Research Methodology vs Research methods

The terms research method and research methodology are often used interchangeably, but they refer to distinct concepts in research. Here's a clear comparison to help differentiate them:

 1. Research Method

Aspect	Description
Definition	The techniques or procedures used to gather and analyze data related to a research question or hypothesis.
Focus	“What” tools or techniques are used in the research.
Examples	Surveys, interviews, observations, experiments, case studies, content analysis, etc.
Nature	Practical and procedural – refers to actions or steps taken during the study.
Purpose	To collect data or evidence to address the research problem.

 2. Research Methodology

Aspect	Description
Definition	The philosophical framework and justification behind the choice and use of research methods. It explains the “why and how” behind the methods.
Focus	“Why” certain methods are chosen and how they fit within the research paradigm (e.g., positivist, interpretivist).
Includes	Research design, sampling strategy, data collection techniques, ethical considerations, validity, reliability, etc.
Nature	Theoretical and conceptual – provides the rationale for using particular methods.
Purpose	To ensure that the research is scientifically sound, well-justified, and aligned with research objectives.

 Key Differences at a Glance

Criteria	Research Method	Research Methodology
Meaning	Tools and techniques used in research	Philosophy and rationale behind using those tools
Deals with	Implementation of tools	Justification and logic of tools
Scope	Narrow and specific	Broader and theoretical
Examples	Interviews, experiments, observations	Qualitative vs. quantitative approach, epistemology, research design

 Summary

• Research methods are the means used to collect and analyze data.
• Research methodology is the approach and reasoning behind using those methods.

 In short:
Methods = What you do
Methodology = Why you do it that way

 Here's a comparison of research method vs research methodology in the context of finance, along with a flowchart-style example to make it more relatable for finance students or researchers:

 Research Method vs Research Methodology (Finance Context)

Aspect	Research Method	Research Methodology
Definition	Specific tools and techniques used to collect and analyze financial data.	The theoretical framework and rationale that guide the selection and application of methods.
Focus	Practical procedures: What is done?	Philosophical approach: Why it is done that way?
Examples in Finance	- Ratio analysis- Regression analysis- CAPM model testing- Event study analysis- Time series forecasting	- Justification for using quantitative vs qualitative approach- Choice of positivist paradigm in empirical finance- Decision to use secondary data for cost-effectiveness- Explanation for using panel data methods to study stock returns
Nature	Applied, data-focused	Theoretical, logic-focused
Purpose	To execute the research (e.g., to test the relationship between ROE and stock price)	To design and justify the research approach and ensure it aligns with research questions and objectives

 Flowchart Example (Finance Study)

Research Topic:

"Impact of Corporate Governance on Firm Performance in Indian Listed Companies"

Step 1: Research Methodology (The Why and How)

·         Research Philosophy: Positivism (assumes objective financial data reflects reality)

·         Research Approach: Deductive (testing existing theories like agency theory)

·         Research Strategy: Quantitative (using numerical data from financial reports)

·         Data Type: Secondary (NSE/BSE listed companies' annual reports)

·         Time Frame: 2016–2023 (panel data)

·         Justification: Empirical studies in finance often rely on quantitative secondary data due to availability and objectivity.

Step 2: Research Methods (The What)

·         Data Collection: Extract board size, CEO duality, independent directors, ROA, ROE from company filings

·         Analytical Tools:

o    Descriptive statistics (mean, SD)

o    Correlation matrix

o    Regression analysis (panel data using fixed/random effects)

o    Hypothesis testing (e.g., t-test for coefficient significance)

·         Software: SPSS, STATA, or Excel

·         Interpretation: Analyze whether stronger governance leads to better performance

 Final Takeaway

In finance, your methodology explains the rationale and research design, while your methods are the tools and techniques you apply to analyze financial data.