Unit – 1

Introduction to Research

1.1 Introduction to Research

The economy of a country is controlled by a variety of variables, including population size, manufacturing practices, agriculture, government policy, people's culture, the education system, infrastructure, etc. In the course of fulfilling basic needs (food, clothes and shelter), people are involved in a range of operations, such as agriculture, housing and the textile industry.

Any of the above sectors is supported by a number of industries, e.g. The garment industry is supported by machine tools, agriculture and the chemical industry. The majority of each industry's output is used by the public and a part of it is fed as raw materials/equipment to other industries. In addition to these manufacturing operations, schooling and preparation of the labour force needed for these industries are carried out by educational institutions. In addition to these operations, there are a range of support organisations, such as health, transport, postal, legal, insurance, banking, etc., which cater to the needs of society.

Over time, agencies, associations and cognate organizations have been set up to solve numerous growth challenges through research and financial support from governments and industry. Currently, academic centers have been set up to deal primarily with research in various areas, i.e. economics, library and information science. From all its essential facets and angles, this unit produces a general view of science and its methodologies.

Meaning

You can visualize the fact that a detailed analysis is required for better outcomes in each realistic scenario. Any initiative that is geared towards such a study for improved outcomes is known as science. Study applies, in basic words, to the quest for information. It is a theoretical and systematic search for information on a specific subject or issue. It is also regarded as the art of scientific analysis. In other words, research is a coordinated series of practices to review and improve a model or procedure/technique for discovering the effects of a practical problem validated by literature and evidence in such a way that its goals are (are) refined and recommendations/inferences for implementation are further made. Several scholars and social scientists have described research in a number of ways.

Definition

Webster's Third International Dictionary of the English Language describes analysis as 'a study or review, in particular a critical and exhaustive investigation or experimentation, with the intention of finding new facts, and their proper interpretation, the revision of established assumptions, theories or rules in the light of recently found evidence, or the realistic implementation of new or updated conclusions, theories or laws In the Encyclopedia of Social Sciences. Study is described as "the manipulation of things, concepts or symbols for generalization to extend, correct or verify knowledge whether that knowledge aids in the construction of a theory or practice of an art." Bush's publication Study Methods in Librarianship notes that research is "a systematic pursuit for information that is distinguished by disciplined research. An efficient and successful approach to information expansion is the execution of special, scheduled and systematic inquiries."

Analysis is the method of seeking a clear answer to a specific question in a coordinated, impartial, consistent manner-Payton, 1979 Understanding research in the most fundamental sense may be focused on what research is not about. That it is not a mere gathering of information; a mere transformation of evidence from one place to another; a mere search for information; a catch-word used to collect information; and a play of words and the presentation of already written or searched data. 'Research' as an acronym, each letter of the term, reflecting a specific feature as set out below: R = Logical way of thought E = Professional and exhaustive treatment S = Hunt and solution E = Exactness A = Analysis R = Relationship of evidence C = Critical insight, strategic preparation, positive attitude and condensed generalisation H = Integrity and hard-working

Work is also an initial contribution to the information available, and leads to its further development. It is an attempt to find the facts through the techniques of research, observation, contrast, and experimentation. In short, analysis is a quest for information, using objective and rigorous approaches to find a solution to the problem.

Key Takeaways:

1. Study applies, in basic words, to the quest for information. It is a theoretical and systematic search for information on a specific subject or issue.
2. Currently, academic centers have been set up to deal primarily with research in various areas, i.e. economics, library and information science.

1.2 OBJECTIVES OF RESEARCH

The purpose of the study is to find answers to questions by the implementation of the scientific procedure. Specifically, the analysis has to be defined by taking into consideration the criteria of the framework. In the course of defining the research priorities, the researcher must finalize the following:

• To formulate, i.e. to create a thesis to explain the subject from all angles.
• To be descriptive, i.e. to correctly represent all the characteristics of a particular procedure, person, community, circumstance or organization.
• To diagnosis, i.e. to evaluate the frequency of which anything happens,
• Checking the hypothesis of a causal association between factors, i.e. hypotheses-based scientific experiments.
• Study is carried out in the social establishment with the aid of
• Research questions.
• Hypothesis.
• The boundary of the study.

