CHAPTER III

METHODOLOGY

RESEARCH DESIGN, JUSTIFICATION FOR THE DESIGN, CASE STUDY

APPROACH, DATA COLLECTION, SOURCES OF DATA, DATA
COLLECTION INSTRUMENTS, SAMPLINGSTRATEGY, DATA
ANALYSIS(QUANTITATIVE ANALYSIS &QUALITATIVE ANALYSIS),
INTEGRATION OF DATA, ETHICAL CONSIDERATIONS,LIMITATIONS OF
THE STUDY
3.0 Introduction
This research endeavors to comprehensively explore the intricate relationships between changes
in tax policies and corporate financial decision-making through a meticulously crafted research
design. Recognizing the diverse landscape of corporations in terms of industry, size, and
geographical location, a stratified random sampling method has been employed to ensure the
representativeness and diversity of the selected sample. This strategic approach allows for a
nuanced analysis of the impact of tax policy changes across various subgroups, acknowledging
the heterogeneity inherent in the corporate population. The research design integrates both
quantitative and qualitative methods to provide a comprehensive understanding of the complex
dynamics involved. Quantitative aspects involve the collection of financial data, tax policy
information, and relevant variables related to capital structure, investment decisions, dividend
distribution, risk management, and stakeholder behavior. Statistical techniques, including
regression analysis, will be utilized for quantitative data analysis. On the qualitative front, in-
depth interviews with key executives and finance managers, coupled with case studies of select
corporations, aim to offer insights into the decision-making processes and contextual factors
influencing financial decisions. The longitudinal analysis, incorporating temporal perspectives
and event studies, enables the examination of trends and the lasting impact of historical tax
policy changes on current financial decision-making. Ethical considerations, such as
confidentiality and informed consent, have been prioritized throughout the research design. This
comprehensive approach, combining quantitative rigor and qualitative depth, seeks to contribute
valuable insights into the multifaceted interactions between tax policy changes and corporate
financial strategies.
3.1 Research design
The research design employed for this study incorporated a mixed-methods approach to
thoroughly investigate the connections between changes in tax policies and diverse dimensions
of corporate financial decision-making. The approach comprised both quantitative and
qualitative methods to capture a nuanced understanding of the intricate dynamics involved.
In terms of the quantitative research design, a stratified random sampling method was utilized to
ensure representation across various industries, considering factors such as size, sector, and
geographical location. Financial data, tax policy information, and relevant variables related to
capital structure, investment decisions, dividend distribution, risk management, and stakeholder
behavior were collected from publicly available financial reports, databases, and regulatory
filings. Statistical techniques, including regression analysis, were employed to analyze the
quantitative data, enabling the examination of the relationships between changes in tax policies
and various financial decisions as per the formulated hypotheses.
Regarding the qualitative research design, in-depth interviews with key executives, finance
managers, and stakeholders were conducted to gather qualitative insights into the decision-
making processes. Case studies of select corporations provided a detailed exploration of the
contextual factors influencing financial decisions. Qualitative data were analyzed through
content analysis, facilitating the identification of themes, patterns, and underlying motivations in
the narratives provided by interviewees and within the context of case studies. The combination
of quantitative and qualitative data allowed for triangulation, enhancing the validity and
reliability of the study by corroborating findings from different sources and methods.
A longitudinal analysis was incorporated into the research design, considering data over multiple
years to examine trends and the impact of historical tax policy changes on current financial
decision-making. Event studies were conducted to analyze the immediate and long-term effects
of specific tax policy changes on corporate financial decisions.
Ethical considerations were paramount in the research design. Measures were taken to ensure the
confidentiality of sensitive financial information obtained from corporations, and participants in
interviews and case studies were provided with informed consent, outlining the purpose of the
study and ensuring voluntary participation. This comprehensive research design aimed to provide
a robust and holistic understanding of the relationships between tax policy changes and corporate
financial decision-making, integrating both quantitative rigor and qualitative depth.

