Professional Documents
Culture Documents
Business Research
An Illustrative Guide to Practical Methodological
Applications in Selected Case Studies
Editors
Pieter W. Buys Merwe Oberholzer
Management Cybernetics Research Management Cybernetics Research
Entity Entity
North-West University North-West University
Potchefstroom, South Africa Potchefstroom, South Africa
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Foreword
We are living in the era of the rise of the scholarly practitioner. Never
before in the history of business education, research and impact has
the practitioner devoted to the science of business been as valued or as
uniquely positioned to make a difference in solving the sticky, wicked
problems and grand challenges of business. Over the last twenty years,
business researchers and practitioners have joined forces to collaborate
in Engaged Scholarship in which multiple key stakeholders (researchers,
users, clients, sponsors, practitioners) collaborate to understand and
address an important, complex problem/opportunity. This creates a shift
from business research designed to build theory to business research—
techniques, methods, and paradigms—designed to create impact with
novel, innovative solutions that generate knowledge that informs practice
and research equally.
A key shift in the paradigm surrounding this Engaged Scholarship
is the recognition that practitioners have unique access to people, data,
insights, and areas of inquiry often not available to the academic. More-
over, researchers and practitioners alike have come to realize that context
matters—and rich, complex, multi-dimensional contexts matter most. The
rapid, continuous changes in technology, people, processes, systems, and
environments yield a level of complexity that puts unprecedented pres-
sure on sustainable business practices, profitability, and growth. Without
a systematic diagnosis of the problem domain, robust design for the
v
vi FOREWORD
Extraordinary Research
Scientist, North-West University, South Africa
Fulbright Core Research Scholar
I-Corps Fellow
School of Information Systems and Management
Muma College of Business
Tampa, FL, USA
Contents
1 Introduction 1
Pieter W. Buys and Merwe Oberholzer
1 Background 1
2 Contextualization 2
3 Research Paradigms 3
4 Objectives 4
4.1 Theme 1: Positivism 4
4.2 Theme 2: Post-Positivism 5
4.3 Theme 3: Interpretivism 7
4.4 Theme 4: Critical Theory 7
4.5 Theme 5: Pragmatism 8
5 Closing 9
References 10
2 A Roadmap to Business Research 11
Merwe Oberholzer and Pieter W. Buys
1 Introduction 11
2 The Concept of Research 12
2.1 Research Defined 12
2.2 Systematic Process 14
2.3 Contribution 16
2.4 What Research is not 16
3 Research Demarcation: The Three-World-Framework 17
ix
x CONTENTS
5 Conclusion 112
6 Practical Experience/Issues 113
References 114
7 Policy Implementation of Credit Management
at Selected South African Universities of Technology 117
Merwe Oberholzer, Johannes Maseko,
and Sanlie Middelberg
1 Introduction 117
2 Background of the Study 119
3 Research Problem and Objectives 121
4 Research Design 123
4.1 Underlying Sociological Paradigms 123
4.2 Inductive and Deductive Reasoning
with Triangulation 123
4.3 Mixed Method 126
4.4 Data, Data Collection, and Analysis 126
5 Research Evidence 129
5.1 Qualitative Data (Archival Research) 129
5.2 Quantitative Data (Survey) 130
6 Research Conclusion 132
7 Concluding Remarks on the Research Process 133
References 134
8 Analyzing White Maize Hedging Strategies in South
Africa 137
Frans Dreyer, André Heymans, and Chris van Heerden
1 Introduction 137
2 Research Problem 140
3 Research Question and Objectives 141
4 Research Design 142
4.1 Philosophies 143
4.2 Research Approach 144
4.3 Strategy and Choices 146
4.4 Data and Data Collection 146
5 Research Evidence 150
5.1 Percentile Ranking and Cluster Analysis Results 150
5.2 Hedging Strategy Results—The Filter Model 151
CONTENTS xiii
Index 389
Notes on Contributors
xix
xx NOTES ON CONTRIBUTORS
(an S&P 500 company) portfolio of brands. His area of expertise focuses
on optimizing the ETL processes for financial data, data architecture,
risk, and product analytics and designing and building experimentally
advanced statistical models to measure impact and drive decisions based
on data and behavior. Prior vocations include Stockbroker in Control
at Sygnia, a leading passive fund administrator in South Africa, and
derivatives trading.