Research questions – Problems that have been fixed to date or not discussed by someone else, the purpose of the research, the location of research, the existing state of research, and alternative methods and means of seeking a solution to the research issue under review.

Hypothesis – It is a presumption or inference of population/situation in the sense of a sample by the researcher himself.

The boundary of the study – It is a limit set by the research himself to restrict his work or to concentrate on the specific area in given/available set-up and resources.

The goals of the analysis can be categorized as qualitative or quantitative.

The quantitative goals seek to maximize a certain metric of the efficiency of the research method, e.g. a study to predict the market for a high-precision product.

The qualitative aims aim at the importance of the hypotheses of an important analysis, e.g. The study of the effect of the standard of education of the sales force of a business on its sales revenue.

Key Takeaways:

1. The purpose of the study is to find answers to questions by the implementation of the scientific procedure.
2. Study is carried out in the social establishment with the aid of

i)       Research questions

Ii)    Hypothesis

Iii)  Boundary of the study.

3.     The goals of the analysis can be categorised as qualitative or quantitative.

1.3 FEATURES AND IMPORTANCE OF RESEARCH IN ACCOUNTING AND FINANCE

Accounting and finance is a very deeply rooted profession in almost every facet of management, company matters, and day to day activities of any person or group Accounting research is research on the effects of economic events on the process of accounting and the effects of reported information on economic events. It covers a wide variety of study fields, including financial accounting, management accounting, auditing and taxation.

Academic accounting research "addresses all aspects of the accounting profession" using a scientific approach, while research by practicing accountants focuses on problem solving with a client or group of clients. Academic accounting studies will make a substantial contribution to accounting practice, while developments in accounting curriculum and accounting academy in recent decades have contributed to a split between academics and accounting practice.

Whereas finance research is not new to us, finance research allows financial analysts and other stakeholders to learn how the financial sector is influenced by industry shifts and developments.

Features

The study on finance and financial reporting concentrated primarily on the following features:

1. Estimating financial requirements: without funding, it is impossible to carry out any activity in real time as well as in the near future. Financial criteria can be properly measured by proper analysis.
2. Financial Management: To deal with financial areas with the goal of optimising income
3. Deciding Capital Structure: Research helps to clarify the capital structure of the Understudy Company or agency.
4. Selecting a Source of Finance: Selecting a source of funding is an evolving process which can still be achieved under a scanner by testing exercises.
5. Selecting a Pattern of Investment: Investment is often important from a person or systemic point of view and from the understanding of past evidence and trends.
6. Proper Cash Management: Various cash management strategies may be used and established with the aid of analysis and its activities.
7. Implementing Financial Controls: Proper monitoring of expenses and the application of financial accounting analysis is very effective.
8. Proper Use of Surpluses: If, when and in what way the surplus can be used and distributed is conveniently determined by conducting research activities.

Importance

Financial and accounting analysis has an important role to play in presenting direction and shaping the path forward in the current cloud of confusion that is preoccupying this field. In the asset management field, financial analysis will help to drive sound investment decisions. More focus is required on risk control strategies and the optimum distribution of assets to allow fund managers to resolve the current uncertainty, finance and accounting are two complex areas in which continuous analysis is needed for an hour as data progresses and data changes are huge than any other field.

These two interrelated domains have dealt with every part of business and personal life. As the financial services market tends to deliver homogeneous products and services, it would be important to leverage analysis, product creation and technologies to establish a distinct distinction in product offerings. Disintermediation is pushing financial services firms to reduce costs by using technologically efficient technology and expanding to new product and business fields. How would it be possible to provide an increasingly increasing population of distinct product products that tap to balance the demands of customers and generate value for them?

In order to do this, it would be important to set up a team whose activities are primarily centred on aligning and balancing goods with customer needs and leveraging research and product creation to produce these products and services. Organizations that compete in research and development constantly aim to find better processes and strategies for managing goods to guarantee that they remain industry leaders.