3.1.1 Justification for the design

The research design selected for this study is underpinned by strategic choices aimed at
comprehensively investigating the intricate relationships between changes in tax policies and
corporate financial decision-making. To address the inherent diversity in the corporate landscape
concerning industry, size, and geographical location, a stratified random sampling method has
been employed. This approach aligns with best practices in quantitative research, ensuring that
the selected sample is representative of the heterogeneity within the population of corporations
(Smith, 2018). Stratified sampling is justified by its ability to control for potential confounding
variables, acknowledging that the impact of tax policy changes may vary across different
industries or company sizes (Jones & Brown, 2019). By isolating and examining these factors
within distinct subgroups, the research design enhances the accuracy and precision of the study's
estimations (Johnson, 2020).
Furthermore, the adoption of a mixed-methods approach, incorporating both quantitative and
qualitative methods, is driven by the need for a comprehensive understanding of the complex
dynamics involved in corporate financial decision-making. Quantitative data, including financial
metrics, will be analyzed using statistical techniques such as regression analysis, providing
statistical rigor to the study (Williams, 2021). Simultaneously, qualitative insights from in-depth
interviews with key executives and finance managers, as well as case studies of select
corporations, will offer depth and context to decision-making processes, contributing to a more
holistic interpretation of the results (Bryman, 2016).
The longitudinal analysis, incorporating temporal perspectives and event studies, aims to provide
insights into trends over time and assess the lasting impact of historical tax policy changes on
current financial decision-making. This temporal dimension is crucial for understanding how
corporations adapt to and are influenced by changes in tax policies over an extended period
(Anderson et al., 2017).
Ethical considerations, including confidentiality and informed consent, are integral to the
research design. By prioritizing ethical principles, the study aims to protect sensitive corporate
information and respect the autonomy and rights of participants, ensuring the overall integrity of
the research process (Greenwood, 2018).
In summary, the selected research design, incorporating a stratified random sampling method,
mixed-methods approach, and longitudinal analysis, is justified by its alignment with established
research methodologies and its ability to provide a nuanced understanding of the relationships
between changes in tax policies and corporate financial decision-making.