Pieter W. Buys is a Professor and Director of the Management Cyber-
netics research entity at North-West University, Potchefstroom, South
Africa, and has held various leadership positions in the engineering, manu-
facturing, and technology in Southern Africa and Canada. He holds
advanced degrees in managerial accountancy, business administration, and
engineering and is a member of the Institute of Management Accoun-
tants. His research is focused on making academic research in the broader
management sciences relevant to organizations in the actual business
environment.
Frans Dreyer is a JSE Commodity Derivatives Broker at Vanguard
Derivatives. He has worked in the JSE agricultural commodity deriva-
tives market as a market analyst, dealer, and risk manager for the past 14
years. His research focuses on analyzing maize hedging strategies in South
Africa. This is a recurring discussion by market role-players to estab-
lish a consensus on expected price formation for approaching production
seasons.
Henco du Plooy has held various leadership and executive positions in
the mining, manufacturing, technology, services, FMCG, distribution,
and engineering sectors of Southern Africa. He currently serves as a
Professor of Practice in the Management Cybernetics research entity at
North-West University, South Africa. He is an academic advisory member
of the University’s management accountancy program. He is a Fellow
of the Chartered Institute of Management Accountants and a Global
Chartered Management Accountant.
André Heymans is a Professor and Deputy Director of the School
of Economic Sciences on the Potchefstroom campus of North-West
University. His research focus revolves around the efficiency of financial
markets and how this influences the profitability of hedge funds and other
actively managed investment portfolio managers. He recently widened his
research focus to include the efficiency of crypto markets and the impact
NOTES ON CONTRIBUTORS xxi
accounting and finance with a specific focus on the agricultural sector. She
has more than 17 years of academic experience.
Karina Mostert is a Professor of Industrial Psychology in the Faculty
of Economic and Management Sciences at the North-West University,
Potchefstroom Campus, South Africa. Her research focuses on the health
and well-being of university students, specifically focusing on their experi-
ences, engagement, and psychological resources that can assist in optimal
functioning and performance. She is leading the project “StudyWell:
Student Well-Being and Success.” The project aims to gather comprehen-
sive understandings to inform student well-being across various domains,
including but not limited to psychological well-being, academic perfor-
mance, and success.
Mphagahlele Ndlovu is a Ph.D. graduate from the School of Accounting
Sciences at the North-West University, South Africa. He is currently
employed as a senior lecturer in accountancy at the University of South
Africa.
Lilian Nwosu is a Ph.D. graduate and Senior Lecturer in the School
of Accounting Sciences, Faculty of Economic, and Management Sciences
at the North-West University. She is active as a research program lead,
and her research interest includes pragmatic approaches to accounting
education for future accountants.
Merwe Oberholzer is a Professor of Accounting Sciences within the
Management Cybernetics research entity at North-West University, South
Africa. He has extensively taught Management Accounting and Financial
Management in the Chartered Accountancy and Chartered Manage-
ment Accountancy programs. His research focuses primarily on business
performance, business systems, and corporate governance.
Matthew Omotoso is a Chief Lecturer in the Faculty of Financial Studies
at Osun State Polytechnic Iree, Nigeria. His research interest includes
financial reporting and corporate governance. He has recognized local
and international research publications, including journal articles, book
contributions, and conferences and seminar papers presentations. He has
taught various management courses at tertiary levels over two decades.
He is an Associate Member of the Institute of Chartered Accountants of
Nigeria and the Chartered Institute of Bankers of Nigeria.
