Get help from the best in academic writing.

Instructions For this week’s class discussion you will provide answers to the following questions in your main post, due

Instructions For this week’s class discussion you will provide answers to the following questions in your main post, due on the date specified. You are required to post your comments to your peers by the end of the module. Questions In an agreement between ETPI and a customer, ETPI must ensure that all books are within specification before shipment to the customer. What is the effect of the cost of quality on the customer? What is the effect of the cost of quality on ETPI? How will the customer ensure quality? (The contract isn’t enough…) Requirements Submit your first post by the due date for this forum; this should cover the questions above and be approximately 300-500 words, no more. Be sure to cite your sources by giving the url of where you find your information, and use in-text citations with APA format

ETPI article uploaded

International Finance Assignment Q1: Exchange Rate Risk Exchange rate risks can be

International Finance Assignment

Q1: Exchange Rate Risk

Exchange rate risks can be characterized as exposures to exchange rate movements with potential for direct loss in the form of transactional currency exchange losses, or indirect loss in the form of deterioration in cash flow positions, balance sheet items, expected net earnings as well as firms’ stock value (Papaioannou, 2006). It is important for firms to manage their exchange rate risks in order to prevent the associated potential losses as well as preserve the values of their assets, liabilities and stocks. The value of the local firm, with foreign investments or subsidiaries, is directly correlated to the prevailing exchange rate (Álvarez-Díez, et al., 2015). Hedging mitigates on risks that would otherwise reduce the expected cash flows generated from operating activities –these cash flows are eventually delivered to shareholders (Fite & Pfleiderer, 1995). At best; managing these risks could return some gain to the local firm as a depreciation of the local currency boosts returns from foreign investments. All firms, not just multi-national corporations, should understand the nature of exchange rate risks, and their degree of exposure, in order to mitigate against them accordingly. There are three primary exchange rate risks:

Transactional risks are the most-straight forward as they affect the actual transaction account of a firm including their receivables, trade payables or dividend accounts. For instance; a firm whose payables to a foreign firm are denominated in that foreign currency, an appreciation of the foreign currency with respect to the local currency will see the local firm pay more to settle its liability with the foreign firm.

Translation risks arise from the requisite translations of assets and liabilities held as foreign investments or overseas’ subsidiaries, for consolidation into the local firms financial statements (Goel, et al., 2011). This translation exposure from foreign investments evaluates the potential risk of currency movements on their net assets, either based on the average exchange rate fluctuations over the fiscal year or at the prevailing end-of-fiscal year exchange rates.

Economic risks are the exposures of exchange rate movements on the present value of expected future revenues, operating expenses as well as operating cash flows. Since economic risks are exchange rate exposures on ‘future transactions’ of the firm, they tend to have a higher impact on the competitiveness and value of the local firms (Goel, et al., 2011)

Q2: Different Hedging Strategies

The primary motive for hedging activities is the management and mitigation of the effects of foreign currency exchange rate movements on the local firm’s balance sheet items and operating cash flows (Álvarez-Díez, et al., 2015). Notable appreciations of the local currency would result in an erosion of expected return from foreign investments, and as such, it is prudent for the local firm to hedge against exchange rate risks. In the corporate world; hedging refers to all techniques designed to mitigate, reduce or eliminate some form of risk exposure to the firm. This is mostly achieved by the use of derivatives – financial instruments whose value is based on an underlying asset or commodity. In the management of current risks; local firms can employ various hedging strategies based on the risk exposure:

Currency forwards are binding agreements where the local firm commits to buy a foreign currency from a third party at an agreed future date, but at an exchange rate pre-determined today. In essence; these currency forwards are forward contracts with which local firms lock in the future sale or purchase of an underlying asset (the foreign currency) at an agreed price (the exchange rate) today (Hasan, 2015). A local firm can opt to physically take up the foreign currencies when the contract is due in what is characterized as an outright forward, or settle off balances with the foreign firm on a cash basis in what is characterized aa a non-deliverable forwards (Papaioannou, 2006). Local firms can utilize currency forwards to fully hedge their operations as they as simpler instruments, but they are quite expensive and the risk of loss from currency volatility in either directions is still substantial

Currency futures are principally similar to currency forwards. Nonetheless; currency futures are exchange-traded formal contracts with specific trade volumes of foreign currencies and payment settlements scheduled on more predictable dates (Papaioannou, 2006). For instance; the Chicago Mercantile Exchange permits trading of futures for underlying commodities like sugar, Copper and Gold, and financial assets including foreign currencies and stocks. In contrast; currency forwards are informal OTC contracts with minimal regulation on the volume or settlement date of the foreign currencies. Futures are handled in a formal clearing house, and settlement is usually by offsetting of balances hence it is most suitable for local firms engaging in import-export activities with other foreign firms.

