Article

International Journal of Qualitative Methods

Volume 17: 1–13
Mixed Methods in Finance Research: ª The Author(s) 2018
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The Rationale and Research Designs DOI: 10.1177/1609406918801730
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N. J. Dewasiri1, Y. K. B. Weerakoon2, and A. A. Azeez1

Abstract
The purpose of this study is to uncover the rationale (why) and the types of designs (what) for application of mixed method
approaches in finance research using a systematic literature review approach. The findings revealed that there are four main
research gaps in mixed method applications in finance: (a) poorly or nonformulated research questions, (b) lack of identification of
the rationale for mixed methods, (c) poor identification of mixed methods and design, and (d) the manuscript reviewing gap.
Finance studies based on quantitative methods and proxy variables can be further validated through mixed method approaches,
thereby increasing the validity, completeness, and confirmation of findings, and minimizing the inherent weaknesses of mono-
method approaches. We suggest that researchers in the finance discipline should justify their research methodology in order to
eliminate the biases that arise through the selection of convenient methodologies. Thus, future studies should incorporate both
qualitative and quantitative aspects when formulating mixed method research questions, emphasize the rationale, and choose
appropriate mixed method designs to achieve a high level of scientific rigor in mixed methods research. Also, editors of nonmixed
method journals need to have reviewing support from mixed method experts or adhere to the guidelines proposed by
Onwuegbuzie and Poth when evaluating mixed method manuscripts to achieve a high level of quality and accuracy in their mixed
methods research publications in finance.

Keywords
finance, methodology, mixed methods, research questions, validity

What Is Already Known? discipline. Dewasiri and Weerakoon (2016) argued that most
finance studies (68%) in the last seven decades have used proxy
Mixed method approaches can be used in the research studies
variables in behavioral models. For instance, Turner, Ye, and
in the finance discipline.
Zhan (2013) conducted a study based on secondary fiscal data
on traded companies in the London Stock Market between
What This Paper Adds? 1825 and 1870 to investigate the “dividend puzzle,” in partic-
This is the first study that discusses the rationale (why) and the ular, why companies pay dividends and what factors affect
types of designs (what) for application of mixed method dividend policy. However, it remains debatable whether their
approaches in finance research. results derived from the use of proxy variables are valid in
explaining the behavioral decision to pay dividends. The inves-
tigation of the dividend puzzle still remains as a controversial
Introduction issue in finance research even though it has been investigated

Quantitative research methodology has been one of the most

popular approaches in finance research during the past seven 1
Faculty of Graduate Studies, University of Colombo, Colombo, Sri Lanka
2
decades (Dewasiri & Weerakoon, 2016). Baker, Singleton, and Research Centre, Faculty of Management Studies and Commerce, University
Veit (2011) noted that empirical studies in finance tend to rely of Sri Jayewardenepura, Nugegoda, Sri Lanka
on a large number of financial observations, resulting in robust
Corresponding Author:
statistical power and analysis of cross-sectional variation, and N. J. Dewasiri, Faculty of Graduate Studies, University of Colombo, Colombo,
identify the fact that “researchers have limited ability to deal Western 00100, Sri Lanka.
with non-quantifiable issues” as a major problem in the Email: jayantha@postgraduate.edu.lk

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2 International Journal of Qualitative Methods

for decades through quantitative approaches. As stated by finance-related mixed method research in leading multidisci-
Frankfurter et al. (2002), there is inability to understand the plinary mixed method journals, namely, Journal of Mixed
dividend puzzle simply by analyzing the secondary (market) Methods Research, International Journal of Qualitative Meth-
data. As Bruner (2002, p. 50) stated, “The task must be to look ods, International Journal of Multiple Approaches, Field Meth-
for patterns of confirmation across approaches and studies ods, Social Research Methodology, International Journal of
much like one sees an image in a mosaic of stones.” Methodology (Quality and Quantity), Sociological Methods
We argue that real behaviors may be very distinct from what and Research, Organizational Research Methods, Interna-
is captured by proxy explanations; hence, further investigation tional Journal of Social Research Methodology, and Electronic
is required to achieve more consensual accounts of financial Journal of Business Research Methods. We found only one
behavior. In turn, there is a room for supplementary approaches mixed method research paper (Buckley, 2015) in the discipline
in finance to achieve its behavioral reality. Burton (2007) iden- of finance, which was published in the Electronic Journal of
tified the importance of the qualitative approach as a supple- Business Research Methods. Then, we carried out a hand
mentary method in finance, highlighting early financial studies search on the available mixed methods studies in leading
(e.g., Lintner, 1956) based on qualitative data. We argue here finance journals: The Journal of Finance, Review of Finance,
that confirmation of findings by two different approaches or Review of Corporate Financial Studies, Journal of Corporate
methodologies pave the way to greater completeness, validity, Finance, Journal of Banking and Finance, Journal of Empiri-
and generalizability of findings than by a single methodology cal Finance, Accounting and Finance, Critical Finance
as supported by Baker et al. (2011). For instance, Fetters and Review, Journal of Financial Economics, International Review
Freshwater (2015) quantitatively argued that “1 þ 1 ¼ 3. That of Economics and Finance, International Review of Finance,
is, qualitative þ quantitative ¼ more than the individual Journal of Applied Corporate Finance, and the Journal of
components.” Behavioral Finance. In this search too, we identified only one
The paradigmatic differences among methodological study conducted through mixed methodology published in the
approaches are being widely discussed by scholars when mix- Journal of Financial Economics (Brav, Graham, Harvey, &
ing two different methodological approaches in a single study Michaely, 2005). Then, we conducted a generic search identi-
(Mayoh & Onwuegbuzie, 2015). Johnson, McGowan, and fying key words, published time period, databases, and formu-
Turner (2010) emphasized using multiple methodologies lating inclusion criteria related to the discipline. We conducted
within an overarching paradigm as a way of conducting mixed this data base search considering the year 2000 as the initial
method research by negotiating paradigmatic differences, mak- year since we focused on novel/recent contributions of mixed
ing it possible to argue that methodological paradigms do not method studies to the discipline of finance. We initially
always pave the way toward particular research methods screened the available relevant articles in Sage, Emerald,
(Mayoh & Onwuegbuzie, 2015). Hence, despite ontological EBSCO host, Wiley, ScienceDirect, and a few other publishers
and epistemological differences, the combination of qualitative using the important key words of mixed method, triangulation,
and quantitative methods in a single study is possible while finance, accounting, economics, validity, and methodology.
employing an overarching paradigmatic model/framework. We focused on the research papers published in peer-review
Scholars such as Bruner (2002), Baker et al. (2011), and journals in English with full-text access, different article types,
Dewasiri and Weerakoon (2016) strongly recommend mixed and articles carrying the key words in the title, key words, or
method/triangulation approaches in finance research, but they abstract. We searched 41 important articles in various disci-
have not elaborated on the rationale and its specific designs. plines out of which six articles were selected for the analysis
Accordingly, the current study will contribute to the finance based on their relevance to the finance discipline. Accordingly,
research phenomenon by filling this methodological gap our literature search resulted in eight research studies that were
emphasizing the rationale and mixed method designs while conducted through mixed methodology. Table 1 indicates a
identifying it as an alternative approach in finance research summary, highlighting the methodological characteristics of
in order to minimize the inherent weaknesses of mono- each of them.
method approaches. The lack of studies for decades, based on
empirical mixed methods in finance, the contradictions in the
findings of quantitative approaches on financial issues (such as
Discussion
the dividend puzzle, capital structure puzzle) and scarcity of The findings indicated in Table 1 show that most of the studies
theoretical and methodological articles on mixed method (except Brav et al., 2005; Buckley, 2015) have poorly formu-
approaches in finance have motivated our study. lated their research questions in order to suit their mixed
method studies. For instance, Englund and Gerdin (2015) con-
ducted their study through two qualitatively bounded data
Research Methodology sources (i.e., data triangulation/within the method triangula-
The systematic literature review approach has been utilized to tion) even though the research is driven by one qualitative
find out the available research studies conducted through the (how) and one descriptive quantitative (what) research question
mixed method approach/methodological triangulation in the that required a mixed method inquiry. Moreover, most of the
finance discipline. Initially, we hand searched the available studies (e.g., Chithambo & Tauringana, 2017; Hampshire,
 Table 1. Used Methodologies, Rationale, Timing, Weighting, and Mixing of the Sample Studies.

