How to Start a Finance Academic Journal

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Table of Contents

Introduction

The write-up delves into how to start a finance academic journal that can advance knowledge and facilitate collaboration within the finance community, academics, and researchers. The guide is valuable for academics, new publishers, and societies planning to launch a scholarly journal focusing on finance topics.

A finance academic journal offers numerous benefits:

  • They validate and distribute groundbreaking research in banking, investments, financial markets, and other subdomains
  • They allow scholars to build upon one another’s work, accelerating scientific progress
  • They provide a centralized forum for debate and discussion within the field
  • They influence real-world financial policies and practices

They serve as a benchmark for assessing researchers’ productivity and impact

Academic journals are the lifeblood of the finance research community. Launching a new, niche journal presents a meaningful way to advance knowledge and connect with your scholarly peers.

Nonetheless, you can’t just start an academic journal without doing proper due diligence, finding a suitable niche area, and studying academic publishing guidelines.

In the following sections, I’ll walk you through how you can start a finance scholarly journal. By the end, you’ll have the tools to disseminate innovative research and engage with the brightest minds in banking, financial markets, investments, and beyond!

Understanding Academic Journals

What are Academic Journals?

Academic journals are periodicals that publish original research articles and other scholarly content related to a specific academic discipline. A finance academic journal allows researchers to share new findings, theories, methodologies, and perspectives in finance.

Some key characteristics of academic journals include:

  • Rigorous peer review – Articles must be thoroughly vetted by independent experts before being accepted for publication.
  • High editorial standards – Strict guidelines enforced by journal editors regarding methodology, format, citations, etc.
  • Targeted to scholars – Written for and read by academics, professors, and advanced students.
  • Indexing in databases – Reputable journals such as Nature and Science are indexed in top journal databases to allow for discoverability and citation tracking.

Academic journals facilitate financial knowledge and practice advancement by providing a platform to disseminate cutting-edge research to the finance community.

The Purpose of Publishing a Finance Academic Journal

Publishing in academic journals provides numerous benefits for finance scholars and professionals. Some essential purposes and advantages include:

  • Sharing new research and theories with peers
  • Advancing knowledge and driving innovation in the field
  • Enhancing professional visibility and reputation
  • Contributing to academic tenure and promotion decisions
  • Receiving feedback from top experts during peer review
  • Tracking impact through citations
  • Disseminating findings to influence finance practice and policy

Journal publishing is pivotal in stimulating discussion, collaboration, and progress in the dynamic landscape of finance research and education.

The Role of Academic Journals in Advancing Knowledge in Finance

As the primary medium for sharing new research, academic journals help expand the boundaries of financial knowledge and provide a foundation for future discoveries. Specific ways they advance finance knowledge include:

  • Validating or challenging existing theories and models
  • Introducing innovative methodologies and analytical techniques
  • Identifying unexplored research questions or gaps in the literature
  • Connecting findings across sub-fields to reveal new interdisciplinary insights
  • Allowing empirical testing of hypotheses and financial models
  • Establishing benchmarks and foundations for other researchers to build upon

By disseminating leading research and stimulating discussion, academic finance journals propel the collective understanding of markets, institutions, behaviors, tools, and best practices within the field. This continuous evolution of knowledge drives progress in financial decision-making and value creation.

Identifying Your Niche

Choosing a specific area of finance to focus your new journal on is crucial to establishing a unique value proposition. Publishing a scope that is too generic would not help the academia much since there are plenty of general finance publications already in the literature.

Conduct market research to identify gaps in existing finance literature or emerging areas of interest. For example, fintech, sustainable finance, and behavioral finance are growing fields with room for more scholarly exploration.

Some of the niche areas in finance:

  1. Behavioral Finance: Focus on understanding how psychological factors influence financial decisions and market behavior.
  2. Islamic Finance: Explore financial practices compliant with Islamic law (Sharia) and their implications on global finance.
  3. Sustainable Finance: Investigate financial practices that consider environmental, social, and governance (ESG) criteria.
  4. Fintech and Innovation: Cover emerging technologies (blockchain, AI, etc.) transforming financial services and their impacts on markets and consumers.
  5. Quantitative Finance: Explore mathematical and statistical models used in finance for pricing, risk management, and investment strategies.
  6. Real Estate Finance: Focus on financial aspects of real estate markets, including valuation, investment, and development.
  7. Corporate Governance: Study mechanisms and practices affecting the control and direction of corporations, including board structures, executive compensation, etc.
  8. Derivatives and Risk Management: Cover the use of derivatives and hedging strategies for risk mitigation in financial markets.
  9. Behavioral Economics in Finance: Explore the intersection between behavioral economics and financial decision-making.
  10. Healthcare Finance: Focus on financial aspects within the healthcare industry, including insurance, funding, and investment in healthcare services.
  11. Microfinance and Development: Investigate financial services for low-income individuals or entrepreneurs in developing economies.
  12. Cultural Finance: Analyze financial behaviors and practices influenced by cultural norms and values across different societies.
  13. Regulatory Compliance and Governance: Explore the impact of financial regulations on markets, institutions, and consumer behavior.
  14. International Finance and Trade: Cover financial aspects of global trade, international capital flows, and exchange rate mechanisms.
  15. Alternative Investments: Focus on non-traditional investment vehicles like private equity, hedge funds, commodities, etc.