NOTES ON CONTRIBUTORS xxiii
Chapter 2
Fig. 1 Research process: A holistic perspective (Source Adapted
from Hesse-Biber and Leavy [2011] and Nieuwenhuis
[2020]) 15
Fig. 2 Conceptual research world levels (Source Adapted
from Mouton [2011]) 17
Fig. 3 Critical research factors 20
Fig. 4 Conceptual honeycomb methodology (Source Adapted
from Wilson [2013]) 24
Fig. 5 Conceptual research onion methodology (Source Adapted
from Saunders et al. [2019]) 25
Fig. 6 Conceptual step methodology (Source Adapted from Babbie
[2004]) 26
Chapter 3
Fig. 1 Explicit philosophical perception and approaches adopted
for this study (Source Adapted from Saunders et al. [2012]) 45
Chapter 7
Fig. 1 Interrelation between factors influencing credit management
performance 122
xxv
xxvi LIST OF FIGURES
Chapter 10
Fig. 1 The interconnections of paradigm, designs, and methods
(Source Creswell [2014]) 187
Fig. 2 Application of the explanatory sequential design in the study
(Source Adapted from Creswell [2015]) 190
Fig. 3 SMTs view of the nature and scope of instructional leadership 194
Fig. 4 Principals’ views on the nature and scope of the influence
of instructional leadership 196
Fig. 5 Deputy principals’ views of the nature and scope
of instructional leadership 197
Fig. 6 HoDs views on the nature and scope of the influence
of instructional leadership 198
Chapter 12
Fig. 1 Schematic presentation of theories and concepts to consider
and keep in mind for the in-depth relational interview held
with structures from the HEI 239
Fig. 2 Diagram depicting the central research question to elicit
in-depth relational conversations on first-year study demands 240
Chapter 14
Fig. 1 Conceptual framework 273
Fig. 2 Actor intelligence theory 284
Chapter 15
Fig. 1 System life cycle phases 294
Fig. 2 DSR as a research paradigm (Source Adapted from Hevner
[2007]) 297
Fig. 3 R&D in the DSR paradigm (Source Adapted from van der
Merwe [2014]) 300
Fig. 4 Research framework used in this study (Source Holm
and van der Merwe [2019b]) 303
Chapter 16
Fig. 1 Honeycomb research methodology (Source Adapted
from Wilson [2014]) 318
Fig. 2 Primary research phases 321
LIST OF FIGURES xxvii
Chapter 17
Fig. 1 An integrated avionics system 338
Fig. 2 DSR in this research paradigm (Source Adapted from Hevner
[2007]) 341
Fig. 3 Evolution of development framework 346
Fig. 4 High-level life cycle process model as derived
from the RTCA/DO-178C analysis 351
Fig. 5 System-level development process model 353
Chapter 18
Fig. 1 SWOT and PESTLE interaction (Source Adapted
from Nishada [2012]) 364
Fig. 2 ADR stages and principles (Source Adapted from Sein et al.
[2011]) 367
Fig. 3 The eADR approach (Source Adapted from Mullarkey [2018]) 369
Fig. 4 Evolutionary design process (Source Adapted from Sein et al.
[2011]) 371
List of Tables
Chapter 2
Table 1 Research paradigm comparison 28
Table 2 Summative paradigm assumptions and research method 30
Table 3 Research methodologies associated with different paradigms 32
Table 4 Difference between quantitative and qualitative research
methods 34
Table 5 ProDEC-based roadmap to a conceptual framework 36
Chapter 5
Table 1 Illustrative statistical proxies: Descriptive statistics 88
Table 2 Illustrative statistical proxies: Volatility measures 89
Table 3 AS model results (mean equation) 91
Table 4 AS model results (variance equation) 93
Chapter 7
Table 1 Results of the qualitative investigation 130
Chapter 8
Table 1 Data source, available time span, and frequency 148
Table 2 Hedging strategy summary 149
xxix
xxx LIST OF TABLES
Chapter 9
Table 1 Summary of the water disclosure index (with company
performance) 170
Table 2 Mean difference between IR/not IR groups (t-test) 173
Table 3 Spearman’s correlation coefficients 173
Table 4 Comparing the entire water disclosure index with other
variables 174
Table 5 Results of the Tukey test for the entire water disclosure
index 174
Chapter 10
Table 1 Comparison of ontology and epistemological assumptions 188
Table 2 Schools in NMMD 192
Chapter 14
Table 1 Results of the qualitative investigation 280
Table 2 Descriptive analysis of responses per perspective/model 281
Chapter 15
Table 1 Research validation matrix 308
Chapter 16
Table 1 Application of research methodology 319
Table 2 Application of eADR principles 323
Table 3 Diagnosis: Potential improvement 327
Table 4 α-design: Initial improvement expectations 328
Table 5 β-design: Initial improvements 328
Chapter 17
Table 1 Research Validation Matrix for this study 354
Chapter 18
Table 1 Application of ADR principles 368
Table 2 Decision-support framework 373
Table 3 PESTLE category weightings 374
Table 4 PESTLE uncertainty score table 375
CHAPTER 1
Introduction
1 Background
The fluidity and dynamicity of modern society cannot be disputed, and
the rate of technological innovation is such that even attempting to keep
abreast borders on the impossible. The contemporary business environ-
ment is not exempt from this roller-coaster ride, resulting in business
managers facing complex situations requiring creative management solu-
tions. It may happen that those managers, desirous of solving some of
these challenges, embark on their research initiative peculiar to their
unique circumstances.
