CHAPTER VI METHODOLOGY
6.1 Research Method and Design
There are many studies in regulatory reform, transformation and mergers which have used both qualitative and quantitative methods. However, there are fewer studies relative to the banking sector, and even less in relation to the banking sector in Oman.
The banking sector in Oman is young compared to the global development of the industry (Babicci & Wongsurawat, 2018; Kalmoor, 2010). Additionally, the banking market is small in number of banks and for these reasons, empirical evidence to conduct in-depth quantitative research studies is limited. Hence, research into the banking industry in Oman lends itself to qualitative studies.
Qualitative research engages respondents’ reactions to situations that are explored and studied by researchers, and they provide a series of events that can be studied to provide outcomes that will support, or otherwise, the inquiries that seek to collaborate the researchers’ perspectives with the respondent’s experiences and knowledge (Yeung, 1995). Ambrosini et al. (2009) report that in qualitative research situations, smaller sample studies are more likely to provide appropriate materials for understanding targeted situations, on the basis that the respondents selected are experienced and knowledgeable in the fields being researched.
In the case in Oman there are experienced and knowledgeable professionals that can be found in the areas of conventional banking, Islamic banking, and the Central Bank of Oman, accountants, lawyers, educators and businesses. Experts from all of these areas were approached to provide their experiences and knowledge through semi- structured interview processes to find answers to the proposed research questions in this study. Their responses have been collated to provide validation to support the research questions posed. Supporting information was gained by completing a fieldwork of a series of interviews with suitable and senior candidates from each of the above
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professional areas. It is important to obtain an appropriate cross section of the industry so that full and proper evidence is gathered to test and validate the theory posed in each of the research questions.
This was supported by a series of discussions guided by structured questions, where responses were video recorded. Field notes, interview transcripts and other supporting documentation were also taken. The questions were constructed to generate discussions in order to obtain in-depth information on the development and current status of the banking industry in the Sultanate of Oman
The responses were collaborated and validated in two ways; the first was from secondary data of academic publications, media reports (newspapers and trade related magazines), company reports, and central bank and stock market reports, and the annual reports of banks in Oman. The second was by observation including the researcher’s experiences in Oman as a senior banker and industry advisor over the past fifteen years and in the Middle East for over twenty years, this is the validation phase.
The benefit of the observation phase is that it does not require further interaction with the interviewees (Adler and Adler, 1994) and the researcher was able to use own experiences and that of others to gauge the efficacy of the data collected and the data collection process. Observation also generates rigor when it is used with other collection methods and they can also highlight if there are any inconsistencies between the interviewees responses, and later conversations, and what has happened in reality (Pettigrew, 1990).
The following table shows how the research will be supported by secondary research and by observations.
Figure 6.1 Research Method. Adapted from Santipiriyapon 2016
Data was collected from all three sources of information and the interview outcomes provided the primary information data and validity of information already collected. To also prove cross validation of information Triangulation Method was used.
Triangulation Method is the process of using more than one method to collect data. This is a research technique to further assure the validity of the research information through the use of a variety of methods to collect data on the same topic, which involves different types and sources of samples as well as methods of data collection (Paul, 1996). This research used the three phases of data collection, Interviews for primary data collection, Collaboration and Validation. The purpose of triangulation is to capture different dimensions of the same phenomenon. It was useful to assist with adding dimension to the information collected by the primary source in answering the research questions.
The following figure shows how triangulation method is used to validate the information from different sources against each other and shows that the process is not linear in nature but cross examines each source of information in relation to the other sources.
Secondary Research
Collaboration phase
Academic publications Media reports
Company reports Central Bank and Stock markets
Research Method
Qualitative Research
Information gathering phase
In-depth interviews with structured questions.
Interviewees to be well qualified, experienced and knowledgeable.
Observations
Validation phase
Observations of the researcher and other experts with in-depth knowledge of the banking industry, and of Oman.
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Triangulation Method
Figure 6.2 Triangulation Method. Adapted from Olivier-Hoyo & Allen 2006
Triangulation is a qualitative research strategy to test validity through the convergence of information from different sources (Carter et al., 2014), and Patton (1999) refers to Triangulation Method as the use of multiple data sources in qualitative research to develop a comprehensive understanding of phenomena. He also refers to the credibility of qualitative inquiry which depends on distinct but related inquiry elements, the first is techniques and methods for gathering data that are carefully analyzed, with attention to issues of validity and reliability; the second is the credibility of the researcher, which is dependent on training, experience, track record and status.
During a review of this process of research, it is important that the objectivity of the researcher as a possible industry insider is addressed. While the researcher was the Chief Executive Officer of a major bank in Oman and a senior executive in the banking sector, there has been a suitable gap in time since holding responsibility in the sector in Oman. The researcher left Oman and the position of CEO for Bank Dhofar in 2011, and fully retired from the banking sector in 2015. This shows a suitable distance to enable objectivity in this research, however, contacts that have been maintained generally and, in the industry, and they are valuable to obtain relevant and accurate data. The researcher does, however, at the time of conducting this research
Interviews
Information gathering phase
Research Question 1 Research Question 2 Research Question 3
Secondary Research
Collaboration phase
Observations
Validation phase
process, maintain a position in the Sultanate of Oman as a Strategy Advisor to the petroleum industry.