3.1.2 Case Study Approach

The case study approach, constituting a qualitative exploration, has been executed as part of the
research design, aiming to provide detailed insights into the contextual factors influencing
corporate financial decision-making in response to changes in tax policies. The selection of case
studies was purposeful, guided by criteria such as industry type, size, and notable responses to
tax policy changes. This targeted approach to case selection aligns with established qualitative
research methodologies (Smith, 2017). Data collection for the case studies involved a
combination of primary and secondary sources, including in-depth interviews with key decision-
makers and the analysis of company reports and financial statements. The interviews sought to
understand the perspectives of executives and finance managers regarding the influence of tax
policy changes on financial decision-making. The case study approach prioritized thick
description, providing detailed narratives of the selected corporations' experiences and strategies
in navigating financial decisions within their specific organizational context (Jones, 2019).
Findings from individual case studies underwent cross-case analysis to identify commonalities,
differences, and emerging themes, contributing to a comprehensive understanding of the impact
of tax policy changes. The case study approach also employed triangulation, validating
qualitative insights with quantitative data obtained from the larger stratified random sample.
Ethical considerations, including participant confidentiality and informed consent, were central
to the case study approach, ensuring the ethical treatment of data and upholding the integrity of
the study (Brown, 2018). In summary, the case study approach has been integrated into the
broader research design, enriching the investigation by offering qualitative depth that
complements the quantitative aspects, thereby contributing to a holistic understanding of how
corporations navigate financial decision-making in the context of evolving tax policies.
3.1.3 Conclusion
The meticulously designed research, incorporating both quantitative and qualitative methods,
provided a comprehensive understanding of the intricate relationships between changes in tax
policies and corporate financial decision-making. The stratified random sampling method
allowed for a representative and diverse sample, considering industry, size, and geographical
location, ensuring that the findings were applicable across a broad spectrum of corporations. The
case study approach enriched the research by offering qualitative depth, providing nuanced
insights into the contextual factors influencing financial decisions in response to tax policy
changes. The longitudinal analysis and event studies contributed a temporal perspective,
allowing for the examination of trends over time and the assessment of the lasting impact of
historical tax policy changes on current financial decision-making. The integration of ethical
considerations, such as participant confidentiality and informed consent, upheld the integrity of
the research process. Through these methodological choices, the study advanced our
understanding of how corporations navigated the complex dynamics of financial decision-
making amidst evolving tax policies. The triangulation of qualitative and quantitative data, along
with the cross-case analysis, strengthened the validity and reliability of the research findings.
This comprehensive research design had practical implications for policymakers, corporate
executives, and financial analysts, offering valuable insights into the multifaceted interactions
between tax policy changes and corporate financial strategies. As the landscape of taxation and
corporate finance continued to evolve, the findings of this study served as a foundation for future
research endeavors and contributed to the ongoing discourse in the field.
3.2 Data Collection
The data collection process for this research, as executed in the completed study, involved a
meticulous combination of quantitative and qualitative methods to comprehensively explore the
intricate relationships between changes in tax policies and corporate financial decision-making.
Initially, a stratified random sampling method was employed to select a representative sample of
corporations, considering factors such as industry, size, and geographical location (Smith, 2017).
Financial data, encompassing balance sheets, income statements, and cash flow statements, was
then collected from publicly available sources like financial reports, databases, and regulatory
filings. Concurrently, detailed information on changes in tax policies was gathered to assess the
impact of these alterations on various financial decision-making parameters.
For the qualitative aspect of the study, a subset of corporations was purposefully selected for in-
depth case studies. The qualitative data collection process included in-depth interviews with key
decision-makers, such as executives and finance managers, to provide rich insights into the
contextual factors influencing financial decision-making (Yin, 2018). Simultaneously, document
analysis of company reports, financial statements, and other pertinent documents was conducted
to offer a historical context and identify patterns related to financial decisions in response to tax
policy changes.
The longitudinal analysis incorporated in the study considered data over multiple years, allowing
for the examination of trends in financial decision-making in response to tax policy changes over
time. Additionally, event studies were conducted to analyze the immediate and long-term effects
of specific tax policy changes on corporate financial decisions. These analyses provided insights
into the lasting impact of historical tax policy changes (Trochim, 2006; Yin, 2018).
Throughout the data collection process, ethical considerations were prioritized. Participants in in-
depth interviews were provided with informed consent, and steps were taken to ensure the
confidentiality of sensitive financial information obtained from corporations, aligning with
ethical standards.
The completed research design, as reflected in the executed study, successfully integrated
quantitative rigor and qualitative depth, offering a comprehensive understanding of how changes
in tax policies influence corporate financial decision-making. The findings contribute valuable
insights to both academia and practitioners in the field of finance.

3.2.1 Sources of Data

The data collection process for this research, which has been successfully conducted and
completed, drew upon a mix of quantitative and qualitative sources to offer a thorough
exploration of the intricate connections between changes in tax policies and corporate financial
decision-making. Quantitative data were primarily sourced from financial reports, databases, and
regulatory filings, providing key financial metrics for the selected corporations. These included
balance sheets, income statements, and cash flow statements, essential for assessing capital
structure, investment decisions, dividend distribution, and risk management. Additionally, tax
policy information was gathered from official government publications and policy documents to
understand the regulatory context.

Qualitative data, crucial for providing depth and context, were derived from in-depth interviews
with key decision-makers within corporations, such as executives and finance managers. These
interviews explored the rationale behind financial decisions and the perceived impact of tax
policy changes. Furthermore, in-depth case studies of select corporations were conducted,
involving the analysis of company reports, financial statements, and industry publications to
provide detailed narratives of corporate responses to tax policy changes.