Currency Swaps are most preferred for long-term engagements that would expose the local firms to prolonged currency risk movements such as in the issuance of a corporate bond. When such bonds with a maturity period in excess of five years, and denominated in foreign currency, are floated in foreign markets, then the exchange rate risk cannot be adequately covered by the short-term hedging instruments – forwards and futures. Local firms can thus turn to currency swaps, guided by financial intermediaries like commercial banks, and engage in the buying or selling of a foreign currency (or the foreign denominated corporate bond) but with an agreed offsetting purchase or selling at a stated future date, and exchange rate (Papaioannou, 2006).. The agreed future exchange rate for the offsetting transactions is referred to as the swap rate. Thus, local firms can engage foreign firms in currency swaps where each firm issues long-term debt in the other firms’ credit market, then each firm agree to meet the principle and interest obligations of the other in their domestic credit market. Currency swaps mitigate on the exchange rate risks but may expose firms to more interest rate risks.

Currency options are preferred to futures as they offer more flexibility. Though they are exchange-traded like currency future, these options give local firms (foreign currency buyers) the option (right) to purchase or sell a specified amount of foreign currency at an agreed fixed price over a given period of time (to maturity). Unlike futures, options confer an option, not an obligation, to the buyer. Local firms can therefore hold call options, which confer a right, not obligation, to buy specified volumes of the foreign currency at a fixed exchange rate over a specified period of time, or they can hold put options which confer a right to sell following terms of contract. Options have three market pricings: Option price –the premium value of the option instrument, strike price- the exchange rate preferred to the option holder, and spot price- prevailing on-the-spot market exchange rates local firms with exposure to currency risks can utilize currency options as some form of insurance, as they allow for some degree of flexibility to benefit from favourable exchange regimes while at the same time capping the maximum loss exposure (Fabozzi & Peterson, 2003)

Q3: Operational and Financial Hedging

Operational hedging refers to risk management strategies where local firms re-orient their operational and production activities to reduce exposure to foreign currency risks (Döhring, 2008). Operational hedging strategies may involve the outsourcing of production activities (offshoring) to the foreign market such that local firms can hedge against transactional and economic risks related to exchange rate fluctuations. Other operational hedging strategies include dual-sourcing of inputs and holding safe stocks (Boyabatli & Toktay, 2004). On the downside; operational hedging might increase the exposure to translation risks. For instance; tech giant, Apple Inc.,outsorced its production activities to China to cut back on an unfavorable currency rate position and increase competitiveness. On the other hand; financial hedging is the utilization of financial instruments (derivatives) to mitigate in exchange rate uncertainities.

In the development of a holistic risk management approach; local firms can employ both operationl and financial hedging strategies as complements towards mitigation of currency risks. Operational hedging utilizes non-financial instruments to shield operating activities from transactional and economic risks, whereas financial hedging covers the translational risk. Similarly; financial hedging techniques can be deployed in easily to cover short term exposures. On the other hand; operational hedging, which can be quite a lengthy process if it involves shareholders approval, could be deployed to hedge against long-term exposures. Takatoshi, et al., (2013) cited various field studies that have concluded operational and financial hedging strategies can be used by local firms as complementary approaches to risk management. The empirical evidence includes Pantzalis, Simkins, and Laux (2001) field studies on some 220 US MNCs. In the Euro-zone region; it was established that non-financial companies preferred financial hedging or a combination of the two strategies -operational and financial- but never operational hedging alone (Döhring, 2008). The reseacher observed that whereas use of financial instruments (derivatives and currency-invoicing) covered almost all of their currency risk exposure, it was ideal to employ operational hedging strategies to mitigate on the longer-term economic risks associated with fluctuations of the Euro, as well as create some degree of operational flexibility. In Japan; local exporting firms fully utilized available financial hedging options to mitigate on currency risks, but there has been a growing appreciating of operational hedging to adequately cover long-term exposures (Takatoshi, et al., 2013). These operational strategies include the re-organization of local exporting firms through product differentiation and off-shoring of excess capacity – this increases operational flexibility. MNCs operating in India utilized their network nodes to augment and re-orient their operational activities in favourable currency risk regimes (Goel, et al., 2011). In a nutshell; operational and financial hedging should be employed at the same time as complementary strategies, but if a firm was to choose between either of the two strategies then financial hedging should be the obvious choice.

