Sample PhD Finance Dissertation Proposal

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Investment and Decision Making, examining the role of personal characteristics and cultural expectations

Introduction, The problem

The world has globalized rapidly, that crucial policy decisions are implied in light of issues, problems, expectations and cultural ground realities. Today the investors take into account all the problems and scenarios where the investments are made on different profit-making initiatives. In this perspective, the investment-based decision-making processes are moved by the prior examination of the role of personal characteristics and cultural expectations (Muhammad et al., 2014).

Personal characteristics and cultural expectations are crucial in investment and decision-making. The investors give and must give importance to the role of personal characteristics. Cultural expectations played in the process to ensure that the investment is adequate and profit-making, taking due care of the local culture, mores, values, folkways, laws, and so on (Fehrenbacher et al.2018).

Investors provide services of diverse hues and colours, and there are dimensions of the quality of the consumer’s and customers’ services that must be in line with the cultural dimensions. Because the consumers expect that the service provider will be in line with culturally motivated expectations, studies show that they expect reliable and responsive services to be provided to them.

Besides, they also expect assurances and empathy in the cultural context (Donthu et al. 1998). Investment decisions, personal traits and cultural expectations move hand in hand for the decision to be viable, rewarding and magnanimous. One of the studies concluded (in such a perspective) that there are probable links and nexus between cultural capital and risk-taking (Laine., 2016).

Research Questions

• What is the paramount importance of investment and decision-making?
• How important is the role of personal characteristics of the decision-makers?
• How important do cultural expectations of the people play a role?

Research Objectives:

• To ascertain the paramount importance of investment and decision making
• To examine the role of personal characteristics of the decision-makers
• To examine the role played by the cultural expectations

Time of the study

The timeline will commence at the beginning of 2021, and the prospective dates will be fixed. But it will not be a time straight jacket since the discussion with the supervisor and formalities and unfolding situation may impose time modification since the thesis’s journey is always complicated and unpredictable. After all, strict research action will be followed to complete the study in the stipulated time frame.

Literature Review

Culture accounts for investment decisions. Pierre Bourdieu has reflected a great deal upon the investment decision-making, personal characteristics and expectations of the culture.

He used the idea of cultural capital in the broader context, including technical and professional skills, aesthetic senses, communication skills and comprehension, a thorough awareness of the culture and its values, educational qualification and training, and artistic efficiencies (Laine., 2016).

Concerning Foreign Direct Investment (FDI), the investors take into account the host country’s culture and the investors’ personal traits to have the utility and practicality of the investing decisions ( Bhardwaj et al.2007). Demographics are parts and parcels of the culture.

Data of about 9,000 individual Chinese investors revealed the likely decisions by the investors and financial organizations through examining the demographic characteristics. After being applied, several methods and tests brought forth an enormous nexus between demographic characteristics and the behaviours of the decisions.

Moreover, it proved feasible and economical because informed decisions in the context of cultural expectations, if taken, accrue benefits at different levels ( Jamshidinavid et al.2012. Top brass, including the CEOs, must take those investment decisions that are aware, sophisticated and learned as personal characteristics (HAO et al.2005).

They must have the traits and capabilities that enable them to take magnanimous and optimum decisions that maximize the benefits of the firms and organizations. It is revealed that the personal characteristics of the investors and CEOs could impact corporate capital investments (Muhammad et al.2014). So, it is necessary to fully utilize these characteristics and the ground realities, phenomena and cultural expectations. Conversely, biased managers’ decisions come with financial costs (Hackbarth., 2008).

A Taiwan-based study was carried out that supported that positive FDI decisions are affected by the personal characteristics of the owners. Moreover, FDI initiatives fled to other developing countries due to the deteriorating working ethics. So this situation was proved by examining the strategic investment decisions in the Taiwanese context (Wei & Christodoulou., 1997). The managers’ traits to make investment decisions significantly impact corporate investment (Karasamani., 2018).

The methodology of the research design

The research questions to ascertain and objectives to meet evidence and research-based, both thematic (Secondary/qualitative data) and quantitative approaches (Primary data tools) will be applied. Literature, case study expert opinions will be reviewed critically from the previous research.

Those sources extracted from Google, Scholar, Z-Library, and Library and archival will be approached systematically to know the subject matter’s research work. The research at hand does propose the data collection and interpretation of the data in various hues and colours besides the ethics of data collection and interpretation with reliance on the primary and secondary data collection sources as research methodology and research tools.

Besides the thematic and qualitative approach discussed above, the quantitative method as the primary source of data collection will also be relied upon in conducting this research work. A questionnaire will be developed, focusing on the research title’s key points and aspects. Once developed the questionnaire, it will be pre-tested. After that, necessary changes will be re-arranged and incorporated as final. On fifty respondents, it will be applied. The data collected will be organized under different themes. This data will be interpreted via SPSS.

Moreover, five case studies will be developed and applied in the field. Lastly, Focus Group Discussions will be held to get the data from the respondents in elaborative form. All these primary data collection tools will revolve around the requisite critical themes of the tourism sector, the potentiality. It provided the factors that have hindered the development process of the sector, responsibilities set, the viability of the foreign models to apply and what their priorities are in touring the cities of different natures.

References

Mohamed, E. B., Souissi, M. N., Baccar, A., & Bouri, A. (2014). CEO’s characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms. Journal of Economics Finance and Administrative Science, 19(37), 98-103.

Donthu, N., & Yoo, B. (1998). Cultural influences on service quality expectations. Journal of service research, 1(2).

Laine, M. (2016). Can Culture Account for Investment Expectations? Journal of Economic Issues, 50(1), 72-94.

Jamshidinavid, B., Chavoshani, M., & Amiri, S. (2012). The impact of demographic and psychological characteristics on the investment prejudices in Tehran stock. European Journal of Business and Social Sciences, 1(5), 41-53.

Mohamed, E. B., Souissi, M. N., Baccar, A., & Bouri, A. (2014). CEO’s characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms. Journal of Economics Finance and Administrative Science, 19(37), 98-103.

Wei, H. C., & Christodoulou, C. (1997). Examining strategic foreign direct investment decision processes: the case of Taiwanese manufacturing SMEs. Management Decision.

Karasamani, I. (2018). The impact of managerial traits on corporate investment (Doctoral dissertation, Durham University).

Fehrenbacher, D., Roetzel, P. G., & Pedell, B. (2018). The influence of culture and framing on investment decision-making. Cross Cultural & Strategic Management.

HAO, Y., LIU, X., & LIN, C. N. (2005). An Empirical Research on the General Manager Overconfidence and Investment Decision for the Listed Companies [J]. Chinese Journal of Management Science, 5, 142-148.

Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of financial and quantitative analysis, 843-881.

Karasamani, I. (2018). The impact of managerial traits on corporate investment (Doctoral dissertation, Durham University).