Research Topic and Methodology/ Rationale for the Selection of Mixed

Study Approach Method Approach Timing Weighting Mixing

Hampshire (2017) “A mixed methods empirical The rationale is not clearly emphasized Quantitative data are followed by Quantitative Data analysis stage
exploration of United Kingdom in the study, though they have Qualitative data/Sequential Timing
consumer perceptions of trust, risk, mentioned, “to obtain subjective and
and usefulness of mobile payments” socially constructed meanings and
A poor identification of the research discovery of the unexpected”
design
Chithambo and “Corporate governance and Even though they have emphasized the Timing is not clearly indicated in the A similar weight is allocated Data analysis stage
Tauringana (2017) greenhouse gas disclosure: a mixed rationale for mixed methods as research, but it seems a concurrent for both quantitative data
methods Approach.” Even though emphasized by Teddlie and strategy used in data collection and sources
the researchers termed this study as Tashakkori (2003) and Brannen analysis of quantitative data
a mixed methods approach, two (2005, p. 12), their use of mixed
quantitative data sources are used in methods is questionable since they
the study. Hence, it could not be emphasize the closed-ended
categorized as a mixed-method questionnaire as the qualitative
approach approach in the whole study. This
could be identified as a misleading
attempt even though the articles are
published in an esteemed journal.
Tauringana and “Determinants of risk disclosure Divergent views Quantitative data are followed by Quantitative Data analysis stage
Chithambo (2016) compliance in Malawi: a mixed Stronger inferences Qualitative data/Sequential Timing
methods approach” Elaboration and expansion
The research design is not clearly Initiation and complementarity
indicated in the study, but it could be Contradictions: Discusses only others’
identified as a sequential explanatory views on the rationale for mixed
design methods.
Englund and Gerdin Developing Enabling Performance The rationale of using multiple Sequential timing for qualitative data Qualitative Data analysis stage
(2015) Measurement Systems: On the qualitative data sources is not clearly collection; observations, interviews
Interplay Between Numbers and emphasized, but they focus on one and archival sources
Operational Knowledge” qualitative and one quantitative
The study could be categorized under question (how and what) in
the case study method, but the conducting the study.
qualitative data triangulation
approach is used in the case study
Buckley (2015) “Using Sequential Mixed Methods in The rationale is clearly emphasized Quantitative data are followed by the There is no clear indication of Data analysis stage
Enterprise Policy Evaluation: A highlighting the corroboration, qualitative data weighting, but the evidence
Pragmatic Design Choice” confirmation, and complementary shows that the study is
A sequential explanatory research purposes and the researcher has quantitatively weighted.
design formulated quantitatively (what) and
qualitatively (why and how) driven
research questions to suit their
mixed methodology.

(continued)

3
4
Table 1. (continued)

Research Topic and Methodology/ Rationale for the Selection of Mixed

Study Approach Method Approach Timing Weighting Mixing

Davila and Foster “Management Control Systems in The rationale is not clearly indicated Timing is not clearly stated in the Quantitative Data analysis stage
(2007) Early-Stage Startup Companies” though they focus on convergence study, but it seems that quantitative
Although the design is mentioned as and complementary findings. data are followed by the qualitative
multimethod, we identified it as a phase
sequential explanatory design
Brav et al. (2005) “Payout policy in the 21st century” The research questions are properly Even though the timing is not clearly Quantitative Data analysis stage
The design is not clearly indicated formulated to suit the mixed indicated in the study, the study
in the study, but it could be method. The rationale for mixed shows that the quantitative data are
categorized under the sequential method study is not clearly followed by the qualitative data
explanatory design discussed; however, they emphasize
the “realism of the assumptions that
underpin many academic models” as
a goal of the study
Graham et al. (2005) “The economic implications of They clearly point out the rationale for Timing is not clearly stated in the Quantitative Data analysis stage
corporate financial reporting”. their mixed method study study, but the study shows that the
The design is not clearly indicated quantitative data are followed by
in the study, but it could be the qualitative data
categorized under the sequential
explanatory design
Note. This table shows the used methodologies, rationale of their application, timing of the quantitative and qualitative data phases, weighting of the methodology, and mixing stage of the sample studies considered for the
analysis.
Dewasiri et al. 5