In 1958; Modigliani and Miller suggested that, under perfect market condition, stockholders could diversify their portfolio as a risk management strategy for the firm. The implications were that firm’s risk management strategies did not add any valu to the firm (Takatoshi, et al., 2013). However, modern literature and empirical studies which take into account that markets are not perfect, conclude that risk management does create value to the firm (Aretz & Bartram, 2009). The presence of market imperfections ranging from taxation, to financial distress-related costs and information asymmetries serve to increase the exposure of firms these risks. Hedging against currency risks ensures that the value of net assets from foreign subsidiaries is not eroded by translation risks nor net cash flows from operational activities negatively impacted by transaction risks. Therefore; hedging as risk management tool against exchange rate risks ensures at the very least, preservation of shareholder value by mitigating on value-losses, and at best yield back financial or non-financial gains including increased global competitiveness from operational flexibility.

References

Álvarez-Díez, S., Alfaro-Cid, E. & Fernández-Blanco, M. O., 2015. Hedging foreign exchange rate risk: Multi-currency diversification. European Journal of Management and Business Economics , 25(2016), pp. 2-6.

Aretz, K. & Bartram, S. M., 2009. Corporate Hedging and Shareholder Value, Munich: Munich Personal RePEc Archive (MPRA Paper No. 14088).

Boyabatli, O. & Toktay, L. B., 2004. Operational Hedging: A Review with Discussion. Research Collection Lee Kong Chian School Of Business, January, pp. 1-21.

Döhring, B., 2008. Hedging and Invoicing Strategies to Reduce Exchange Rate Exposure – A Euro-area Perspective, Brussels: Economic and Financial Affairs (Economic Papers 299).

Fabozzi, F. J. & Peterson, P. P., 2003. Financial Management and Analysis. 2nd ed. Hoboken, New Jersey: John Wiley & Sons, Inc.

Fite, D. & Pfleiderer, 1995. Should Firms Use Derivatives to Manage Risk?. In: W. Beaver & G. Parker, eds. Risk Management: Problems and Solutions . London: McGraw Hill, pp. 140-164.

Goel, M., Gupta, S. L. & Goel, L., 2011. An Analysis of Foreign Exchange Exposure Management by MNCs in India. International Journal of Multidisciplinary Research, 1(5), pp. 83-105.

Hasan, K. R., 2015. Hedging Foreign Exchange Risk Exposure by Importer Companies. International Journal of Economics, Finance and Management Sciences, 3(5), pp. 435-439 doi: 10.11648/j.ijefm.20150305.14.

Papaioannou, M., 2006. Exchange Rate Risk Measurement and Management: Issues and Approaches for Firms, Washington DC: International Monetary Fund (WP/06/255).

Takatoshi, I., Satoshi, K., Kiyotaka, S. & Junko, S., 2013. Exchange Rate Exposure and Exchange Rate Risk Management: The case of Japanese exporting firms, Tokyo: RIETI (Discussion Paper Series 13-E-025).

5

To hedge or not to hedge Bishop, Matthew MOST value-maximising firms do

Instructions For this week’s class discussion you will provide answers to the following questions in your main post, due Business Assignment Help To hedge or not to hedge

Bishop, Matthew

MOST value-maximising firms do not hedge.” Thus Merton Miller and Christopher Culp, two economists at the University of Chicago, in a recent article* about Metallgesellschaft, a firm that saw its value plunge after its oil-price hedging strategy came a cropper. Yet the vast majority of firms that use derivatives do so to hedge. Last year’s survey of big American non-financial companies by the Wharton School and Chase Manhattan bank found that, of those firms that used derivatives (about one-third of the sampie), some 75% said they did so to hedge commitments. As many as 40% of derivatives users said they sometimes took a view on the direction of markets, but only 8% admitted to doing so frequently.

To justify speculation, managers ought to have good reason to suppose that they can consistently outwit firms for which playing the financial markets is a core business. Commodity businesses, such as oil or grain companies taking positions on the direction of their related commodity markets, may have such reason, but non-financial firms taking bets on interest rates or foreign exchange rates almost certainly do not–though some claim to make a profit on it. But why might hedging be wrong?

In the 1950s, Merton Miller and Franco Modigliani, another financial economist, demonstrated that firms make money only if they make good investments–the kind that increase their operating cash flows. Whether those investments are financed through debt, equity or retained earnings is irrelevant. Different methods of financing simply determine how a firm’s value is divided between its various sorts of investors (eg, shareholders or bondholders), not the value itself. This surprising insight helped win each of them a Nobel prize. If they are right, it has crucial implications for hedging. For if methods of financing and the character of financial risks do not matter, managing them is pointless. It cannot add to the firm’s value; on the contrary, as derivatives do not come free, using them for hedging might actually lower that value. Moreover, as Messrs Miller and Modigliani showed, if investors want to avoid the financial risks attached to holding shares in a firm, they can diversify their portfolio of holdings. Firms need not manage their financial risks; investors can do it for themselves.

