Industry Collaboration Project (ICP) Assignment Sample 2024
Introduction and Rationale of the Study
Brexit has provided a negative impact on well renowned UK-based companies that were operating in the European countries. The present study will provide a discussion on the effect of the Brexit decision on the management of UK-based companies of European operational sites. The withdrawal of the UK’s government from the European Union on 31st January 2020 is termed as Brexit. It has resulted in the fall of top businesses of the UK such as HSBC Holdings, Barclays, and BP. The GDP of the UK fell up to 6.6 billion pounds after the country withdrew from the European Union (lightspeedhq.co.uk, 2021).
Companies such as Lloyds Banking Group and Unilever have faced severe issues to operate their businesses in the European nation. Brexit has created business operation problems for top-rated companies in the UK. The trade restrictions are a major area of concern for most of the UK companies that operate their business in European countries. As per the opinion of Bloom et al. (2019), the implementation of Brexit has created challenges for many companies in the UK and has forced some brands to restructure their company operations. The issue with HSBC is that the trade between European Union and Britain remains free of quotas and tariffs and all paperwork is being checked while trading.
Significance of the Study
The study is expected to help learners understand the major impact of Brexit on the companies of the UK. The research is significant to give an understanding of the influence of Brexit on business operations of UK-based companies in European sites. The research will help future researchers to gain an idea regarding the negative impact of trade restrictions for UK-based companies due to Brexit.
As cited by Lawless and Morgenroth (2019), researchers are required to provide information on research topics by researching authentic sources to enhance the quality of the study. The primary significance of the study is to provide benefits to the learners regarding the major factors that were discussed during the implementation of Brexit.
Context of the Study
The primary context of the research will be to focus on the impact of Brexit on the business procedures of UK-based organizations. The study will shed light on the issues that are being faced by companies in the UK after the implementation of Brexit. The primary intention of the study will be to discuss the factors that are providing an impact on the growth of UK business after Brexit.
As stated by Moradlou et al. (2020), Brexit has created huge issues in the economic conditions of the UK due to the trade restrictions in European nations. The UK companies have to discontinue their business functions in European nations once Brexit has been introduced.
The study will provide information regarding the negative impact of Brexit on UK-based company management in European operational sites. The context of the study is to discuss the changing laws in the UK and trade norms that are required to be followed by UK companies. As cited by De Ville and Siles-Brügge (2019), proper paperwork is required to be conducted by the UK businesses before importing or exporting any sort of products from European operational sites.
The wake of the referendum has considerably weakened the British pound that has decreased the business strength of the UK companies (eulisa.europa.eu, 2021). The study will be conducted to provide a discussion on the currency concerns after Brexit.
Aim
The major aim of the research will be to find out the effects of the Brexit decision on the management of UK-based companies of EU operational sites.
Objectives
- To find out the effects of Brexit on UK-based companies that are operating on European sites
- To determine the strategies implemented by UK-based companies after Brexit to come out of the difficult situation
- To recommend possible ways that can be taken to minimize the negative impact of Brexit on UK-based companies
Research Questions
- What are the effects of Brexit on UK-based companies that are operating in European sites?
- What are the strategies implemented by UK-based companies after Brexit to come out of this difficult situation?
- What are the possible ways that can be taken to minimize the negative impact of Brexit on UK-based companies?
Literature Review
Handling costs and increased taxes are the issues that are commonly faced by big UK-based companies after Brexit. Relocation of business has been done by UK-based companies like HSBC Holdings to face fewer issues due to the implementation of Brexit. The cost of export finished goods has increased so much that it has caused business interruptions to companies in the UK.
As stated by De Vries (2017), licensing and partnership deals have to be compromised by businesses after Brexit. Negotiations related to the UK’s future relationship with the EU are still an ongoing process in which European Union has an upper hand.
According to the trade theory, import and export between countries has a direct impact on domestic eonomy and well being of a country. Hence, trade is a necessary element to improve a country’s economic well being. However, trade agreements between the UK and other European countries got restricted due to the impact of Brexit. Businesses in the UK have to rethink their business strategies before proceeding with trade with European countries.
As opined by Bloom et al. (2018), Brexit has a potential impact on the economic conditions of the UK since it is affecting recession and investment. Manpower issues is a major area of concern for UK companies, shortages in skilled workers and migrated workforces is a common problem. Drop-in revenue generation has been found by the UK companies after Brexit which is affecting the overall growth of the UK’s economy.