Such solutions may take on various forms, ranging from a desire to
develop a model or framework to solve a specific business problem to
2 Contextualization
This book focuses on research methodologies that apply to business
studies, particularly on research projects with a dual purpose. Firstly,
researchers may be desirous of completing post-graduate research within
a managerial science discipline. Secondly, the research efforts aim to
support a particular managerial need in practice. In this context, busi-
ness researchers are primarily taken as managers in the industry. Still, other
interested parties to pragmatic business research approaches in context
may also find value herein. As such, the scope of business management is
quite broad and may be applied across multiple industries and managerial
disciplines.
Business research (-studies) is considered part of the social sciences,
and research within this context is arguably a social scientific activity.
When non-academic (or novice) business researchers embark on their
research road, they soon realize that many authors and teachers
of research methodology have diverse backgrounds, perspectives, and
preferred methods. Within the myriad of available approaches to business
research, many approaches may not be the best in the managers’ specific
scenario. A problem facing the business researcher is, therefore, how to
identify and select an appropriate research methodology in context and
how to properly execute the research from cradle-to-grave.
Many top-quality and rigorous research methodologies texts are avail-
able within the broader business research domain, and while some may
be considered generic, others may be more discipline-specific. Several are
used for illustrative purposes in Chapter 2. This book aims to simplify
proper business research for industry managers that do not have the time
or inclination to research valid business research methodologies before
embarking on their actual research. The aim is not to substitute, replace,
or even contradict the mentioned business research methodology books
but rather to supplement such texts and, in a sense, validate many of
1 INTRODUCTION 3
3 Research Paradigms
A systematic and rigorous research roadmap can empower business
researchers to understand the relevance and importance of academically
sound business research. Such research can provide practical solutions to
business problems (Voxco, 2022). In doing so, some attention is given to
narrowing the gap between theory and practice, which requires that funda-
mentals of scientific research be adhered to and keep a delicate balance
between providing a practice-friendly guide to pragmatic and academically
sound business research. For purposes hereof, we categorized business
research into five general themes as follows:
4 Objectives
The primary objective is, therefore, to guide business researchers in iden-
tifying, defining, and applying academically sound research methodologies
that will enable them to design and execute effective research that answers
their specific needs.
In attaining the above objective, two secondary goals were set out, as
follows:
Essay 4 (Chapter 6: The Relationship Between the Forward and the Real-
ized Spot Exchange Rate in South Africa) investigated the exchange
rate puzzle following an experimental research strategy to prove that
the puzzle is a pseudo mystery. The exchange rate puzzle refers to
the phenomenon that the forward exchange rate differs substantially
from the realized future spot exchange rate. Since market partici-
pants use the current forward exchange rate to make decisions about
future exchange rate changes, significant differences between the current
forward exchange rate and the realized spot rate could lead to substan-
tial losses. Two hypotheses derived from the exchange rate model were
quantitatively tested and deductively interpreted.
5 Closing
This short introductory chapter aimed to provide the context for prag-
matic business research. The book’s objective is to give managers in the
industry, who may not necessarily have extensive and formal academic
research training but are desirous of conducting scientifically rigorous
research, some guidance in business research. This is primarily targeted at
scenarios where a manager is faced with a business problem that needs to
be addressed. As such, an attempt is made to simplify business research’s
complexity and provide some guiding examples to assist herein.
10 P. W. BUYS AND M. OBERHOLZER
It must be noted that the included and illustrative essays (including the
methodological selections, research execution, and conclusions) are the
results of independent, completed, post-graduate research projects and
are based on the experiences of each specific researcher. Other researchers
in similar situations may not have the same experiences. Nevertheless, the
examples should add some value to business researchers.
References
Kekeya, J. (2019, November). The commonalities and differences between
research paradigms. Contemporary PNG Studies: DWU Research Journal, 31,
26–36.