Choosing a Specialized Area of Finance

Selecting a defined niche allows you to cater to a target audience of researchers, academics, and practitioners passionate about that specialty. Whether you focus on corporate finance, investments, financial institutions, or another subdomain, strive to advance knowledge in that area through your journal.

Conducting Market Research

Analyze current finance journals to spot content gaps or underserved topics. Survey academics to gauge interest levels in various subject areas. Tracking citation patterns can reveal rising scholars and developing fields ready for a dedicated journal. This market research will inform your niche selection.

Establishing a Unique Value Proposition

Articulate what distinguishes your journal and why readers should submit to or subscribe to it. Emphasize the niche area, innovative article formats, accessibility, reviewer expertise, rapid publication, or other factors that set you apart. A compelling value proposition attracts authors, reviewers, readers, and financial support.

Setting Up Your Journal

Launching a new finance journal requires careful planning and preparation. The first step is to create a clear mission statement articulating your publication’s purpose and vision. This will serve as a guiding light during the setup process and beyond.

Creating a Mission Statement

The mission statement should explain why you are starting this journal and what unique value it will add to the field of finance. Make sure to highlight any niche focus or interdisciplinary connections you want to explore.

Assembling a Strong Editorial Board

In addition, assemble a qualified editorial board with respected scholars in relevant finance specialties who can lend credibility and expertise to guide the journal. A solid editorial board must start with a reputable chief editor, followed by diverse experts in related fields.

Selecting a Name, Logo, and Branding for Your Journal

Choose a journal name that communicates your central theme or area of finance covered while having memorable acronym potential. Pair this with a sleek, professional logo befitting an academic publication. Ensure your journal’s look and feel match the tone and branding you want to cultivate around your niche. For example, more avant-garde finance topics may warrant more modern, minimalist design choices.

Register for ISSN Number

An academic journal needs an International Standard Serial Number (ISSN), a unique eight-digit number used to identify periodicals worldwide. Registering for an ISSN is essential as it facilitates the cataloging and citation of your journal in libraries, databases, and indexing services. The ISSN also helps manage subscriptions and allows your journal to be recognized as a professional publication within the academic community.

Determining the Scope and Focus of Jjournal

Clearly define the aims, coverage, methodologies, and article types your journal will publish. Outline the core finance topics, interdisciplinary connections with other fields, geographic regions, research methods, and paper formats (empirical, theoretical, policy analyses, etc.) welcome in submissions. Bounding your journal’s scope helps attract the types of quality articles needed to cement authority in your niche.

Identifying and Assigning a Publisher

Identifying and assigning a publisher is critical in establishing an academic journal. The publisher will be responsible for the production, distribution, marketing, and often the online hosting of the journal. A publisher also keeps track of the operational expenses and costs of running the journal. When considering potential publishers, it’s essential to evaluate their reputation, experience in the field of finance, and ability to reach your target audience effectively.

There are several types of publishing entities to consider:

University Presses

These are affiliated with academic institutions known for their scholarly focus and support for academic standards. They can provide credibility and have established distribution channels within the academic community. Typically, when an academic journal is established in a university faculty, the university press can facilitate as the publisher. Some university presses, like mine, impose certain criteria before agreeing to become the publisher. These criteria may include novelty of scope, business models, and years of establishment.

Commercial Publishers

These professional organizations specialize in publishing and have extensive marketing and global distribution resources. They might offer more robust digital publishing and submission management technology platforms. Approaching a commercial publisher will require you to present a business model that can bring in profits.

Professional Associations

Some academic journals are published by professional societies or associations related to finance. They usually have a built-in audience of members who are professionals and academics in the field. Two of our institutional journals are co-published between the university publisher and societies.

Self-Publishing

In some cases, the editorial board may decide to self-publish the journal (as a faculty, for example), which gives them complete control over the process but also requires them to handle all aspects of publication logistics, marketing, and distribution.

Once a suitable publisher is identified, negotiations will involve contracts outlining the responsibilities, rights, intellectual property considerations, financial arrangements, and expectations for both parties. It is crucial to establish an explicit agreement that supports the journal’s mission and ensures its sustainability and integrity.