2017) have not mentioned their research questions or problems relationship nature comes into play. Onwuegbuzie and Leech
in their studies. Thus, we identified “poorly/nonformulated (2006) argued that these types of questions include words
research questions” as the first research gap in the mixed such as “relate,” “relationship,” “association,” or “trend” in
method studies conducted in the finance discipline. developing questions/research problems.
The use of the mixed method is not applicable for all The historical type of questions/problems seeks to predict
research studies. We argue that methodology selection should the future through past financial trends. The impact of lagged
be based on the nature and the context of the research problem/ dividend payout on current dividend policy, the past invest-
questions/topic (Sekaran & Bougie, 2010), which eliminate the ments of research and development on current performance
convenient methodology selection bias. Hence, it is important exemplify such historically based research problems/questions.
to identify the nature of the research problem/questions at the The quantitative type of research problems is predominantly
first phase. Six of the eight sample studies (Brav et al., 2005; based on the deduction approach that involves hypotheses
Chithambo & Tauringana, 2017; Davila & Foster, 2007; development and testing, dependent and independent variables
Englund & Gerdin, 2015; Hampshire, 2017; Tauringana & in investigating the problem at hand. Onwuegbuzie and Leech
Chithambo, 2016) indicated in Table 1 have not clearly empha- (2006) suggested that researchers should not start a research
sized the rationale of the selected mixed method. The lack of problem in the form of “does,” “Do,” “is,” or “are” since they
identification of the rationale for mixed method study has been lead to yes/no responses.
identified as the second research gap of the mixed method
studies conducted in the finance discipline.
In the following section, the researchers intend to discuss The Rationale for a Qualitative Inquiry
the rationale for each methodological paradigm while com- Sekaran and Bougie (2010, p. 103) stated that “An exploratory
prehensively discussing the types of research questions that (qualitative) study is undertaken when not much is known
are required in a mixed method investigation in answering the about the situation at hand, or no information is available on
first and second research gaps of the study. It is necessary to how similar problems have been solved in the past.” Onwueg-
discuss the rationale for other methodological approaches buzie and Leech (2006) noted that research questions that have
(quantitative and qualitative) at the first phase, which will qualitative leanings discourse on “how” and “what” questions.
provide a pathway to understand the rationale and research In addition, Agee (2009) argued that questions which start with
questions for mixed method studies. the “why” form are required in a qualitative inquiry that deals
with human interactions. Creswell (1998) emphasized that qua-
litative research questions are “evolving, open-ended, and non-
The Rationale for a Quantitative Inquiry directional.” As emphasized in quantitative research problems,
As Onwuegbuzie and Leech (2006) emphasize, the research the nature of the problem also drives the qualitative research
problems/questions that need a quantitative inquiry fall into design (e.g., case study, phenomenology, ethnography). For
four categories: descriptive, comparative, relationship bound, instance, research problems such as “why do companies pay
and historical. Descriptive questions seek quantitative analysis dividends?” “how does the director board select its board mem-
on more than one variable. Usually, the questions that start with bers?” “what are the implications of insider holdings on cor-
“What” fall under the descriptive category. For instance, “what porate identity?” and “what finance decisions lead to a socially
are the determinants of capital structure?” and “what are the oriented culture in an organization?” require qualitative inqui-
factors effecting payout decisions?” could be considered as ries since those problems are qualitative in nature.
descriptively bound research questions that need a quantitative
inquiry. Sekaran and Bougie (2010, p. 105) assert that quanti-
tative studies intend to describe characteristics of the variables
The Rationale for a Triangulation/Mixed Method Inquiry
which could be considered under the descriptive category. It is imperative to highlight that the rationale for the application
The comparative category of research questions/problems of mixed method approach is not clearly indicated in all of the
seeks to compare one or more explanatory variables with the sample studies except for Graham et al.’s study in 2005. Chit-
dependent variable. Quantitatively driven questions investigate hambo and Tauringana (2017) emphasized their rationale for
the impact, effect, or differences between the dependent and mixed method selection as emphasized by Teddlie and Tashak-
one or more independent variables. For instance, the impact of kori (2003) and Brannen (2005, p. 12), but Chithambo and
capital structure on organizational performance, the effect of Tauringana (2017) have not conducted a mixed method
macroeconomic variables on stock price volatility, what is the research, instead, they proceeded with two data sources in the
difference in leverage ratio between dividend payers and non- quantitative paradigm (same tradition). Therefore, examples
payers exemplify the comparative nature of quantitatively from other disciplines have been taken to gain a deeper under-
bounded research problems/questions. standing about the phenomenon. The rationale for the mixed
The third type includes the “relationship nature” of the method approach has received a little attention in quantitative/
research questions. For instance, when we investigate the behavioral finance: why mixed methods? is it necessary? and
relationship between liquidity and stock split initiation, under what circumstances can it be meaningfully integrated?
advertising expenditure and organizational performance, the To answer these broader issues, researchers should revisit the
6 International Journal of Qualitative Methods

