. This method mainly deals with the quantitative data.
In this research, the researcher adopted quantitative data for obtaining accuracy in testing of hypothesis. This method also acted as an added advantage for the researcher as it requires less time for completing the project.
Collection of data involves two types of methods that include – primary and secondary data. The researcher gathers primary data from the surveys and observations. On the other hand, secondary data are mainly collected from both the internal and external sources. Internal sources includes-company’s information, customer details, interviews whereas external sources are journals, internet, magazines and books. Secondary data can be quantitative as well as quantitative. Qualitative data is collected through interviews, newspapers, while qualitative data is collected through survey (Silverman 2016).
In this study, the researcher uses only secondary data as it readily available and less time consuming. The researcher has obtained the data of company’s working capital and profitability ratio from the internet. This ratio helps the researcher in analyzing the financial and business performance of the companies in Malaysia (Orkin 2014).
Various methods are used for sample designing that includes random sampling, stratified sampling and cluster sampling. The researcher uses stratified sampling method for gathering information by selecting subsection of elements from the target population (Lev and Lemeshow 2013). The sampling technique used in this research by collecting secondary data is thematic where the data has been obtained from authentic websites and journal articles. A sample size of 25 construction companies had been taken in this study for determining their organizational performance. These companies performance is also analyzed by calculating their working capital ratio and profitability ratio.
The learner by means of quantitative data analysis approach has gathered quantitative data since the research is primarily based on the acquired secondary data. The learner has utilized the Pearson’s Correlation Method for investigation of the nature of association or else the relationship between different variables. This method is essentially justified as this is a dimension of the association between the identified variables of the study. In addition to this, the regression analysis is used for the current study that is necessarily a statistical procedure for the process of approximation of the nature of association between a dependent variable (that is the profitability of firms) and independent variable (working capital management) (Mackey and Gass 2015).
During the period of carrying out the research, the learner needs to be aware of and adhere to the specific rules as well as regulations of research. The primary thing that needs to be maintained is the overall confidentiality of the derived information in the research and need not be shared with others. Particularly, secondary information are gathered that have the need to be authentic and at the same time valid as otherwise the outcome can be hampered on an adverse manner. In essential, it is the accountability of the learner to make it certain that emotions of no individuals are affected specially during the process of the research. However, the entire study is mainly founded on secondary analysis of data, therefore, it is necessary for the learner to look for valid along with reliable information from different secondary sources namely, recently published company reports, company literature, journal articles as well as websites (Tayloret al. 2015). In addition to this, any kind of outdated or else immaterial data in the current research can hamper the entire result. Besides, the secondary or else qualitative requirement to excerpt from updated along with different reliable sources by the learner in order to ensure that there is presence of discrepancy (Flick2015).
There are several accessibility issues that are mainly encountered by learners during the process of conduction of the research. In essence, there are several issues accessing the secondary data of the company of the specified periods of all the listed companies selected for the research (Panneerselvam2014).
The limitations of the methods of the research is that the research also considers specific linear relationship. In addition to this, the process of correlation used in the research does not always suggest cause as well as effect association that is what variable can exactly control what variable). Another limitation of the usage of the correlation analysis is there is no control of third variable that probably might affect the overall correlation calculated in this study. In essence, there are also limitations to the process of establishment of the cause and effect relationship between variables remain unaltered. However, the assumption might possibly not always hold good and therefore approximation of different values of a variable made based on regression equation might lead to erroneous as well as misleading outcomes (Blumberget al. 2014). Again, the functional association that is primarily established between different variables based on certain limited data might not always hold well in case if the higher number of data are necessarily taken into account. In addition to this, process of analysis is also quite lengthy and at the same time complicated and cannot be utilized in case of qualitative phenomenon (Bryman and Bell 2014).
Blumberg, B.F., Cooper, D.R. and Schindler, P.S., 2014. Business research methods. McGraw-hill education.
Bryman, A. and Bell, E., 2014. Research methodology: Business and management contexts. Oxford University Press Southern Africa.
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research project. Sage.
Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. Routledge.
Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
Silverman, D. ed., 2016. Qualitative research. Sage.
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research project. Sage.
Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..
Smith, J.A. ed., 2015. Qualitative psychology: A practical guide to research methods. Sage.
Creswell, J.W., 2013. Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Maxwell, J.A., 2012. Qualitative research design: An interactive approach(Vol. 41). Sage publications.
Teichler, U., Arimoto, A. and Cummings, W.K., 2013. The design and methods of the comparative study. In The Changing Academic Profession(pp. 25-35). Springer Netherlands.
Yilmaz, K., 2013. Comparison of quantitative and qualitative research traditions: Epistemological, theoretical, and methodological differences. European Journal of Education, 48(2), pp.311-325.
Lloria, M.B. and Moreno-Luzon, M.D., 2014. Organizational learning: Proposal of an integrative scale and research instrument. Journal of business research, 67(5), pp.692-697.
Orkin, K., 2014. Data Collection Methods. In Encyclopedia of Quality of Life and Well-Being Research (pp. 1430-1432). Springer Netherlands.
Terrell, S.R., 2012. Mixed-methods research methodologies. The qualitative report, 17(1), pp.254-280.
Levy, P.S. and Lemeshow, S., 2013. Sampling of populations: methods and applications. John Wiley & Sons.
Fowler Jr, F.J., 2013. Survey research methods. Sage publications.
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