Building a Network of Contributors

Reaching Out to Potential Authors and Reviewers

To build a strong network of contributors for your finance journal, you must actively reach out to potential authors and reviewers. Start by identifying leading scholars, researchers, and practitioners in your niche area of finance.

Search publication databases to find authors who are actively publishing relevant research. Attend academic conferences and industry events to connect in person with crucial figures in the field.

When reaching out, introduce yourself and your journal concept. Explain why you think the person would be a great contributor or reviewer. Offer to discuss further over a phone call or meeting. Be persistent yet gracious if people decline or don’t respond right away. Building relationships takes time.

Attracting High-Quality Submissions

Once you’ve established relationships with potential authors, encourage them to submit their research to your journal. Communicate the mission, values, and competitive advantages of your journal.

Authors want to know their work will be read and cited – assure them your journal will provide visibility and impact. You can also attract submissions by having renowned scholars on your editorial board, organizing special issue calls for papers, and promoting your journal at academic conferences.

Word-of-mouth referrals are hugely impactful as well. Authors will take note when you publish impressive work, driving further submissions.

Establishing Relationships with Research Institutions and Industry Professionals

Partner with universities, research centers, corporations, regulators, and other institutions relevant to your niche. Offer to give lectures on emerging research topics. Collaborate on studies, surveys, or interviews featuring their experts. Ask to distribute calls for papers through their communication channels.

The key is demonstrating how their participation will benefit their interests. Provide platforms for showcasing innovative research happening at their institutions. Enable two-way dialogue between academia and industry. Facilitate research collaborations on issues directly impacting finance professionals. Fostering win-win relationships leads to ongoing engagement.

Managing the Peer Review Process

A rigorous peer review process is essential for ensuring the quality and integrity of content published in an academic journal. A finance academic journal must design and implement an effective peer review system. Here are some critical steps to take:

Designing a Rigorous Peer Review Process

First, establish clear peer review guidelines and policies. Outline the number of reviewers required per manuscript, the criteria reviewers should use to evaluate submissions, timelines for completion of reviews, and your overall expectations. Make sure your process aligns with industry best practices.

Second, recruit a diverse editorial board and reviewer pool covering different finance specialties. Aim for researchers with extensive expertise in relevant subfields who can provide constructive feedback.

Training and Managing Reviewers

Once assembled, provide training to help reviewers understand their role and equip them to complete thorough, high-quality reviews. Offer resources on best practices for peer review and tips for providing constructive criticism. Make yourself available to answer any process questions.

Using a manuscript management system to assign submissions to reviewers with matching expertise as manuscripts come in. Send friendly reminders as deadlines approach. Provide sample reviews to help standardize the format and depth of feedback.

Implementing a Fair, Transparent Process

A fair peer review process upholds ethical publishing practices. Make your policies publicly available so expectations are clear. Mask author and reviewer identities so judgments remain objective. Provide detailed feedback to authors summarizing reviewer concerns. Maintain open communication channels for any questions or appeals.

By designing rigorous policies, leveraging capable reviewers, and focusing on transparency, you can implement an effective peer review process that ensures your journal publishes high-quality finance research. This protects the integrity of your publication and builds value for readers.

Publishing and Promoting Your Journal

Choosing a Platform or Software for Journal Management and Publishing

When launching a new finance journal, one of the most critical decisions is choosing the right publishing platform or manuscript management software. The platform you select will impact everything from the submission and peer review process to the look and distribution of your published content. Some key factors to consider when evaluating options include:

  • Ease of use for editors, reviewers, and authors
  • Ability to customize workflows and design
  • Tools for managing submissions, peer review, communications, etc.
  • Options for open access, subscriptions, or hybrid models
  • Analytics and metrics on readership and impact
  • Indexing services to increase discoverability
  • Technical support and training resources

Popular choices used by many academic journals include ScholarOne Manuscripts, Editorial Manager, and Open Journal Systems. Review the features of each option to find the best fit for your journal’s scope, budget, and publishing goals.

Developing a Publication Schedule and Workflow

Once you’ve selected a publishing platform, the next key step is mapping out a schedule and workflow for releasing content. Aim to establish:

  • Frequency of publication (monthly, quarterly, etc.)
  • Issue deadlines and key dates for each volume/year
  • Page budgets for each issue
  • Standard process timelines for submission, review, revision, etc.
  • Production schedules for editing, layout, proofing, etc.
  • Release dates for early access online vs. final print/digital issues

Creating a predictable, efficient workflow will help you deliver high-quality content on time. Make sure to build enough time for thorough peer review and leave wiggle room for inevitable delays. Aim to achieve a quick, two-month-or-less time-to-decision eventually.