In recent years, other academics have challenged the Miller-Modigliani thesis–at least in its pure form–and demonstrated that hedging can sometimes add value. That is because firms may be able to manage certain risks internally in ways that cannot be replicated by outside investors. Some investors may not want, or be able, to hold diversified share portfolios (for instance, if the firm is familyowned). It may be possible to use derivatives to reduce profits in good years and raise them in bad years in order to cut the firm’s average tax bill. Hedging can also be used to prevent the firm getting into financial difficulties, or even going bust.

Recently, another view has been winning converts. According to Kenneth Froot, David Sharfstein and Jeremy Stein, three Boston-based economists, firms should hedge to ensure they always have sufficient cash flow to fund their planned investment programme*. Otherwise some potentially profitable investments may be missed because of inefficiencies in the bond and equity markets that prevent the firm raising the funds, or the reluctance of managers to tap these markets when internal cash is tight. Merck, an American pharmaceuticals firm, has helped to pioneer the use of derivatives to ensure that investment plans– particularly in R&D–can always be financed. In a paper explaining the firm’s strategy, Judy Lewent and John Kearney observed that “our experience, and that of the [drugs] industry in general, has been that cash-flow and earnings uncertainty caused by exchange-rate volatility leads to a reduction in research spending.”*

Though apparently simple, such a strategy has some intriguing implications. As Messrs Froot, Scharfstein and Stein point out, the factors that cause cash flow to fall below expectations may also cut the number of profitable investment opportunities, so lessening the need to hedge. For instance, an oil company’s cash flow may suffer due to a fall in oil prices. However, that fall in prices also reduces the value of investing in developing new oil fields. With fewer profitable projects to invest in, the firm will need less cash to finance investment.

All about cash flow

Rene Stulz, an economist at Ohio State University, sees even more powerful implications+. He says that there are only a couple of good reasons why a firm should hedge. One is to cut its tax bills, which is likely to happen only if the firm’s profits tend to yo-yo between lower and higher tax bands. The other one is being unable to get cash when it needs it, or facing a serious risk of running short. By this rule, reckons Mr Stulz, a firm with little debt or with highly-rated debt has no need to hedge, as the risk of it getting into financial trouble is tiny. If he is right, many of America’s biggest hedgers–including some of those that have revealed losses on derivatives, such as Procter &Gamble–may be wasting their energies, or worse. By contrast, Mr Stulz thinks that if a firm is highly geared, hedging can boost its value significantly. Indeed, during the leveraged buy-out craze of the 1980s, when firms were taken over by buying off shareholders and loading up on debt, tough risk-management requirements were standard in any borrowing arrangement.

Messrs Culp and Miller, of the University of Chicago, take this argument a step further in defending the management of Metallgesellschaft from some of the wilder accusations of recklessness (a matter that is now before the American courts). Instead of analysing the firm’s hedging strategy (which involved selling oil for up to ten years ahead and hedging this exposure with futures contracts) in terms of its effectiveness in reducing risk, Messrs Culp and Miller argue that the company had no need to reduce its risk-exposure because it had no reason to suppose it could not get hold of cash if needed. After all, the mighty Deutsche Bank, as its principal creditor and controlling shareholder, was behind the firm, ensuring that it could not go bust; and, as it turned out, it did not. Rather, the aim of the hedging strategy was to exploit what Metallgesellschaft thought was its superior understanding of the relationship between spot prices and futures prices–risky but not obviously foolish.

Not everyone agrees that firms with little debt should not hedge. Myron Scholes, an economist at Stanford University, reaches the opposite conclusion: firms with little debt could reduce their riskiness by hedging, and so be able to borrow more and rely less on equity. Equity can be expensive compared with debt; it is inherently riskier, offering no guaranteed payout, so investors require a higher average return on it than they do on bonds. Ultimately, through risk-reducing hedging and borrowing, more firms might be able to remain (or become) privately owned, reckons Mr Scholes. But to do this well, managers will need a very good understanding of the risks to which their firm is exposed, and of opportunities to hedge.

However, the way firms typically use derivatives to reduce the cost of capital is different from that described above. Rather than hedge and borrow more, they substitute for traditional debt a hybrid of bonds and options and/or futures that will pay off in certain circumstances, thus lowering capital costs. This is speculation dressed up as prudence, because if events take an unexpected turn, capital costs go up by at least the cost of the options.