research problem at the first phase as discussed in the rationale There are some research questions that require a causal
for quantitative and qualitative studies. comparative research design. For instance, if a researcher
Teddlie and Tashakkori (2003) stated that mixed method develops his research question as “What is the difference in
studies are superior as they can answer research problems/ overall attitude of male and female investors regarding stock
questions that the other approaches/methodologies cannot, it price movements?” the overall research design is concurrent,
provides better inferences, and it has greater diversity. Accord- but the researchers should purposively select male and female
ing to Onwuegbuzie and Leech (2006, p. 483), formulation of investors to proceed with the study. Initially, the attitude of
research questions is more difficult in mixed methods than in a male and female investors should be investigated through a
single method. They argued that “mixed methods research qualitative method (e.g., in-depth interviews) and then com-
questions are questions that embed both a quantitative research pare them. Similarly, a quantitative design (e.g., survey)
question and a qualitative research question within the same could be carried out developing the indicators, computing
question.” Accordingly, the research questions that need a tri- them, and comparing them between the two groups through
angulated or mixed methods inquiry are combined with both an independent sample t test. Finally, it is possible to trian-
qualitative and quantitative aspects. For instance, Creswell and gulate the findings of the two approaches. Moreover, there are
Tashakkori (2007) emphasized that “when a project explores instances where researchers have to investigate qualitatively
mixed research questions with interconnected qualitative and and quantitatively bound separate questions in a single study.
quantitative components or aspects (e.g., questions including For instance, the dividend puzzle has been investigated
‘what and how’ or ‘what and why’), the end product of the through the quantitative paradigm for decades (Dewasiri &
study (conclusions and inferences) will also include both Weerakoon, 2016) even though it includes qualitative and
approaches.” For instance, Graham, Harvey, and Rajgopal quantitative questions in a single puzzle: “Why do companies
(2005) investigated the economic implications of corporate pay dividends and what are the factors effecting dividend
financial reporting through both quantitatively and qualita- policy?” Our contention is that the dividend puzzle should
tively bound research questions: what factors motivate firms be investigated through mixed methodology since it contains
to exercise discretion and how? both quantitatively and qualitatively bound research ques-
Onwuegbuzie and Leech (2006) argued that the mixed tions. Newman and Benz (1998) and Tashakkori and Teddlie
method design should also be based on the nature of the (1998) also argued that research questions drive the methods
research problem. For instance, when determining the impact used in a mixed method study.
of investor sentiment on asset price movements, it is imperative In addition to the nature of the research problem, if there are
to get information about both investor sentiment (qualitative, inconsistencies occurring in similar research studies in similar
independent variable) and stock price movements (quantita- contexts through a single approach, we suggest proceeding
tive, dependent variable). In the qualitative phase, the inves- with a mixed method approach in a single study for a confirma-
tor’s overall attitude (sentiment) toward a particular stock price tion. For instance, Hesse-Biber (2010) emphasized that one
movement could be determined through interviews. In the reason behind the transformation of quantitative methods to
quantitative phase, the overall attitude can be measured by mixed method practice is to address the inconsistent results
applying the instruments/indicators already available along occurring in quantitative data. The capital structure puzzle,
with information gathered on the level of price movements in dividend puzzle, and investor sentiment could be considered
a 5-point scale. Then, it is possible to investigate the relation- as a few of the contradictory areas in finance that have pre-
ship between attitude and the level of price movements vailed for decades. Moreover, Hasse-Biber (2010) emphasized
through a regression analysis and the indicators of the respec- the increase in generalizability of research findings and the
tive dimensions should be computed as single variables for increase in validity and reliability of research findings as key
the analysis. Finally, it is possible to triangulate the results of motivations for the transformation of qualitative methods to
both phases leading to a comprehensive discussion about the mixed method practice. We too propose the same rationale for
phenomenon. The overall research design then is concurrent transforming quantitative methods to mixed method practice.
because the qualitative phase did not inform the quantitative Jick (1979) combined qualitative and quantitative
phase or vice versa (Creswell & Plano Clark, 2011). On the approaches and emphasized the multiple advantages of trian-
other hand, if the researcher has quantitative leanings, he will gulation: increasing the confidence of findings, suggesting
give priority to the quantitative phase if not otherwise. For new ways to capture research problems, and synthesizing
instance, Hampshire (2017), Tauringana and Chithambo theories applied to the same phenomenon. He demonstrated
(2016), Davila and Foster (2007), Graham et al. (2005), and the use of triangulation by investigating the impact of job
Brav, Graham, Harvey, and Michaely (2005) conducted their insecurity on turnover through multiple methods: surveys,
finance-based studies assigning priority to the quantitative coworker observations, qualitative interviews, archival
phase. We on the other hand argue that if there are no indi- sources, and unobtrusive methods. His multiple methods pro-
cators to measure a concept or phenomenon, the qualitative vided consistent and convergent results; however, problems
design (e.g., in-depth interviews) takes priority followed by may arise when there are discrepancies across findings. Shih
the developed indicators with a quantitative design (e.g., (1998) identified two main reasons for implementing triangu-
survey). lation: completeness and confirmatory purposes. Jack and
Dewasiri et al. 7