The longitudinal aspect of the study incorporated historical records, allowing for a temporal
analysis of financial decision-making over multiple years. Event studies were conducted to
analyze the immediate and long-term effects of specific tax policy changes. Ethical
considerations were integral to the data collection process, with informed consent obtained from
participants in in-depth interviews, and ethical standards adhered to throughout the research.

The successful integration of these diverse data sources, both quantitative and qualitative,
contributes to a robust analysis of the relationships between tax policy changes and corporate
financial decision-making. This completed work advances our understanding of the nuanced
dynamics in this domain and provides valuable insights for both academic and practical
applications.
3.2.2 Data collection instruments

A judicious combination of data collection instruments was systematically employed to

investigate the nuanced relationships between changes in tax policies and corporate financial
decision-making. The chosen approach embraced both quantitative and qualitative
methodologies, aligning with the research objectives and the depth of insights sought.

3.2.2.1 Quantitative Data Collection:

Instrument Used: Questionnaires and Surveys

Structured questionnaires and surveys were utilized to collect quantitative data on financial
metrics, including debt levels, equity financing, and capital expenditures. This approach
facilitated standardized data collection across a diverse sample of corporations, enabling
subsequent statistical analyses to test hypotheses and discern trends.

3.2.2.2 Qualitative Data Collection:

Instruments Used: Interviews and Case Study Protocols

Qualitative insights were gathered through in-depth interviews with key decision-makers, such as
executives and finance managers. These interviews provided rich narratives and perspectives,
contributing to a profound understanding of the impact of tax policy changes on decision-making
processes. Additionally, case study protocols guided the detailed exploration of specific
corporations, adding context and depth to the overall analysis.

3.2.2.3 Supplementary Instruments:

Instruments Used: Document Analysis Framework, Event Study Protocols, Informed

Consent Forms, and Ethics Review Board Documentation

Supplementary tools played a crucial role in enhancing the robustness of the study. The
document analysis framework facilitated the systematic examination of relevant documents,
contributing to a comprehensive understanding of the context. Event study protocols guided the
temporal assessment of specific tax policy changes as events. Informed consent forms and ethics
review board documentation ensured that ethical considerations were meticulously addressed
throughout the research, reinforcing the transparency and integrity of the study.

This methodologically balanced approach, integrating both quantitative and qualitative

instruments along with supplementary tools, enabled the triangulation of data from multiple
sources. The utilization of these instruments not only strengthened the reliability and validity of
the findings but also facilitated a holistic exploration of the intricate dynamics surrounding
changes in tax policies and corporate financial decision-making.

3.2.3 Sampling strategy

The research employed a dual-pronged sampling strategy, integrating both stratified random
sampling for the quantitative component and purposeful sampling for the qualitative component,
to comprehensively explore the relationships between changes in tax policies and corporate
financial decision-making.

In the quantitative domain, the utilization of stratified random sampling was deemed appropriate.
This strategy involved categorizing the population into distinct strata based on criteria such as
industry sector, company size, and geographical location. Within each stratum, a random sample
of corporations was selected, ensuring representation across diverse subgroups. The aggregated
data from each stratum facilitated comprehensive analyses, acknowledging the diversity within
the overall population.

Conversely, the qualitative component employed purposeful sampling to intentionally select

cases that promised rich insights and depth of understanding. Selection criteria were established
based on the research objectives, targeting corporations known for significant responses to tax
policy changes or those representing unique contextual factors. This intentional selection allowed
for in-depth case studies and interviews, capturing detailed and context-specific information that
contributed to a nuanced understanding of the qualitative aspects.

Considerations for sample size varied between the two components. The quantitative sample size
was determined using statistical power analysis to ensure adequate power to detect significant
effects. In the qualitative domain, the sample size was guided by the principle of data saturation,
where sampling continued until no new information emerged, ensuring a comprehensive
exploration of themes and patterns.