Various research topics under financial accounting are considered:

1. Ratio analysis
2. Portfolio management
3. Inflation
4. Deflation
5. Economic growth model
6. Balance of payment
7. Primary market study
8. Secondary market study
9. Capital budgeting
10. Study of financial parameters of organizations
11. An economic evaluation of alternatives

Key Takeaways:

1. Academic accounting studies will make a substantial contribution to accounting practise, while developments in accounting curriculum and accounting academy in recent decades have contributed to a split between academics and accounting practise.
2. Financial and accounting analysis has an important role to play in presenting direction and shaping the path forward in the current cloud of confusion that is preoccupying this field.
3. In the asset management field, financial analysis will help to drive sound investment decisions.
4. As the financial services market tends to deliver homogeneous products and services, it would be important to leverage analysis, product creation and technologies to establish a distinct distinction in product offerings.

1.4 TYPES OF RESEARCH

The research is of various types:

1.    Basic Research:

Also referred to as pure or fundamental science, explores phenomena in order to achieve a fuller understanding of them. This is necessary in order to acquire knowledge of a natural phenomenon, the applications of which may or may not have any effect on any application in the near future or even after a long time. Generally, this form of research involves a very high order of academic quality; perception often plays an important role in this type of research.

5.     Used for the application of philosophy or for the development of new ideas, concepts, etc.

6.     Non-commercial application

7.     Thorough knowledge of the subject

8.     E.g. Battery charging with the help of physics laws

2.    Applied Research

To gain knowledge on the practical implementation of the theoretical basis already developed, which is required to solve a critical problem. Applied research is typically carried out by universities or specialist research labs or organisations for companies or governments. Applied science is always meant for production purposes. In addition, it is referred to as research and development (R&D)

To solve day to day problem

9.     Difficult to complete in a fixed time period

10. Has commercial application or purpose

11. Normally sponsored and resource (fund) dependent

12. Can lead to patent and copyright

13. E.g., Pharma/Space/IT/Product-related research

Descriptive analysis focuses on expanding awareness on contemporary problems through the data collection process. Descriptive experiments are used to characterise the behaviour of the population of the sample. Only one variable is required in a descriptive study to perform the research. The three key goals of descriptive analysis are to describe, clarify and verify the results. For example, a study was undertaken to decide if top management executives in the 21st century had a legal right to earn a large amount of money from business earnings.

4. Empirical Research:

This study focuses entirely on intuition or knowledge and no attention to philosophy and the method. Such analysis is data-based, and also generates results that can be confirmed by experiments or observation. It is also defined as the experimental method of study in which it is important to first gather the data and their origins and to take active measures to promote the output of the knowledge sought.

In this method of analysis, the researcher first formulates a working theory and then collects ample evidence to support or deny (and not prove and refute) the assumption. He/she formulates an experimental design that, according to him/her, will manipulate the variables in order to obtain the requested knowledge. This style of analysis is thus defined by the researcher's control of the variables under study. In basic words, empiric analysis is most appropriate where an effort is made to find out certain variables affect other variables in some way.

1. Hypothesis (supposed) based data collection the data collected would determine whether to support the hypothesis or deny it.
2. Extensive resources are needed to carry out this study.
3. Statistical approaches are used to evaluate (understand hidden meanings) data

4.    Analytical Research

The approach used to investigate and examine the existence or working of a social or economic entity, such as an individual, a family, a society, an organisation, a firm or an industry, is called the case study method. The purpose of the case study approach is to analyse the causes that affect the behavioural behaviours of the unit and its relationship to the environment. The data for an analysis is often obtained in order to track the natural history of a social or economic unit and its interaction with social or economic influences, in addition to the forces involved in its environment. As a result, the researcher conducting an analysis using the case study approach aims to grasp the dynamics of variables functioning within a social or economic entity as an interconnected whole.

1. Any awareness of the subject is needed to try this
2. The case study methodology is the most human-oriented approach
3. Different studies may yield different findings for the same situation.
4. Multidisciplinary awareness contributes to a broad interpretation of the situation.