Raturi (2006) also pointed out that triangulation engenders intervention (i.e., during), or to determine the level of imple-
completeness, confirmation, and contingency, and recom- mentation of an intervention (i.e., after).”
mended its application to management research. In finance Significant enhancement refers to mixing qualitative and
research, Graham et al. (2005) pointed out that the limitations quantitative methods with the purpose of enhancing the sig-
of one method could be compensated for by other approaches nificance of the study. For instance, when determining the
to uncover new explanations or stylized facts that could be impact of investor sentiment on stock price movements,
considered as the rationale behind their mixed method selec- the qualitative phase could provide insights with special ref-
tion. They also criticized the use of proxy variables which erence to “why” and “how” questions than the traditional
they said are nontrivial. Collins, Onwuegbuzie, and Sutton quantitative question of “what is the impact of investor senti-
(2006) proposed a four-dimensional model emphasizing the ment on stock price movements.”
reasons or rationale for conducting a mixed research study: Greene, Caracelli, and Graham (1989) emphasized that the
participant enrichment, instrument fidelity, treatment integ- motivation for the mixed method approach as 5-fold. They
rity, and significant enhancement. argued that it could be used to increase the validity while
Participant enrichment supports to optimize the sample. For minimizing bias, triangulation could be used to enhance the
instance, a qualitative study with a small sample could be opti- strengths while minimizing weaknesses of single methods,
mized by surveying a larger sample that increases the partici- complementarity allows analysis from different perspectives,
pant enrichment. Instrument fidelity (IF) supports to increase initiation helps development of one method to enhance the
the appropriateness of the instruments/indicators/variables other method, development expands the overall scope of the
used in a study. For instance, if there are any applications of study, and expansion. Green et al.’s (1989) rationales were later
proxy variables, we highly recommend proceeding with mixed supported by Brannen (2005). Mayoh and Onwuegbuzie
methods within a single study since two approaches provide a (2015), who proposed that the mixed method help to explore
dual confirmation for such application. Graham et al. (2005) unanticipated findings, enhance the generalizability and utility,
emphasized that developing a good proxy for a variable (e.g., triangulation, and theory generation and testing while provid-
earnings management) is nontrivial. Baker and Wurgler (2004) ing a phenomenological orientation.
used the proxy of dividend premium (the difference between Accordingly, we have identified participant enrichment, IF,
the market to book value ratio of dividend payers and non- treatment integrity, significant enhancement, triangulation,
payers) to investigate investor preference. Wang, Ke, Lin, and complementarity, development, expansion, confirmation,
Huang (2016) investigated the impact of investor preference on increasing validity and reliability, addressing inconsistent
dividend policy using the same proxy variable. They were able
results, and completeness as the main rationales for conducting
to proceed with a mixed method approach in order to minimize
mixed method research in the finance discipline.
the inherent weakness of proxy while increasing IF. It led to
solving the issue of validity in a finance-based research.
Treatment integrity refers to the mixing of qualitative and
quantitative techniques to ensure fidelity of interventions, Mixed Method Research Design/
programs, or treatments. Here, the intervention or treatments Methodological Triangulation/Between
should be conducted as planned ensuring internal validity, and or Across Methods Triangulation
it is categorized as explicit and implicit interventions (Collins,
Onwuegbuzie, & Sutton, 2006). In the explicit intervention, it The summary analysis stated in Table 1 indicates that none of
is assumed that participants or the investigator intervene in the studies have explicitly identified the mixed method
some way to address the problem. It is assumed that setting or research design except Buckley (2015). Hampshire (2017)
context is not intentionally manipulated by the researchers in identified his design as a sequential exploratory design even
the implicit intervention. For instance, if a researcher intends though the study should have been categorized as a “sequential
to investigate the relationship between corporate governance explanatory design” where a quantitative approach is followed
and dividend policy, the researcher should not collect only by a qualitative phase. Further, some of the studies (e.g., Gra-
the data on dependent and independent variables but also the ham, Harvey, & Rajgopal, 2005) didn’t identify their studies as
study setting through interviews to gather data on the organi- mixed method research. Moreover, in the whole article, Chit-
zation, industry, and country. Because the findings of that hambo and Tauringana (2017) emphasized their approach as a
study could differ from these of another setting (implicit inter- mixed method research, but it is not conducted through a mixed
vention) when generalizing the findings. Accordingly, a method approach. They conducted their study through two
mixed method or triangulation study could be conducted with quantitative data sources, namely, survey and market data, and
the purpose of ensuring treatment integrity. Collins et al. it can be considered as a data triangulation approach. More-
(2006, p. 89) argue that, over, they emphasized the survey approach (close ended) as the
“A quantitative study may be transformed to a mixed meth- qualitative phase. Hence, it revealed a research gap in the
ods study via the treatment integrity rationale if the researcher proper identification of a mixed method and its respective
uses qualitative techniques to refine interventions during a pilot design in the finance discipline. This research gap is dealt with
study (i.e., before), to gain more information about the in the section that follows.
8 International Journal of Qualitative Methods

Campbell and Fiske (1959) laid the foundation for metho- and analysis based on multiple methods. According to Creswell
dological triangulation by identifying the multimethod tech- (2009), mixing could occur in three phases: connected mixed
nique as an important tool to achieve validation and methods, integrating data, and embedding data. In the con-
convergence. Denzin (1978) interpreted this approach as nected mixed methods, either qualitative or quantitative data
“between or across methods of triangulation,” a view later collection or analysis occurs first, followed by the other
supported by Jick (1979) and Thurmond (2001). Jick (1979) approach. In the integrating stage, researchers proceed with
first defined this approach as the most popular method of meth- qualitative and quantitative data collection concurrently, fol-
odological triangulation, as it is based on the use of multiple lowed by simultaneous analysis. Under the embedded method,
methodologies (qualitative and quantitative) to investigate a the aim is to collect one type of data, while the other type only
phenomenon. Methodological triangulation is also known as provides supporting information. Theorizing (or the
“within-method triangulation,” where multiple data collection “transforming lens”) refers to the use of theoretical perspective
is carried out within a single study, thereby achieving higher to guide the entire research study: this entails the operationali-
internal consistency or reliability. Denzin (1978) emphasized zation of concepts, the sampling procedure, data collection
data, theoretical, methodological, and investigator triangula- methods, determining potential implications of the study,
tions as the other key triangulation mechanics. Moreover, among other aspects.
Molina-Azorin, Bergh, Corley, and Ketchen (2017) identified Even though these four factors (timing, weighting, mixing,
methodological triangulation as “mixed method research” that and theorizing) do not exhaust all the possibilities, six major
includes both quantitative and qualitative methods in a single methodological designs were derived from them by Creswell
study. Methodological triangulation reduces deficiencies and (2009). Five major methodological designs were derived by
biases that could derive from a single method approach. Addi- Mayoh and Onwuegbuzie (2015) to explain mixed methods
tionally, the strengths of one method could compensate for the phenomenological research. In the following section, we dis-
weaknesses of others. cuss six mixed methods epistemological finance research
Unlike other triangulation approaches, methodological tri- designs based on the methodological designs derived by Cres-
angulation/mixed method research has been applied in man- well, Plano Clark, Gutmann, and Hanson (2003), Creswell
agement research areas such as marketing, human resources, (2009), and Mayoh and Onwuegbuzie (2015). However, we
operational management, and business administration, but very here propose an alternative design for mixed methods data/
seldom in financial studies. The problem often starts at the first within the method triangulation.
step of analysis, in particular for selecting between the quali-
tative or quantitative method as the first method, or conducting
both concurrently. Johnson, Onwuegbuzie, and Turner (2007) Sequential Explanatory or Quantitative-Phenomenology
identified mixed methods as the third methodological paradigm Design
and suggested that mixed method studies could be categorized
into three designs based on priority: equal-status mixed In the sequential explanatory design, quantitative data collec-
research, qualitative-dominant mixed research, and tion and analysis takes place first, followed by qualitative data
quantitative-dominant mixed research. Here, the sequencing collection and analysis. Finally, an interpretation of the entire
or timing of the mixed methods is based on the priority decision analysis is conducted by the researcher. It is useful when
as emphasized by Morgan (2007). Later, Creswell (2009) researchers show a strong quantitative intention. For instance,
emphasized that mixed method research could be categorized six of the eight sample studies (Brav et al., 2005; Buckley,
into six research designs, whereas Mayoh and Onwuegbuzie 2015; Davila & Foster, 2007; Graham et al., 2005; Hampshire,
(2015) emphasized mixed methods phenomenological research 2017; Tauringana & Chithambo, 2016) followed a sequential
as 5-fold. explanatory design even though they were unable to explicitly
Creswell (2009) discussed the mixed method designs based term it as a sequential explanatory or quantitative-
on four important factors: timing, weighting, mixing, and the- phenomenology design. Hence, it could be categorized as the
orizing. Timing refers to determining when to conduct the most common mixed method design in the finance discipline,
qualitative and quantitative data collection, and whether to though Mayoh and Onwuegbuzie (2015) assert that “there are
proceed with sequential or concurrent phases. If sequential fewer studies using this methodological sequence” in a qua-
phases are the preferred choice, the decision whether to pro- litatively weighted discipline.
ceed firstly with a qualitative or quantitative study in the Brav et al. (2005) proceeded with the sequential explanatory
research process will depend on the researcher’s intention. design since they have strong quantitative leanings, but unex-
When qualitative data are collected first, the intention is to pected results have arisen within the paradigm in the recent
explore the phenomenon. When data are collected concur- past. Brav et al. (2005) conducted a survey followed by quali-
rently, implementation should be simultaneous (Creswell, tative interviews. Even though Brav et al. (2005) properly for-
2009). Weighting refers to whether priority is given to the mulated their research questions in the study to suit the selected
quantitative or qualitative design that depends on factors such methodology, the study is mainly based on survey data, while
as the researcher’s interest, audience, and the purpose of the there is little evidence of in-depth interviews. The rigor of the
study. Mixing refers to establishing how to mix data collection mixed method approach in this study is questionable, since it
Dewasiri et al. 9