* “Hedging in the Theory of Corporate Finance: A Reply to our Critics”. By Christopher Culp and Merton Miller. Journal of Applied Corporate Finance; Spring 1995

* “A Framework for Risk Management”. By Kenneth Froot, David Scharfstein and Jeremy Stein. Harvard Business Review; November

* Identifying, Measuring and Hedging Currency Risk at Merck”. By Judy Lewent and John Kearney. In “The New Corporate Finance,” edited by Donald Chew, McGraw-Hill; 1993

“Rethinking Risk Management”. By Rene Stulz. Ohio State University working paper; 1995

Source: The Economics, Feb 10, 1996

Employee Empowerment in the Workplace: A Case Study of a multi-national Company

Employee Empowerment in the Workplace: A Case Study of a multi-national Company in China 2

EMPLOYEE EMPOWERMENT IN THE WORKPLACE: A CASE STUDY OF A MULTI-NATIONAL COMPANY IN CHINA

Introduction

The type of research philosophy applied by a researcher contributes significantly towards determining the success if their research. It is therefore essential for researchers to pick the most appropriate philosophy that will help them achieve their research goals. As a result of this, the primary purpose of this reflective paper is to give a detailed discussion of the philosophical approach that I will use in my dissertation. My reflection will be based on the knowledge that I have acquired throughout the module “Research Methods and Practice.” My main aim in this discussion will be to identify the most appropriate philosophical approach that I will use in my research based on how it perfectly fits my probable research methodology on the topic, “A critical evaluation of factors impacting graduate recruitment and selection in China.” I will then explain my research approach in a clear and more detailed way.

Identifying the philosophical approach

My research will be guided by both epistemological and ontological beliefs. The type of beliefs that I have concerning the world and the methods that I can use to understand these beliefs contribute significantly towards determining the type of methodology that I will adopt in my study (Bhaskar, 1978). The process of picking the most appropriate research philosophy for my research is imperative because it will inform the kind of data to use and the most appropriate methods that will successfully lead me towards getting this data (Saunders, Lewis, and Thornhill, 2009). Philosophy in this context is defined as the process of developing both knowledge and the nature of consciousness. Research philosophy, therefore, refers to a specific method of knowledge development that is used by researchers to define their philosophical paradigm (Hardy, 2014). The existing knowledge development and understanding is depended on many assumptions that are based on our world perspective for my research topic, “A critical evaluation of factors impacting graduate recruitment and selection in China.”

A researcher may decide to focus on the quality of his or her products while others may focus their attention on the methods applied for purposes of achieving their research objectives (Neuman, 1997). The adoption of the right philosophical approach will give me an opportunity to decide the kind of approach to adopt and for what reasons. It is, therefore, crucial for me to determine the most appropriate philosophical approach that will guide me towards getting to my set goals. By considering the epistemological approach, I will consider positivism, realism, and interpretivism. The choice of positivism is based on the fact that it will enable me to generalize some of my findings just like natural scientists do their work.

On adopting this approach, I will be prompted to get facts about the research instead of working with projections that could lead to inappropriate results being attained in my research topic on the evaluation of factors impacting graduate recruitment and selection in China (Tomlinson, Muzio, Sommerlad, Webley, and Duff, 2013). Concerning interpretivism, I will base my research on the process of understanding how humans behave based on their different roles as social influencers (Hughes, and Sharrock, 1997). My main concern when taking this option will be focused on interpreting the social functions of the research subjects based on their perspectives or meanings.

Taking this specific action will be based on the fact that my research is based on the feelings that I will have concerning the study topic presented. Adopting this philosophy will be instrumental in helping me learn the reaction of the study population based on my personal feelings and perception of the issues presented for study. Additionally, if this approach is picked for the review, some of the research methods that will be adopted include interviews, text analysis, and personal observations, all that happen to be very instrumental in getting first hand data that will enable me get all the required data without having to worry about any data distortions (Tomlinson, Muzio, Sommerlad, Webley, and Duff, 2013). The fact that this approach calls for the adoption of the qualitative approach will lead to effectiveness and efficiency in the data collection and analysis process.

The adoption of realism focuses on the process of making scientific inquiry based on the reality projected by the researchers’ perception as truth (Stanley, and Wise, 1983). The adoption of this approach is based on the fact that everything should independently exist from humans. The application of this approach is closely linked to positivism but fairly contrasts with both the critical and direct realist (Hughes, and Sharrock, 1997). Determining the kind of perception that I will adopt will be vital because it will help me identify the research methods that I will apply in my research. The approach adopted will contribute significantly to helping me pick the best and the most appropriate research method for my study.

The other option that I would choose for the research is that of opting to adopt an ontology approach that will entail picking between subjectivism and objectivism. The application of subjectivism as an approach is based on its ability to place its focus in creating different social phenomenon from both the perceptions and the resulting action of the involved social factors. The application of the ontological approach is continually being reviewed via continuous social interactions that have happened between different parties (Stanley, and Wise, 1983). The use of the interpretivist approach can best be applied by researchers developing psychological strategies for purposes of luring customers into their research.

Subjectivists on the other hand firmly believe their customers as social actors who tend to interpret a specific situation based on their perception on the world as well as through their interactions with their immediate environment (Hughes, and Sharrock, 1997). As such, for any researcher to make the right strategies that significantly affect the psychology of their customers, he or she should correctly understand their customer’s subjective reality as well as their goals in the best way possible (Juma´h, 2006). In this case, therefore, the application of qualitative methodology when this approach is adopted in research is inevitable.