Promoting Your Journal through Social Media, Conferences, and Partnerships

Attention to your new journal is critical, so tap into every promotional channel possible. Set up social media accounts to share news, highlight articles, and engage scholars. Look for speaking opportunities at academic and industry conferences to promote calls for papers. Partner with professional groups, universities, and other publications to cross-promote content to wider audiences.

The more exposure you generate, the faster interest and quality submissions grow. Consider offering incentives like free access, gift cards, or sponsorship opportunities to help kick-start submissions and subscriptions. Be creative, persistent, and data-driven in your marketing to position the journal as a go-to destination for influential finance research.

Engaging the Finance Community

Building a solid online presence is critical for engaging the finance community around your new journal. Consider creating social media accounts on platforms like Twitter and LinkedIn to share journal updates, highlight featured articles, and interact with readers. Use relevant hashtags and tag influential finance professionals to expand your reach.

You should also develop an email newsletter to foster ongoing discussions with contributors and readers. Share journal news, feature guest columns from authors, and pose engaging questions to spark conversations around recent publications. Encourage readership and potential submissions by demonstrating that your journal facilitates valuable scholarly dialogue.

Additionally, organize occasional networking events like conferences, seminars, and webinars centered around your journal’s niche area of finance. These gatherings allow authors, reviewers, readers, and industry leaders to connect in person over current research topics and emerging issues. They also raise your journal’s academic profile while enabling attendees to exchange ideas and explore potential collaborations. Consider partnering with a university or major finance institution to host these events.

Engaging the finance community through online platforms and in-person initiatives can position your journal as a hub for important conversations and research. This level of outreach and relationship-building is key to achieving viability, relevance, and influence.

Ensuring Sustainability and Growth

Launching a new academic journal is exciting, but sustaining it long-term brings challenges. As the editor-in-chief, you must implement strategies to ensure your journal remains viable, impactful, and able to adapt to the evolving world of scholarly publishing.

Developing a Sustainable Business Model

Like any business, an academic journal needs a plan to generate enough revenue to cover expenses. Possible business models include:

  • Subscription fees – Charge libraries, institutions, or individuals for access
  • Article Processing Charges – Charge authors a fee to submit or publish articles (for an open access journal)
  • Sponsorships – Seek financial support from professional associations, foundations, or corporate partners
  • Advertising – Sell print/digital ad space to relevant organizations
  • Partnerships – Team up with database providers to increase distribution and licensing fees

Analyze your target audience and competitive landscape to determine the optimal mix of revenue streams. Be transparent about author fees and subscription costs.

Seeking funding and sponsorship

Beyond earned revenue, look for funding opportunities such as:

  • Grants from government agencies, non-profits, or philanthropic foundations
  • Endowments from individual/corporate donors to support operating costs
  • University funding for open access publications
  • Corporate sponsorships to fund special issues or discounts for their employees

Pitch the societal value of your journal’s niche to funders. Offer naming rights or other visibility perks for significant sponsors.

Adapting to industry changes

Keep pace with major shifts in academic publishing:

  • Transition to open access platforms and policies
  • Digitize archives and enhance search/sharing capabilities
  • Utilize multimedia and interactive article features
  • Expand reach through social media and email alerts

Survey your editorial board regularly to identify emerging topics or technologies to cover. Pilot innovations on a small scale before wide implementation.

By diversifying your revenue streams, continuously pursuing funding, and adapting to the times, you can build a sustainable journal to educate finance scholars for years.

Conclusion

We have delved into how to start a finance academic journal, from planning, executing, and marketing the journal.

Launching and running a new finance academic journal is no small feat, but the potential rewards make it well worth the effort. Following the key steps outlined, you can establish a respected publication that advances knowledge and drives discussion within the finance community.

Recap of the Key Steps

Let’s recap what it takes to get a new finance journal off the ground:

  • Identify a unique niche and value proposition
  • Assemble a qualified editorial board
  • Design rigorous peer review and publishing processes
  • Build relationships with potential authors and reviewers
  • Promote your journal extensively to drive submissions
  • Develop a sustainable business model
  • Adapt to emerging technologies and trends

Encouragement to Take Action

Launching any new endeavor requires passion, commitment, and perseverance. The finance community needs more high-quality academic journals to share important research, spark productive debates, and push the boundaries of financial knowledge.

If you feel called to advance financial scholarship through an academic journal, take heart that your efforts can have a real impact. Surround yourself with supportive collaborators, focus on producing exceptional content, and keep pressing forward through all obstacles.

Join the Community of Finance Scholars

As an academic journal publisher, you should join a global community of finance scholars, researchers, and industry professionals. While an ambitious goal, you would have the chance to facilitate idea exchange, foster new research, and influence policy and practice.

Finance academic journals enable progress through open access to cutting-edge discoveries. If you have considered founding your publication, there may be no better time to realize that vision.

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