employed a minor qualitative phase with the purpose of quan- There are some research questions being investigated
tifying the same. through quantitative models that require a sequential explora-
The sequential explanatory design is being widely used tory design. For instance, Jiraporn, Leelalai, and Tong (2015)
when there is a possibility for deduction at the initial stage of investigated the relationship between dividend policy and
a research while the qualitative phase is expected to provide a managerial ability through a quantitative study using proxy
supporting role. The drawback of this method is the time, com- variables, and the results showed that more talented managers
plexity, and cost involved in the two separate phases (Mayoh & are more likely to pay dividends. Since it is a new investiga-
Onwuegbuzie, 2015), but it contributes to development and tion and a requirement exists for IDCV, especially for man-
validity (Greene, Caracelli, & Graham, 1989), orientation agerial ability, we suggest that the next step should be to
(Mayoh, Bond, & Todres, 2012), confirmation, completeness, proceed with a qualitative study (e.g., in-depth interviews)
and convergence of the findings. Creswell et al. (2003) and followed by a study of quantitative methods (e.g., survey),
Creswell (2009) emphasized this design as the sequential which could provide sound support to new insights into or
explanatory design, whereas Mayoh and Onwuegbuzie (2015) confirmation of the new explanation.
termed it as the quantitative-phenomenology design.
Sequential Transformative Design
Sequential Exploratory/Phenomenology Quantitative The sequential transformative design is also driven by one
Design qualitative and one quantitative phase (either qualitative or
In the sequential exploratory design, qualitative data collection quantitative design followed the other), but the whole study
and analysis takes place first, followed by quantitative data is guided by strong theoretical support. However, this design
collection and analysis. The final stage is the interpretation is seldom in use. In particular, Creswell (2009, p. 213) argued,
of all results. Creswell et al. (2003) and Creswell (2009) termed “Unfortunately, because little has been written to date on this
this design as sequential exploratory design, whereas Mayoh approach, one weakness is that there is little guidance on how
and Onwuegbuzie (2015) emphasized it as phenomenology to use the transformative vision to guide the methods.” Mertens
quantitative design. Englund and Gerdin (2015) proceeded (2010, p. 473) emphasized that “the transformative paradigm
with the data triangulation/within the method triangulation serves as an umbrella for research theories and approaches that
(two qualitative data sources) approach even though they place priority on social justice and human rights.”
intended to investigate both qualitatively and quantitatively In the corporate finance, there are numerous theories
bound research questions. If they had strong qualitative lean- explaining the dividend puzzle, but in their study, Turner
ings, and the intention was to capture new insights into the et al. (2013) only dealt with a limited number of theories such
phenomenon, they would had to proceed with the sequential as information asymmetry, catering, agency, prospect theories,
exploratory design, instead of the data triangulation approach and liquidity hypotheses in investigating the dividend puzzle.
which is more suitable for their research questions. Mayoh and Their study could have rested on a stronger theoretical frame-
Onwuegbuzie (2015) argued that “it is much more difficult to work by amalgamating life cycle, free cash flow theories, beha-
locate examples of quantitatively driven work adopting this vioral explanations, and rent extraction hypotheses, which also
sequence (phenomenology–Quantitative).” Due to the lack of attempt to explain the dividend puzzle. If the researchers could
studies conducted in sequential exploratory design in the amalgamate all the “relevance theories” in a single study and
finance discipline, an example from the management disci- investigate them through a sequential design, it could be cate-
pline is discussed. For instance, Brandon-Jones (2017) con- gorized as a sequential transformative design.
ducted an exploratory design, initially conducting a literature
review and 58 in-depth interviews to support the construct
Concurrent Triangulation Strategy/Phenomenology
development and measures in operations and supply manage-
ment. Then, a quantitative study was conducted with 274 þ Quantitative Approach
survey respondents. Accordingly, the quantitative phase was Creswell and Plano Clark (2011) emphasized that data collec-
informed by the qualitative phase of the study. Employing the tion and analysis of qualitative and quantitative data occur
mixed method design in multi-item scale development and concurrently with the purpose of achieving analytical conver-
validation, the outcome provided some new insights into the gence, confirmation (cross-validation), and corroboration in a
phenomenon. Creswell (2009) argued that sequential explora- single study. They identified this strategy as the convergent
tory design is especially valuable when a researcher is devel- parallel design, whereas Creswell et al. (2003) and Creswell
oping a new instrument or narrows the focus of possible (2009) identified the same as concurrent triangulation strategy.
variables in an unknown construct (Creswell, Plano Clark, Mayoh and Onwuegbuzie (2015) termed it as “phenomenology
Gutmann, & Hanson, 2003). In the finance discipline, þ quantitative approach” where equal priority is given to each
researchers could use the meta-framework (instrument devel- approach. Creswell (2009) argued that through this strategy the
opment and construct validation [IDCV]) developed by inherent weaknesses of one method could be offset by the
Onwuegbuzie, Bustamante, and Nelson (2010) for instrument other. Since there is no consensus regarding the best proxy for
development in a sequential exploratory design. corporate social performance, with contradictory results in the
10 International Journal of Qualitative Methods