Proposed Methodology
Research Philosophy
Positivism philosophy will be used to find out the effects of Brexit on UK-based companies in the European nation. The primary reason behind selecting this philosophy will be to understand the social world in an objective way. Positivism philosophy will create more opportunities for the researcher to determine the research problem. It will be selected over realism or interpretivism philosophy since positivism philosophymostly focuses on practical results.
As stated by Marsonet (2019), researchers need to implement an effective research approach in order to increase the chance of completing research more appropriately. Positivism philosophy will be considered as the most effective one for this particular research due to its quality of providing positive knowledge regarding the research subject.
Research Method
The descriptive design will be implemented to systematically describe the situation that is faced by UK-based companies after Brexit. The application of this research design method will be beneficial for the researcher to provide authentic information regarding the research topic by providing a holistic understanding. As per the study of Risi (2020), descriptive research design helps researchers to gain high-quality data by ensuring that all information is being collected from authentic sources.
The explanatory or exploratory design will not be used for this research since they are mostly focused on providing an explanation of the research subject. The descriptive research design will be favourable for this research topic since it will help to provide an in-depth discussion about the impact of UK-based companies on European sites after Brexit.
Research Approach
A deductive research approach will be chosen for the research topic since it will help to demonstrate the generalization of research questions and objectives. The deductive approach will provide a positive impact on the research procedure of the researcher since it will help to test the hypothesis of the study.
As opined by Pearse (2019), the data analysis gets easier for the researcher after the implementation of the deductive approach. The deductive research approach will be taken into consideration before the inductive or abductive approach due to its criteria of testing an existing theory. It will help the researcher to save a lot of time that can be used for other valuable purposes of the study.
Data Collection
Secondary data collection will be done to complete this research by collecting information from journals and articles with the use of Google Scholar. Government websites will be used to collect data on the impact of Brexit on UK-based company management. The discussion will be done regarding the research topic after collecting the data from authentic sources. Recent newspapers will be taken into consideration to continue with a discussion on the research topic.
As stated by Moser and Korstjens (2018), researchers must select an appropriate data collection process to enhance the overall quality of the research. The secondary data collection method will be beneficial for the researcher to achieve a lot of information regarding the impact of Brexit on UK-based organizations that are operating in European sites.
Data Analysis
A secondary qualitative analysis will be conducted to discuss the effect of Brexit on UK-based companies. The analysis will be done by distributing the research topic into certain relatable themes. An in-depth analysis will be done by considering thematic analysis on the research subject. As opined by Rodriguez et al. (2019), secondary quantitative data analysis opens scope for the researcher to provide a wide range of discussion on the research topic.
Quantitative data analysis will not be used for this research since it is mainly focused on providing graphical representation and charts which is complex for learners to understand the research topic.
Limitations of the Study
The research will be completely based on secondary sources by collecting information through internet sources. Due to the issue of Covid-19, it will not be possible for the researcher to conduct an interview or survey. Hence, it will restrict the researchers to collect data by taking participants and conducting a survey process. As per the opinion of Hassan et al. (2020), limitations of a study are required to be considered by the researchers to improve the authenticity of the research.
It might get tough to believe the collected information from secondary sources due to which a survey process is required to be done. Considering the secondary quantitative data collection process will create limitations to the study and will create issues for the researchers to give the learners a feeling about the extent of the research.
Delimitations of the Study
The data will be collected from the verified sources in order to improve the authenticity of the research. The delimitation of the study will be done by meeting the objectives by undergoing research through a proper data collection process. As opined by Hantzsche et al. (2018), collection of data is required to be done by the researchers with the use of the best possible sources.
Verified journals and articles will be selected to achieve the main objectives of the researcher. Relevant information will be used for the research purpose by considering the research variables and theoretical objectives.