Kivunja, C., & Kuyini, A. B. (2017). Understanding and applying research
paradigms in educational contexts. International Journal for Higher Educa-
tion, 6(5), 26–41.
Myers, M. D. (2020). Qualitative research in business & management. Sage.
Nieuwenhuis, J. (2020). Introducing qualitative research. In: Maree, K., (ed.),
First steps in research. Pretoria: Van Schaik. pp. 56–76.
Rahi, S. (2017). Research design and methods: A systematic review of
research paradigms, sampling issues and instrument development. Interna-
tional Journal of Economics & Management Sciences, 6(2), 1000403.
Saunders, M. N. K., Lewis, P., & Thornhill, A. (2019). Research methods for
business students. Pearson.
Vom Brocke J., Hevner A., Maedche A. (2020). Introduction to design science
research. In: Vom Brocke J., Hevner A., Maedche A. (eds.), Design Science
Research Cases: Progress in IS. Springer: Cham. https://doi.org/10.1007/
978-3-030-46781-4_1 Date of access: 20 December 2021.
Voxco. (2022). Business research: Definition, types, and methods. https://
www.voxco.com/blog/business-research-definition-types-and-methods/ Date
of access: 23 May 2022.
CHAPTER 2
1 Introduction
The previous chapter provided some introductory guidance into the
objective of this book, which aims to provide business researchers with
enough academically sound knowledge to navigate the complex maze of
scientific business research. This chapter seeks to constitute a roadmap or
framework to guide business researchers in contextualizing and planning
their research efforts and guide the execution thereof. It is not intended
to prescribe a specific research approach (methodology) but rather to
illustrate various valid research concepts and techniques. As Delen and
Zolbanin (2018) suggest, this variety will aid that business researchers
should “add other tools besides a hammer to their toolkit, so that not
every problem looks like a nail.” In doing so, the chapter is divided into
the following sections.
• Pandey and Pandey (2015) state that the term research comprises
two concepts, i.e., re + search, meaning to search again, alluding
to the systematic investigation to acquire new knowledge or expand
upon existing knowledge.
• Myers (2020) defines research as an original search undertaken
to add or create new knowledge and understanding in a specific
discipline.
• The Department of Education and Training at Western Sydney
University (2020) believes that research entails creatively creating
2 A ROADMAP TO BUSINESS RESEARCH 13
Finally, much has been said about the gap between theory and practice.
Saunders et al. (2019) argue that practitioners’ research focuses on solu-
tions to practical problems and aims to obtain actionable results with
beneficial impact. Oppose hereto is that academics focus on theory expla-
nation with the objective of academic publication. Myers (2020) adds that
industry practitioners are typically not concerned with academic jargon or
the educational value of the research in solving their specific problem.
Nevertheless, the fundamental principles of scientific research must be
adhered to in order to ensure accurate and practical solutions, resulting
1 AS illustrated later, it must be noted not every business problem needs to be solved
by scientific research.
14 M. OBERHOLZER AND P. W. BUYS
2.3 Contribution
The second component of the research definition focuses on gaining
new knowledge, referring to the research contribution. Although busi-
ness research may not always require quantifying a research contribution,
there are times when such a potential contribution must be assessed. For
example, when the research project is part of a doctoral study, there is an
academic requirement to contribute something significant and worthwhile
to the existing knowledge. In such cases, the researcher should be guided
by the following questions (FindAPhD.com, 2021):
• Plagiarism.
• Falsifying data to prove a point.
• Misrepresentation of information.
The first four points are valid research activities within an academically
sound research process. Nevertheless, individually and independently,
they do not constitute research in itself. In contrast, the last three points
are ethically questionable activities and should not form part of any robust
research process.
3 Research Demarcation:
The Three-World-Framework
Mouton (1996) introduced a basic research framework that exhibits three
distinct levels, which conceptually illustrate areas within which research
can be conducted (see Fig. 2).
These levels guide our quest to develop an essential roadmap for
conducting industry-orientated business research. The business researcher
must know which distinct world within the investigation will be targeted.
These worlds require distinctive descriptions of the research problem and
its demarcation. The following paragraphs will elucidate.
Fig. 2 Conceptual research world levels (Source Adapted from Mouton [2011])
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Language: Finnish
Kirj.
Suomentanut
Toini Kalima
MUNKIN HÄÄT.
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*****
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