findings, Soana’s (2011) study should be readdressed under the investors, quantitative survey on investors) and mixing data
concurrent triangulation strategy. This would require qualita- during the connection, integration, or embedding stages.
tive interviews and field survey concurrently, thereby offset- An Alternative Design to Mixed Method Designs: Epistemol-
ting the weaknesses of one method through the other. Creswell ogy and Quantitative Design (Quantitative þ Quantitative)/Phe-
(2009, pp. 213–214) stated, “This traditional mixed method nomenology and Qualitative Design (Qualitative þQualitative)
model is advantageous because it is familiar to most research- Mayoh and Onwuegbuzie (2015) argued that there is an
ers and can result in well-validated and substantiated findings.” ongoing debate on what represents the mixed methods. For
The limitations of this method could be identified as the great instance, Morse and Niehaus (2009) proposed that two or more
effort and expertise required in the study. qualitative or quantitative approaches (either qualitative or quan-
Even though the concurrent strategy provides a better titative) within a single study could be categorized as a mixed
validation and corroboration, the problem arises when we method research. Accordingly, Mayoh and Onwuegbuzie (2015)
analyze the question roused by Sale, Lohfeld, and Brazil proposed an additional research design for mixed methodology
(2002, p. 5): “How can the results be similar if the para- emphasizing two qualitatively bound approaches in a single
digms are supposedly looking at different phenomena?” As study terming it a phenomenology and qualitative design (qua-
a justification for this incompatibility thesis, Howe (1988, p. litative þqualitative). However, we argue that it should be
10) proposed the “whatever works mechanism” but we termed an alternative triangulation design instead of a mixed
believe that using multiple methodologies within an over- method design, since it uses multiple data sources/methods in
arching paradigm is a way of conducting concurrent mixed a single paradigmatic approach. This multimethod design could
method research by negotiating paradigmatic assumptions, be categorized as epistemology and quantitative design or phe-
as proposed by Johnson et al. (2010). nomenology and qualitative design where two quantitative or
qualitative data sources or approaches are being exclusively used
in a single study. For instance, Chithambo and Tauringana
Concurrent Embedded Strategy (2017) conducted a research of epistemology and quantitative
Unlike the concurrent triangulation strategy, the concurrent design using two quantitative data sources even though they
embedded strategy focuses on a single phase of both quali- mistakenly identified close-ended questions as a qualitative
tative and quantitative data collection. This approach there- approach while terming it a mixed method study.
fore is less time, effort, and value consuming. Priority is Moreover, Englund and Gerdin (2015) conducted their
given to one method based on the researcher’s primary aims, study using two qualitatively driven approaches that could be
while the other method plays a supporting role. An embedded categorized under the phenomenology and qualitative design as
strategy, instead of concurrent triangulation, results in a sup- per Mayoh and Onwuegbuzie (2015). Here, we argue that the
portive role played by the qualitative strategy. Tashakkori selected multimethod design should be driven by the research
and Teddlie (1998) identified this method as a multilevel questions in the study. For instance, Englund and Gerdin
research design. For instance, if the intention is to gather (2015) conducted their study through both qualitatively and
information from an organization, the employees could be quantitatively driven questions even though they mistakenly
surveyed quantitatively and managers could be interviewed proceeded with a phenomenology and qualitative design. We
qualitatively in a concurrent design. Even though there is a propose therefore that the study proceed with an epistemology
paucity of this design in the finance discipline, we encourage and quantitative mixed method research design for the quanti-
future researchers to proceed with the same since it could be tatively driven research questions while using a phenomenol-
completed within a single data collection phase with less ogy and qualitative design for the qualitatively driven research
effort and time than the other strategies. questions. In triangulation history, the use of similar methodol-
ogies/approaches/data sources in a single study is categorized
as a multimethods data triangulation approach or within the
Concurrent Transformative Strategy method triangulation approach (Denzin, 1978).
In the concurrent transformative strategy, both quantitative and
qualitative data collection occur at the same time in a single
phase, and mixing of evidence occurs during the connecting,
The Manuscript Reviewing Gap
integrating, or embedding stages while having a strong theore- Our systematic literature review revealed that there are sev-
tical support. There is a lack of supporting examples of the eral issues with regard to the methodologies applied in the
concurrent transformative strategy (Creswell, 2009). Wang mixed method studies conducted in the finance discipline.
et al. (2016) carried out a study to investigate the “catering Table 2 shows some major methodological issues in the
theory” using a proxy variable to explain investor demand or sample studies.
preference. Since this study was driven by a theoretical model, The findings of the rigorous literature review have
further confirmation is required to explain investor preference divulged that the methodological issues described in Table
(behavioral explanation), for which we recommend the concur- 2 have not been addressed throughout the reviewing process
rent transformative strategy where the researchers could have of the respective journals. Hence, we suggest that editors of
data collection at one phase (qualitative interviews of the finance journals have reviewing support from mixed method
Dewasiri et al. 11

Table 2. Methodological Issues of the Sample Studies.