Proposed Structure of the Study
| Chapter | Discussion |
| Introduction | The first chapter will provide a background of the research topic on the effects of Brexit on the UK-based company’s management in EU operational sites. The rationale of the research will be provided in this section with the proper inclusion of evidence. Research aims and objectives will be provided in this section along with the inclusion of research questions. The context and significance of conducting the research will be discussed. |
| Literature Review | The literature review section will include a discussion on a research subject with the help of proper literature. The major impact of Brexit on the business conditions of the companies based in the UK will be discussed in this chapter. Readers will be able to gain an in-depth understanding of the research topic after going through this particular section. |
| Methodology | The chapter will provide an outline regarding the process of data collection and data analysis method. The research method that will be used to collect data will be discussed in this chapter. Discussion regarding research philosophy and approach will be done in the methodology section. |
| Limitation | Primary issues while conducting the research will be discussed in this chapter. Limitations of the research will include the possible ways through which the researcher can enhance the quality of the research. |
| Expected outcome | The research is expected to provide learning to future researchers regarding the problems of UK-based companies due to the impact of Brexit. |
Table 1: Research Structure
(Source: Created by Researcher)
References
Bloom, N., Bunn, P., Chen, S., Mizen, P., Smietanka, P. and Thwaites, G., 2019. The impact of Brexit on UK firms (No. w26218). National Bureau of Economic Research. Available at: https://www.nber.org/papers/w26218
Bloom, N., Bunn, P., Chen, S., Mizen, P., Smietanka, P., Thwaites, G. and Young, G., 2018. Brexit and uncertainty: insights from the Decision Maker Panel. Fiscal Studies, 39(4), pp.555-580. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-5890.12179
De Ville, F. and Siles-Brügge, G., 2019. The impact of Brexit on EU trade policy. Politics and governance, 7(3), pp.7-18. Available at: https://www.cogitatiopress.com/politicsandgovernance/article/view/2102
De Vries, C.E., 2017. Benchmarking Brexit: How the British decision to leave shapes EU public opinion. J. Common Mkt. Stud., 55, p.38. Available at: https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/jcmks55§ion=161
eulisa.europa.eu, 2021, About us. Available at: https://www.eulisa.europa.eu/ [Accessed on: 24th June, 2021]
Hantzsche, A., Kara, A. and Young, G., 2018. The economic effects of the Government’s proposed Brexit deal. NIESR report, November. p.121. Available at: https://www.sipotra.it/wp-content/uploads/2018/11/THE-ECONOMIC-EFFECTS-OF-THE-GOVERNMENTS-PROPOSED-BREXIT-DEAL.pdf
Hassan, T.A., Hollander, S., Van Lent, L. and Tahoun, A., 2020. The global impact of Brexit uncertainty (No. w26609). National Bureau of Economic Research. Available at: https://www.nber.org/papers/w26609
Lawless, M. and Morgenroth, E.L., 2019. The product and sector level impact of a hard Brexit across the EU. Contemporary social science, 14(2), pp.189-207. Available at: https://www.tandfonline.com/doi/abs/10.1080/21582041.2018.1558276
lightspeedhq.co.uk, 2021, What is the impact of Brexit on UK businesses? Available at: https://www.lightspeedhq.co.uk/blog/what-is-the-impact-of-brexit-on-uk-businesses/[Accessed on: 23rd June, 2021]
Marsonet, M., 2019. Philosophy and logical positivism. Academicus International Scientific Journal, 10(19), pp.32-36. Available at: https://www.ceeol.com/search/article-detail?id=729572
Moradlou, H., Reefke, H. and Skipworth, H., 2020. Manufacturing heading out, distribution moving in–the effects of Brexit, p.18. Available at: http://www.open-access.bcu.ac.uk/id/eprint/9761
Moser, A. and Korstjens, I., 2018. Series: Practical guidance to qualitative research. Part 3: Sampling, data collection and analysis. European Journal of General Practice, 24(1), pp.9-18. Available at: https://www.tandfonline.com/doi/abs/10.1080/13814788.2017.1375091
Pearse, N., 2019, June. An illustration of deductive analysis in qualitative research. In 18th European Conference on Research Methodology for Business and Management Studies (p. 264). Available at: https://books.google.com/books?hl=en&lr=&id=Uc-hDwAAQBAJ&oi=fnd&pg=PA264&dq=deductive+approach+methodology&ots=Mm9uxaOt0i&sig=VMVF3KcRSa4oN7iZcCXaACo2qn4
Risi, D., 2020. Business and society research drawing on institutionalism: Integrating normative and descriptive research on values. Business & Society, p.0007650320928959. Available at: https://journals.sagepub.com/doi/abs/10.1177/0007650320928959
Rodriguez, C., Coronado, M., D’Alessandro, M. and Medina, J., 2019. The importance of standardised data-collection methods in the improvement of thermal comfort assessment models for developing countries in the tropics. Sustainability, 11(15), p.4180. Available at: https://www.mdpi.com/2071-1050/11/15/4180
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