Develop theoretical framework on: Which individual characteristics (age, gender, employment level, ethnicity, educational level), social aspects (culture, religion, weather, location-wise living cost,...

Running Head: FINANCE THESIS                                1
FINANCE THESIS                                        4
FINANCE THESIS
There is not such a single theoretical framework that can be fit to explain such variable factors of individual, social aspects, macroeconomics, concur business issue and some other factors that affects the probable business in the context of Australia. However, several theories such as Social Impact Theory, Behavioural Theory, Keynesian Theory and Mercantilism Theories can be approached as an appropriate theoretical framework to understand the different aspects of business knowledge.
Institutional Theory
Institutional theory is more inclined towards the establishment of the societal norms and traits expressed by the individuals that work as units. The theoretical perspectives of the institutional theory rely on the time that the society is exposed to that directly shapes the societal structure and societal behaviour.
Therefore, in this case, individual characters as well as the social aspects are included in the context of this theory (Lewis, Cardy & Huang, 2019). Macroeconomic factors are also included in the close proximity and can be analysed based on the Institutional Theory. These therefore are an integral part of Australia and may be found to be regulated directly by the Institutional Theory.
Social Impact Theory
Social impact theory is the best inclusion to understand social aspects such as religion, culture, living standard, living cost, location and weather. The theoretical concept asserts that the set of a person’s experience depends on the strength of the social status of the group, psychological distance from the group and the number of the people existing in the group.
In this context, if the person's strength is less than...