The Dynamics Of Financial Development (Fd) & Its Link With Economic Growth: Case Study On Nigeria' Economy



CHAPTER 3: RESEARHC METHODOLOGY3

Research Method4

Research approach4

Research design6

Appropriateness of research design7

Data collection9

Procedure11

Data Processing and Analysis11

Limitations13

Ethical considerations14

Research Question14

Variables15

Variables and sources of data15

Variables Measurement15

Description of Variables16

Descriptive Statistics and Empirical Evidence18

Model Specification18

Dickey Fuller Test18

Augmented Dickey-Fuller (ADF)19

Multivariate co-integration21

Autoregression23

Expected Results25

Summary25

References29

CHAPTER 3: RESEARHC METHODOLOGY

This chapter discusses the research methodology employed for the current study. The third chapter of the research study discusses the approach and tools used to conduct the study. This part of the research covers the methodology part where the research design, research method, data collection method, and data analysis method were discussed. The methodology discussed in the chapter provides support to the aims and objectives of the research study by determining the financial development in relation to the economic growth of in Nigerian economy. In order to analyze the relationship between the economic growth and financial development in the context of Nigeria, the research undertakes several steps and approaches. These methods, steps, and approaches are defined clearly in this section in order to provide a more comprehensive framework of the research study. The study highlights the aims and objectives of the research, the approaches to attain the objectives of the research, the research design, and the appropriateness of the research design in relation to the current study, the data collection methods, and sources of collecting the data. In order to have a better and sound understanding of the topic, a large amount of secondary data was reviewed which contributed towards building the base of the research. This research used a large number of previous researches for enhancing the knowledge in this topic. This led towards the development of a strong foundation for the research for answering the research questions in-depth. The secondary research was used to find out the research questions. Large amount of relevant data was extracted from literature reviews available on the internet. The researcher used quantitative research to investigate the research questions in this research. The research used online databases to maintain reliability and authenticity of the research. The authentic and peer- reviewed journal articles were used to analyze the previous researches in order to conduct the current research topic. The limitations of the research and ethical considerations are also included in this section. The methodology for processing and analyzing the data is provided in this chapter.

Research Method

Research approach

Following figure shows a comparison of qualitative and quantitative research. Quantitative research is chosen against qualitative considering the differences highlighted in the figure.

Figure 3. 1: Qualitative Research Process

Source: Lander (2008)

Figure 3. 2: Quantitative Research Process

Source: Lander (2008)

The research study incorporates quantitative approach to carry out the investigation. The quantitative research approach undertaken for the study involves the observations, study of the documents and relevant past researches and other secondary data to investigate and examine the research problem. Since, the relationship between economic growth and financial development requires exploration and observations of the research topic; therefore, the quantitative research is selected for the ...