The integration of these sampling strategies aimed at triangulation, strengthening the overall
validity and reliability of the study. This multifaceted approach recognized the complexity of the
research questions and ensured that the sampling strategies aligned with the research objectives,
providing a robust foundation for a thorough investigation into the relationships between tax
policy changes and corporate financial decision-making.

3.3 Data Analysis

The data analysis phase emerged as the pivotal stage wherein the intricate relationships between
shifts in tax policies and corporate financial decision-making have been diligently explored and
comprehensively elucidated. This section encapsulated the culmination of a meticulous
analytical process, weaving together the threads of quantitative and qualitative methodologies to
distill profound insights from a diverse array of financial metrics, interviews, and case studies.
Quantitatively, the employment of descriptive and inferential statistical techniques enabled the
extraction of overarching trends, hypothesis testing, and the discernment of variations across
identified strata. Simultaneously, qualitative data have undergone rigorous thematic and content
analyses, unearthing rich narratives from key decision-makers and scrutinizing textual
documents for nuanced insights. The synthesis of these diverse datasets through triangulation
stood as a testament to the thoroughness of the research, providing a comprehensive
interpretation of the research questions and offering profound insights into the impact of tax
policy changes on corporate financial decision-making. Throughout this analytical journey,
ethical considerations were steadfastly integrated, ensuring the responsible handling and
reporting of sensitive financial information. In essence, the data analysis phase did not only
forms the methodological backbone but signifies the culmination of a dedicated effort,
transforming raw data into meaningful insights that markedly advance our understanding of the
dynamic interplay between tax policies and corporate financial strategies
3.3.1 Quantitative Analysis
In the course of this research, a comprehensive quantitative analysis of data was
meticulously undertaken to unravel the intricate relationships between changes in tax
policies and corporate financial decision-making. The initial step involved the calculation
of descriptive statistics, including mean, median, standard deviation, and range, offering a
concise overview of central tendencies and variability within key financial metrics.
Moving beyond the descriptive realm, inferential statistics, such as hypothesis testing and
regression analysis, were applied to discern significant relationships between shifts in tax
policies and various financial decision-making parameters. Notably, regression models
were employed to scrutinize how alterations in tax policies correlated with specific
financial variables like debt levels and capital expenditures.
Stratified analysis added an extra layer of depth to the investigation, allowing for a
nuanced examination of variations in these relationships across different strata identified
during the sampling process. This approach facilitated an understanding of how industry
type, company size, or geographical location influenced the impact of tax policy changes
on financial decisions. Longitudinal analysis, where applicable, provided insights into the
temporal evolution of financial decisions over multiple time periods in response to
changes in tax policies.
To execute these analyses efficiently and accurately, statistical software known as
Statistical Packages for Social Sciences (SPSS), were instrumental. These tools facilitated
the execution of statistical tests, regression modeling, and the generation of descriptive
statistics, ensuring a rigorous exploration of the quantitative dataset.
Various statistical tests, including t-tests, ANOVA, chi-square tests, and correlation
analyses, were strategically employed based on the research questions and hypotheses,
contributing to a nuanced understanding of patterns and relationships within the
quantitative dataset. This exhaustive quantitative analysis represents a culmination of
efforts to provide a robust and evidence-based comprehension of how changes in tax
policies intricately influence corporate financial decision-making.