Key Takeaways:

1. Applied research is typically carried out by universities or specialist research labs or organisations for companies or governments. Applied science is always meant for production purposes.
2. Descriptive analysis focuses on expanding awareness on contemporary problems through the data collection process. Descriptive experiments are used to characterise the behaviour of the population of the sample.
3. The approach used to investigate and examine the existence or working of a social or economic entity, such as an individual, a family, a society, an organisation, a firm or an industry, is called the case study method.
4. The purpose of the case study approach is to analyse the causes that affect the behavioural behaviours of the unit and its relationship to the environment.

1.5 Formulation of the research problem:

Meaning and Selection and review of literature:

Analysis Issue means questions that researchers want to address or some theory or assertion that we want to challenge or explore. These issues can become a research issue or a research subject for your study.

Most notably, however, bear in mind that not all problems will become a research topic. Any research questions may find it incredibly difficult to study. Significant research problems may happen to us regularly. But the task of translating them into an important study or research concern is not at all straightforward.

If you're a newbie in science, it might seem easy to devise a research dilemma. However, it needs significant knowledge of the study field and the research methods.

A variety of steps are required in the process of formulating a research problem. Look at seven basic steps in formulating the study problem.

1. Identify the Broad Study Area

It's a nice idea to learn about the topic of your concern. You should recognise the area in which you would like to work for a long time after your undergraduate studies or graduation. It's going to help you tremendously to get an interesting research topic. For example, if you are a graduate of sociology, you must decide about your field of study in sociology. You can prefer social issues such as unemployment, road crashes, community welfare, HIV/AIDS, etc.

2. Dissect the Broad Study Area into Subareas

At this point, you need to dissect and define a wide field of analysis for your research into some subbariums. In this respect, you will check with your superiors. Write down the sub areas. For example, if you chose unemployment as your wide field of study, dissect it into unemployment & social stability, unemployment & violence, unemployment & individual dissatisfaction, etc.In this scenario, the study title may be on how unemployment produces illegal behaviour. Or how it causes resentment in the minds of unemployed people.

3. Mark-up your Interest

It's almost difficult to research all the sub areas. That's why you ought to define your field of interest. You should pick the topics that you're excited about. Your curiosity must be the most critical determinant of your research. If you have chosen your thesis analysis of significance, you can remove other sub-baskets that you do not feel interested in. Bear in mind that if you lose confidence in your research report, there will be no findings in the end.

4. Study Research Questions

In this step in formulating the research issue, you would like to point out your research questions in the field of interest, as you agreed in the previous stage. If you chose unemployment as your research field, your questions might be "how unemployment impacts individual social status?" "How it affects social stability?" "How it creates frustration on individuals?" Define what research issue or issue are you trying to study? The more you study the research topic, the more important and fruitful it can eventually be to solve the problem.

5. Set out Objectives

Establish specifically the study root priorities and sub-objectives. The research priorities are basically focused on research issues. If you study "The impact of unemployment on individual social status" as your research issue or research question. Then, tell me what you'd like to discuss to fix. For eg, the main purpose might be to investigate the unemployment situation of a given population or state. And their impact on the social life of people will be sub-objectives. The concept of particular key and sub-objectives is so important.

6. Assess your Objectives

Now, you should review your goals and ensure that they can be accomplished by your analysis report. Assess the priorities in terms of time, expenditure, money and technological skills. You should also analyse the analysis problems in the light of fact. Determine what the result of the analysis would be. If you can correctly determine the intent of the research report, it can bring substantial results in the long run. Analysis goals decide the importance of the research you are going to carry out.

7. Check Back

Until you start your research work, you can review all the steps you have taken in formulating the research issue and all the stuff you have done so far with your research report. Tell yourself, then, about your excitement. Will you have the money to step up? If you're very happy, so you're going to do your research. If required, you can adjust all of your plans in the light of truth.

Key Takeaways:

1. Significant research problems may happen to us regularly. But the task of translating them into an important study or research concern is not at all straightforward.
2. If you can correctly determine the intent of the research report, it can bring substantial results in the long run. Analysis goals decide the importance of the research you are going to carry out.
3. Significant research problems may happen to us regularly. But the task of translating them into an important study or research concern is not at all straightforward.