The Future of Open Access Publishing
BRUSSELS – 15 April 2024.
In the realm of academic publishing, independent research networks are withstanding the pressure and dominance of large conglomerates and their restrictive paywall models. ECGI is a non-profit network dedicated to fostering research and dialogue on corporate governance, ESG and investor stewardship issues. It is a leading open access platform steadfastly distributing increasing volumes of research papers written by its members without the barrier of a payment wall since 2002. This week ECGI unveiled a new website to make the experience faster and more efficient.
In recent years, the broader academic community has witnessed a growing movement towards open access publishing, fuelled by a desire to make research findings more accessible to a wider audience. The COVID-19 pandemic had a significant impact on the landscape of open access research, accelerating certain trends and highlighting the importance of open access principles in disseminating critical scientific information. And yet, like all public good provision, the pursuit is difficult to finance.
While ECGI and others have been providing open access for several decades, newer platforms such as the Plan S initiative have been active since 2018, aiming to accelerate the transition to open access publishing. Led by Science Europe, Plan S has garnered support from major funders such as the European Commission and Wellcome Trust.
ECGI distributes its pre-prints via the Social Science Research Network (SSRN) which was also founded as an open access platform. The papers are filtered for quality through the rigorous appointment process of ECGI’s contributing authors. Despite other platforms entering the field, SSRN is the primary outlet for social science researchers. This can be attributed to their valuable long-term statistics and download counting mechanism that is used to compile rankings of individuals authors, law and business schools. In 2016, SSRN was acquired by Elsevier, one of the largest academic publishers in the world, and although it has since maintained its open access ethos, it also offers premium services, such as access to specialised networks and enhanced analytics which can require subscription or payment, and article processing charges (APCs) paid by authors or their institutions. In addition, SSRN charges institutions increasing annual fees to host their research series’ but do not offer a non-profit pricing option, which leaves leaner organisations in a precarious position, relying on ever-greater fundraising efforts.
The noble objective of providing open access research can also clash with the profit-driven models employed by other publishing houses and outlets which have paywalls that restrict access to valuable research behind costly subscription fees. In some cases, outlets can impose conditions requiring the de-publication of pre-print papers for consideration purposes. This behaviour could effectively lead to the reduction of publicly available research in the longer term. In order for ECGI or other networks to make the peer-reviewed articles of its members available with open access, they would need to purchase open access licences from the journals’ publishers - a costly endeavour. This explains why published papers are often less read and cited than the corresponding pre-print in working paper format. And yet, it seems to be in the public interest to have the latest and most accurate version of research papers available.
ECGI is funded by a very modest combination of membership fees, sponsorships, donations and project income. Its membership directory includes an impressive array of 23 leading universities in Europe, US and Asia, including Stanford, Harvard, Oxford and Hong Kong University, who demonstrate their commitment to open access research networks. However, any marginal increase in support, is often negated by the incremental fees charged to maintain the series.
Prof. Marco Becht, Executive Director of ECGI, emphasises the importance of open access in advancing scholarly discourse. "Open access publishing allows all interested parties from diverse backgrounds and institutions to engage with cutting-edge research without financial barriers," he says. "It fosters collaboration and innovation, driving progress in our understanding of complex issues such as corporate governance, investor stewardship and responsible capitalism."
ECGI, along with other research networks, has not only democratised access to knowledge but has also managed to thrive in an environment where many of its larger counterparts rely on subscription revenues or state subsidies. Despite facing challenges from market and inflationary pressure, ECGI remains committed to its mission of promoting open access research and contributing to the global knowledge commons. With continued support from the academic community and supporters, specialised knowledge platforms like ECGI are poised to strengthen the future of scholarly communication.
The new ECGI website was built around three foundational truths: ECGI is a global network. It is a public good. It is committed to improving capitalism.
It is now live at www.ecgi.global. Click here to provide Feedback.
------------------
About ECGI
ECGI is the world’s leading nonprofit research institute and membership organisation for corporate governance, ESG, and stewardship. Bringing together the best minds in academia from around the world to address critical business and policy challenges, it provides a platform for debate and dialogue among senior academics, policymakers and business leaders. Harnessing research, ECGI shapes ideas, influences practice, and helps formulate policies which benefit society. In 2023, The Financial Times reported that ECGI scholars “produce some of the most widely read research on sustainability”.
About the ECGI Working Paper Series
The ECGI Working Paper Series’ in both Law and Finance were established in 2002 and has a collection of over 1,650 research papers.
The concept of corporate governance has evolved considerably. Once focused on corporate control, takeovers, market transparency, and company law in developed countries in the 1990’s, the subject evolved over time and spread to transition and emerging economies. Good corporate governance practices quickly became the mark of attractive investment and capital allocation. By the late 2000’s, academic research had set its crosshairs on the banking crisis and the improvements or learnings that could be gleaned from research on the period. By 2013, “investor stewardship” was added to the field and gained increasing traction several years later as institutional investors took dominant market positions.
ESG (Environmental, Social, Governance) emerged as a new topic in the late 2000’s and has developed into a significant aspect of modern corporate governance. Once a peripheral field of research in law and finance, it has taken centre stage due the development of company legislation in response to the dual challenges of climate change and social inequality.
Corporate governance is no longer solely a business concern, it has evolved into a critical societal issue. As the public, consumers, and governments worldwide demand greater accountability, transparency and responsible conduct from businesses, the need for cutting-edge academic research in areas such as corporate governance, responsible capitalism, ESG, and stewardship has never been more pressing. Business leaders and policymakers seek deeper insights into this research than ever before.