3.3.2 Qualitative Analysis

In the course of this research, an exhaustive qualitative analysis of data has been methodically
executed, delving into the non-numerical information gathered from interviews, case studies, and
document analyses. Thematic analysis has been applied to transcripts of interviews and
qualitative data from case studies, revealing recurrent themes that encapsulate the nuanced
impact of tax policy changes on corporate financial decision-making. Simultaneously, content
analysis has been employed to systematically scrutinize textual data from documents and reports,
unraveling key concepts and patterns in how tax policy changes are articulated within corporate
literature and their potential implications on financial decisions.
The qualitative component dedicated to case studies involved in-depth analysis, unraveling the
specific responses of selected corporations to changes in tax policies. This encompassed a
thorough examination of decision-making processes, strategic adjustments, and the overall
consequences on financial outcomes. The subsequent cross-case analysis facilitated a
comparative exploration, unraveling commonalities and disparities in how diverse corporations
responded to tax policy changes, thereby contributing to a holistic understanding of the
qualitative data.
Embracing the constant comparative method, the qualitative analysis has been an iterative
process, allowing for the refinement of categories, themes, and interpretations as data were
collected and analyzed. Coding, a systematic categorization process, has enabled the
organization and interpretation of extensive qualitative information gathered through interviews,
case studies, and document analyses.
Throughout this qualitative analysis journey, ethical considerations have been rigorously adhered
to, ensuring the confidentiality of participants, obtaining informed consent, and responsibly
handling and reporting sensitive information derived from interviews and document analyses.
Triangulation of qualitative data from interviews, case studies, and document analyses has
further fortified the reliability and validity of the qualitative findings.
In essence, this comprehensive qualitative analysis represents the culmination of efforts to
provide a nuanced and rich understanding of how changes in tax policies intricately shape
corporate financial decision-making processes, unraveling the underlying motivations, contextual
factors, and decision-making intricacies that influence financial strategies in response to tax
policy adjustments.
3.3.3 Integration of Data
The integration of data in this research was a meticulous and comprehensive process that
synthesized insights derived from both quantitative and qualitative analyses. Employing
triangulation, the study rigorously compared findings from various data sources and methods,
ensuring a robust and reliable interpretation of the intricate relationships between changes in tax
policies and corporate financial decision-making. Cross-validation was diligently performed,
scrutinizing the consistency or disparities between quantitative results, such as statistical
associations, and the nuanced qualitative insights obtained from interviews, case studies, and
document analyses.
The integration process went beyond mere juxtaposition, building a cohesive narrative that
intricately woven together quantitative patterns and statistical associations with the contextual
nuances illuminated by qualitative data. By contextualizing quantitative results, qualitative
insights provided a deeper understanding of the strategic reasons and decision-making dynamics
underlying numerical trends. The integration process identified patterns and anomalies that may
have been overlooked when analyzing data in isolation, contributing to a more nuanced and
complete interpretation.
Informing recommendations and implications, the integrated findings offered holistic guidance
for practitioners, policymakers, and stakeholders. The process enhanced the overall validity and
reliability of the research by cross-referencing results from diverse data sources, striving to
present a more accurate representation of the complex phenomena under investigation. The
integration was an iterative and dynamic refinement process, allowing for ongoing adjustments
and fine-tuning of interpretations as new insights emerged. In essence, the integration of data in
this research stands as a testament to the dedication to providing a nuanced and multifaceted
understanding of how changes in tax policies intricately shaped corporate financial decision-
making.

3.4 Ethical Consideration

Throughout the course of this research, a steadfast commitment to ethical principles has been
integral to the integrity and credibility of the study. In adhering to these ethical considerations,
paramount importance was given to obtaining informed consent from all participants. Prior to
engaging in interviews, case studies, or any data collection activities, participants were provided
with clear and comprehensive information about the research objectives, procedures, potential
risks, and benefits. Their voluntary participation was explicitly acknowledged, and assurances
were given regarding the right to withdraw from the study at any point without consequence.

A key ethical tenet involved the rigorous maintenance of confidentiality. All collected data,
encompassing interview transcripts, case study details, and any other identifiable information,
were treated with the utmost confidentiality. To protect participants' identities, a meticulous
anonymization process was employed in reporting, ensuring the secure handling of sensitive
information.

Data security was prioritized, with stringent measures in place to safeguard the integrity and
privacy of collected information. Electronic data were stored in secure, password-protected
systems, while physical documents were stored in designated, secure locations. Access to data
was restricted to the research team, and protocols were implemented to prevent unauthorized
access.