Study Major Methodological Issues

Hampshire (2017) Poor identification of its research design: Even though Hampshire (2017, p. 357) emphasized the approach
as a “Sequential Exploratory Design,” it should be methodologically described under the “Sequential
Explanatory Design” as per Creswell (2009). Moreover, the rationale for mixed methods application is
not clearly discussed in the paper.
Chithambo and Tauringana (2017) The researchers termed this study as a mixed methods approach emphasizing the use of qualitative and
quantitative approaches in a single study. But, two quantitative data sources used in this study. Moreover,
they poorly termed the survey strategy that had close-ended questions, as a qualitative approach
Tauringana and Chithambo (2016) They discussed other researchers’ views on the rationale for mixed methods but were unable to relate it to
their research, as to why they proceeded with a mixed design
Englund and Gerdin (2015) They conducted their study on both qualitatively and quantitatively driven research questions (one
qualitative and one quantitative question). Hence, the use of multiple qualitative data (observations,
interviews and archival sources) for the investigation is questionable, leading us to believe that “between
method triangulation/mixed method approach” is more appropriate than the data triangulation approach
used in this study.
Buckley (2015) The researcher conducted the study through a sequential explanatory design, but a low weight is given for
the data analysis and results of the study. For instance, there is little evidence in the results of the logistic
regression model, no evidence in the case studies, semistructured depth interviews, and archival data.
Hence, the scientific rigor, use of qualitative phases, and data integration in this research is problematic
Davila and Foster (2007) The researchers discuss their study mainly based on survey data, and there is little evidence of the
interviews and publicly available data. The supporting role of qualitative data is not clearly emphasized,
and the rigor of the mixed methods approach is questionable. There is no effective data integration either
Brav et al. (2005) The researchers discuss their study mainly based on survey data, and there is little evidence in the in-depth
interviews. The rigor of the mixed methods approach is questionable, since they used the qualitative
phase with the purpose of quantifying the same and only to support the quantitative findings of the study
giving low weight (only a small paragraph just after a rigorous quantitative analysis under each research
question) to the qualitative phase

experts to review the articles. We emphasize the evidence- confirmations, increasing validity and reliability, addressing
based guidelines for reviewing mixed method research manu- the inconsistent results, and completeness have been identified
scripts suggested by Onwuegbuzie and Poth (2016). They as the main rationales for conducting mixed method research in
have proposed a 32-item assessment instrument with six meta the finance discipline.
themes (warrantedness; 7 themes, justification; 6 themes, Moreover, the researchers could select the appropriate
writing issues; 6 themes, lack of transparency; 6 themes, lack research design based on the factors emphasized by Creswell
of integration; 5 themes, philosophical issues; 2 themes) for (2009): timing, weighting, mixing, and theorizing and also the
reviewers of the mixed method manuscripts. By adhering to nature of the research questions. Further, it is vital to adhere to
these guidelines, both the authors and editors may improve the the article reviewing guidelines proposed by Onwuegbuzie and
quality and accuracy of their mixed method research publica- Poth (2016) or hire mixed method experts to review the articles
tions in finance. in order to maintain quality, accuracy, and scientific rigor in a
mixed method study in the finance discipline.
The article also contributes to the finance discipline through
Conclusion and Implications of the Study
highlighting mixed method possibilities while reviewing the
The findings of the systematic review have resulted in the seldom but already published research studies in the discipline.
emergence of four major research gaps in mixed method stud- In turn, despite numerous challenges and issues faced by
ies conducted in the finance discipline: (1) poorly or nonfor- researchers, it is possible to propose a creation of a new hybrid
mulated research questions, (2) lack of identification of the discipline in finance research by merging incongruent binaries
rationale for mixed methods, (3) poor identification of mixed within the same tradition. This new discipline would contribute
methods and its design, and (4) the manuscript reviewing gap. in reducing the quantitative–qualitative methodological divide,
We suggest that finance researchers avoid the selection of con- while bridging the gaps between contradictory areas in man-
venient methodologies while applying the mixed methodology agement/finance research.
only when the studies allow them to do so; the mixed studies
should be conducted developing both qualitatively and quanti- Acknowledgments
tatively bound research questions and the rationale for mixed The authors wish to acknowledge with gratitude the support given to
methodology should be justified. In this study, the participant us by the mixed methods program, University of Michigan. The
enrichment, IF, treatment integrity, significant enhancement, authors also thank the resource panel of the PhD program of the
triangulation, complementarity, development, expansion, Faculty of Graduate Studies, University of Colombo, and the Research
12 International Journal of Qualitative Methods

Center at Faculty of Management Studies and Commerce, University Creswell, J. W. (2009). Research design: Qualitative, quantitative,
of Sri Jayewardenepura. and mixed methods approaches. London, England: Sage.
Creswell, J. W., & Plano Clark, V. L. (2011). Designing and conduct-
Declaration of Conflicting Interests ing mixed methods research (2nd ed.). Thousand Oaks, CA: Sage.
The author(s) declare that there is no potential conflict of interests Creswell, J. W., Plano Clark, V. L., Gutmann, M. L., & Hanson, W.
with reference to the whole research study and publication of this E. (2003). Advanced mixed methods research designs. In A.
research article. Tashakkori & C. Teddie (Eds.), Handbook of mixed methods in
social and behavioral research (pp. 209–240). Thousand Oaks,
Funding CA: Sage.
Creswell, J. W., & Tashakkori, A. (2007). Exploring the nature
The author(s) received no financial support for the research, author-
ship, and/or publication of this article. of research questions in mixed methods research. Journal of
Mixed Methods Research, 1, 207–211. doi:10.1177/
1558689807302814
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