Objectivists on the other hand firmly believe that the existence of different social entities, in reality, happens externally to the social actors. A perfect example, in this case, is that of the supply chain management process remains unchanged irrespective of the change that happens to different actors like the logistics providers, producers, manufacturers, consumers and suppliers who jointly form the social actors (Stake, 1995). The approach also holds on to the fact that organizations and their social entity usually remain unchanged irrespective of the change in their social actors. For researchers who adopt this approach, the use of either the quantitative or the mixed methods is always preferred over the other means.

The application of the pragmatic approach entails having the researcher focus on utilizing both the interpretivist and positivist philosophies while at the same time viewing the two as a continuum instead of seeing them as contradictions (Juma´h, 2006). The adoption of the pragmatist approach is always characterized by the researcher avoiding to make any argument concerning reality and truth. Instead, the researchers focus their attention on learning their issues of value and interest as well as how they apply different techniques that help bring out positive results. The adoption of this approach is also considered important because it focuses on studying all the issues of value and interest while at the same time using different methods to bring out positive results (Juma´h, 2006). It has been considered very useful in helping researchers to improve their level of satisfaction in anything that they engage in because it considers the role of all the different individuals. It also embraces the application of both qualitative and quantitative research methods.

Based on the discussions provided above, I will go for the pragmatist approach because it offers everything that I will need for my research on “A critical evaluation of factors impacting graduate recruitment and selection in China” to be successful. The application of this approach will also give me the freedom to apply both the qualitative and quantitative research techniques, thus attaining the expected results without imposing any restrictions on my research work. I will generally work towards improving how best I will achieve my research results in the best and most appropriate way possible. The philosophy will also help me reach to the study results better and in a more effective way possible. The methods to be adopted during the study will be purely based on the provisions of this philosophy.

Aligning pragmatist and methodology

In line with the identified pragmatist, this section seeks to give a detailed discussion of case studies, qualitative and quantitative research method and state the approach that I am likely to apply in my research. The application of quantitative methods in research has been linked to positivist philosophy while qualitative research methods are related to the subjectivist researchers (Bryman, and Bell, 2011). The primary function of this is related to the fact that different scientific goals can be attained based on the selected techniques while the goals can be used to reflect the mentioned research philosophy. The main aim quantitative technique is to produce knowledge that can be generalized by the replicative, comparative, and systematic measurements and observation (Long, White, Friedman, and Brazael, 2000). This method is applied in descriptive statistics because of its ability to analyze some of the variations in the study populations via abstract explanations.

The other reasons why quantitative data is applied in different researches are based on its ability to test hypothesis while at the same time examining the correlations between the study variables (Bryman, and Bell, 2011). The use of quantitative techniques gives the researcher an opportunity to handle large volumes of data while at the same time examining the variations within the broader study populations. It has also been termed as one of the cheapest ways of acquiring information study information when compared to the other data collection methods like in-depth qualitative techniques. Its application also aims at meeting the scientific standards of validity, reliability, objectivity, and replicability (Kumar, 2011). It should be understood that quantitative techniques and their objectives are not compatible with the pragmatist approach identified.

On the other hand, qualitative methods focus their attention on the process of understanding the means and the phenomena being studied. The scientific requirements of qualitative methods are always aimed at achieving different research goals like meeting credibility criteria, dependability, transferability, and a high level of conformability (Long, White, Friedman, and Brazael, 2000). The application of these methods is considered very strong in terms of internal validity that makes the data to match its theoretical proposition (Kumar, 2011). The use of qualitative techniques also gives the researcher the opportunity to gather in-depth data and information about their research, thus offering them a wider exploration scope.

Case studies are also considered to be important in the research process due to its ability to help researchers answer the question Why and How during the research process (Bryman, and Bell, 2011). The researcher is always equipped with valuable information on when their phenomenon of interest happened and how it happened. The researcher does not always have control over the events being studied in their research (Mason, 2002). When applying this research method, the researcher always states categorically that it is always possible to transfer their findings of a broader case to their population through analytical generalization process (Hardy, 2014).

When using this approach, I will adopt three different steps that will enable me to capture the required study information. The first steps that I will take in this study will, therefore, be either identifying a group of cases that are similar or describing any of the single cases in question (Saunders, Lewis, and Thornhill, 2009). The process of identifying the groups of similar situations will be for purposes of incorporating multiple case-studies into a single case. The other step will be carrying out research to determine what is known and what is not known about the study to be conducted. This type of research will be done from different secondary sources like grey literature, current literature, and reports amongst other secondary data sources (Sapsford, 2007).