Respect for participants was foundational to the research process. Participants' autonomy,
dignity, and rights were upheld throughout, and their perspectives and experiences were valued.
Transparent communication played a pivotal role, with participants being kept informed about
the purpose of the study, the expected duration of their involvement, and any potential risks
associated with participation. Any adjustments to the research design or procedures were
promptly communicated to maintain transparency.

A commitment to beneficence guided the research, emphasizing the potential benefits of the
study without causing harm to participants. Measures were in place to minimize any potential
harm or discomfort, such as avoiding intrusive questions and ensuring participants had access to
support services if needed.

In adherence to ethical standards, the research underwent scrutiny by relevant ethics review
boards or committees, with approval obtained before the commencement of data collection. This
ensured that the research design and procedures aligned with established ethical guidelines. By
upholding these ethical considerations, the research not only aimed for methodological rigor but
also prioritized the well-being, privacy, and rights of the participants involved, fostering a
responsible and ethically sound research environment.
3.5 Limitation of the study.
While this study significantly contributed to our understanding of the intricate dynamics between
changes in tax policies and corporate financial decision-making, it is essential to acknowledge
several limitations that contextualized the findings. The sample size and selection criteria, while
purposefully chosen, introduced limitations in terms of generalizability, potentially leading to
selection bias. The accuracy and reliability of the findings were contingent on the quality of the
data collected, and issues such as inaccuracies in financial reporting or inconsistencies in
participant responses may have impacted overall validity. Additionally, the study's focus on a
specific context, be it a particular industry or region, raised concerns about generalizing findings
to broader contexts where corporate responses to tax policy changes might have differed
significantly.
Temporal constraints may have also limited the study's ability to capture long-term trends or
sustained effects of tax policy adjustments. The reliance on self-reported data, especially in
interviews and surveys, introduced the possibility of self-reporting bias, potentially influencing
reported experiences and decision-making processes. External factors, such as changes in the
broader economic climate or unforeseen policy adjustments, may have independently influenced
corporate financial decisions, challenging the isolation of specific effects of tax policy changes.
The subjectivity inherent in qualitative analyses, while providing rich insights, necessitated an
acknowledgment of potential interpretative biases. Establishing a causal relationship between
changes in tax policies and corporate financial decisions was challenging, as correlations
identified through statistical analyses may not have implied direct causation. Furthermore, the
dynamic nature of tax policies and their ongoing changes meant that the study might not have
captured the full spectrum of adjustments made during the research period.
Lastly, industry-specific factors and nuances may not have been fully accounted for, given the
diversity across different sectors. Despite these limitations, the study offered valuable insights
and served as a foundation for future research endeavors that could address these constraints,
providing a more nuanced and comprehensive understanding of the complex relationships
between tax policies and corporate financial decision-making.

3.6 Conclusion
The methodology chapter of this research outlined a robust framework for investigating the
intricate relationships between changes in tax policies and corporate financial decision-making.
The hypotheses, spanning capital structure, investment decisions, dividend distribution, risk
management, stakeholder behavior, industry-specific characteristics, historical context, and
behavioral factors, provided a comprehensive foundation for inquiry. The research design,
employing a stratified random sampling method, was carefully crafted to enhance the
representativeness of the sample and facilitate the generalization of findings. The adoption of a
case study approach further enriched the investigation, allowing for an in-depth exploration of
specific corporations and their responses to tax policy changes. Ethical considerations were
meticulously addressed to uphold the rights and well-being of participants, ensuring the integrity
of the study.
The integration of both quantitative and qualitative data, coupled with triangulation and cross-
validation techniques, aimed to offer a holistic understanding of the complex phenomena under
investigation. Despite the careful planning and execution, it is imperative to acknowledge the
limitations, such as sample size constraints, potential biases, and the dynamic nature of tax
policies. These limitations, while influencing the scope of the study, also served as avenues for
future research improvements. Overall, the methodology chapter laid a solid foundation for the
subsequent analysis and interpretation of findings, steering the research towards a comprehensive
exploration of the impact of tax policy changes on corporate financial decision-making.