My study on “”A critical evaluation of factors impacting graduate recruitment and selection in China” will be directed towards answering a set of questions that are developed by researchers to purposely guide them get the right information from the mentioned literature sources (Saunders, Lewis, and Thornhill, 2009). It is essential to understand that data in case studies is not always supposed to be exclusively qualitative because the quantitative type of data could also be used in this type of research to clarify the issues raised by the researcher (Saunders, Lewis, and Thornhill, 2009). I will also be required to develop different study themes based on the nature of data that I propose to get. It is, however, essential to understand that case studies do not only focus on generalization, but it also focuses on the uniqueness of the case presented in their specific context.

Based on the explanation provided above on qualitative research methods, it is apparent that I can apply this method in my dissertation. Because my work can precisely work correctly through qualitative methods, the application of the case study will also be considered useful for the study. The reason for choosing a case study is linked to the fact that it will give me an opportunity to look into my research topic by doing interviews and recording the conversations, thus making it a qualitative type of study (Saunders, Lewis, and Thornhill, 2009). I will also seek other complementary data sources that will improve the quality of my data significantly.

Despite the applications of these methods being considered useful and of absolute importance to my study, the course has taught us that every approach and method applied has its advantages and disadvantages (Sayer, 1992). The course also equipped me with the right knowledge on how to pick the correct research method that has more benefits than drawbacks (Saunders, Lewis, and Thornhill, 2009). The adoption of the methods discussed above has been done after carefully looking at both their advantages and disadvantages. I have looked at their weaknesses in a detailed way for purposes of understanding the kind of trouble that each of the methods offers, and this made me take the technique that will bring me less trouble.

Ethical considerations

However, even after looking at these effects, there are still some ethical considerations that I need to make for purposes of making sure that everything will happen as planned as without going against the set research ethics (Bond, 2000). Considering all the ethical provisions of scientific research will be the most useful thing to do because it will help me to do my discussions without having to worry about anything or without the fear that my work could be plagiarized or is not as per the set standards (University of Leeds, 2013). The equipment used to record information and data during the research will also need to be checked for purposes of making sure that the data captured is of high quality.

Additionally, based on the fact that the study will be qualitative in nature makes it will be essential for me to develop the right trust that will enable me to get the correct data and information for the study while at the same time helping the interviewees to be comfortable during the entire research process (Bond, 2000). The reason for doing this is based on the fact that failure to make the researchers comfortable will lead to biased information being offered by the interviewees (Tomlinson, Muzio, Sommerlad, Webley, and Duff, 2013). It is also important to understand that the privacy and the security of the researcher will have to be assured. It is essential to understand that the confidentiality of the study participants need to be entirely developed for purposes of making them comfortable and protecting everything that they say because if not well preserved, it could be accessed by unscrupulous individuals to expose issues that are not supposed to be known by the public.

Research Proposal

My dissertation will be on “A critical evaluation of factors impacting graduate recruitment and selection in China,” and my main focus will be identifying the factors that have been affecting graduate recruitment and selection in China. To collect the right data on the factors affecting graduate recruitment and selection in China, I will interview a good number of the graduates in different departments in the organization. I will carry out the interviews using a semi-structured questionnaire that will only act as a guide to getting the right information and data from the research participants.

Previous studies have indicated that the factors that have been affecting graduate recruitment and selection in China have also been affecting the rate of graduate transition from college to their various sectors (Boxall, and Purcell, 2003). While various methods have been identified as being instrumental in improving graduate absorption in China, the issue of how effective the efforts adopted are in helping graduates deal with their various issues after graduation in China been widely debated over the last few years (Tomlinson, Muzio, Sommerlad, Webley, and Duff, 2013). To get this information therefore, I will engage a number of graduates who have experienced these issues first hand through their mails and telephone calls. I will also review the existing literature on the same topic to find out what other researchers have found concerning the research topic.

The study will enable me to use both qualitative and quantitative research methods in determining the factors that have been affecting graduate recruitment and selection in China. I will, therefore, need to make some ethical considerations that are aimed at making sure that everything works perfectly towards making the study ethical. In line with ensuring that the ethical considerations for the study are kept, I will make sure that I acquire all the necessary documentation and permissions for the research. Additionally, each of my interviews will be accompanied by a detailed explanation of a consent that will clearly explain to the interviewees the main reason for the research, as well as the dos and the, don’ts. I will also concentrate my efforts in making sure that the study does not affect the privacy of the study population in any way.

Conclusion

The purpose of this paper was to give a detailed discussion of the research philosophy and methods that I would take in my study as well as a detailed description of all the ethical concerns that I will adopt for purposes of improving the efficiency and effectiveness of my dissertation. The paper has highlighted some philosophies that I considered to be highly effective in my study, with my main focus being in explaining the approach that I am more likely to adopt into my dissertation. Secondly, I discussed the linkages between the research philosophy picked and different study methods like qualitative, quantitative, and case studies methods amongst others. The paper has also presented a number of ethical considerations that are supposed to be followed in my study include that of ensuring the privacy of the interviewees, while at the same time meeting all the essential research requirements like getting the right documentation in terms of research approvals for the study. The adoption of this philosophy and research methods will make the project manageable. The data collection and analysis parts of the study will be easy due to the step-by-step guide linked to these methods. The fact that I will be evaluating the factors that have been affecting graduate recruitment and selection in China, I will use both primary and secondary data collection methods. Looking at both the primary and secondary data collection methods will be paramount in diversifying how the source of data and information that I will use for the study.

References

Bhaskar, R. (1978) `A realist theory of science´, 2nd Edition, Hassocks: Harvester Press.

Bond, T. (2000) `Standards and ethics in counselling in action´ 2nd edition. London: Sage.

Boxall, P. and Purcell, J. (2003) `Strategy and Human Resource Management´. Palgrave Macmillan, Basinstoke.

Bryman, A. and Bell, E. (2011) `Business Research Methods´, Oxford: Oxford University Press.

Hardy, Kate (2014) `Sex worker trade union organising in Argentina: A methodology case study´, University of Leeds August 2014.

Hughes, J. and Sharrock, W. (1997) `The philosophy of social research´ 3rd edition. Addison Wesley Longman Limited.

Juma´h, A.H. (2006) `Empirical and realistic approaches of research´, Inter Metro Business journal 2(1), pp. 88-108.

Kumar, R. (2011) `Research methodology. A step-by-step guide for beginners´. London: Sage. 3rd edition.

Lee, S.K.J. (1992) `Quantitative versus qualitative research methods — Two approaches to organisation studies´, Asia Pacific Journal of Management, 9(1), pp 87-94.

Long, R.G., White, M.C., Friedman, W.H. and V. Brazael, D. (2000) `The `Qualitative´ versus `Quantitative´ research debate: A question of metaphorical assumptions?´´, International Journal of Value-Based Management, 13, pp. 189- 197.

Mason, J. (2002) `Qualitative Researching´. London: Sage. 2nd edition.

Neuman, W. L. (1997) `Social research methods: Qualitative and quantitative approaches´, 3rd edition. Boston: Allyn and Bacon.

Rose, G. (1997) ` Situating knowledges: positionality, reflexivities and other tactics´, Progress in Human Geography 21(3), pp. 305-320.

Sapsford, R. (2007) `Survey research´. London: Sage. 2nd edition.

Saunders, M., Lewis, P. and Thornhill, A. (2009) `Research methods for business students´. Edinburgh: Pearson Education Limited. 5th edition.

Sayer, A. (1992) `Method in social science. A realist approach´ 2nd edition. London and New York: Routledge.

Shenton, A.K. (2003) `Strategies for ensuring trustworthiness in qualitative research projects´, Education for Information 22(2004), pp. 63-75.

Stake, R. (1995) `The Art of case study Research´. Thousand Oaks, London, New Delhi: Sage.

Stanley, L. and Wise, S. (1983) `Breaking out again. Feminist Ontology and Epistemlogoy´ 2nd edition. London: Routledge.

Tomlinson, J., Muzio, D., Sommerlad, H., Webley, L. and Duff, L. (2013) “Structure, agency and career strategies of white women and black and minority ethnic individuals in the legal profession” Human Relations 66(2), 245-269.

University of Leeds (2013) `University of Leeds Research Ethics Policy´.

Weber, M. (1981) ` Some Categories of Interpretive Sociology´. The Sociological Quarterly 22(2), pp. 151-180.

Yin, R. (2009) `Case Study Research: Design and Method´, 4th edition. London: Sage.

Appendix: Glossary

Confidentiality within research: To deal with the participants´ details and data anonymously and make sure that everything related to them remains confidential.

Internal validity: Asks to what extent the findings of a research project are true within the boundaries it has been set.

Methodology: The strategy how methods are used together.

Methods: With the help of methods (i.e. interview, survey, experiment, etc.) we investigate phenomena’s in a scientific way.

Ontology: Theory of being. Understanding about how the world operates and what does exist in reality.

Qualitative Research: Research that aims to understand human´s behavior with its special subjective logic through different methods, such as interviews or observations.

Quantitative Research: Research aiming to find out about the extent of variations in a population through highly standardized methods, such as surveys.

Reliability: Asks to what extent the findings of a research project are consistent and if the design is rigorous and coherent

Theoretical (level of discussion): On a theoretical level the researcher tries to explain the findings by pulling together the concepts used in the approach.