Three Key Findings of Open Data for Society and Science
Altruism instead of scientific isolation: With the first ever publication of the database on executive compensation of DAX and MDAX companies, Prof. Dr. Gunther Friedl and his team caused a sensation this past summer. The publication of the German data is considered a best practice example in economic sciences, as it has made German data publicly available for the first time.
The database shows an average decrease of income of corporate board members by 0.3 percent in 2019. In an interview with the Open Science Magazine of the Leibniz Information Centre for Economics, Friedl, who holds the Chair of Management Accounting at the TUM School of Management, summed up the three key learnings from the open data study as well as its significance regarding the future of science.
The three key learnings:
- An altruistic approach leads to scientific and societal benefits
- Open data is transparent and consultable
- Open data stimulates interdisciplinary exchange
The importance of publishing the data of financial compensation structures and presenting an alternative to the U.S. database ExecuComp, was the initial idea behind this step. Instead of relying on data from U.S. companies for most of the research, it is now possible to obtain German figures. According to Prof. Friedl, open data leads to great societal and scientific benefits as study results are accessible to everyone – and ultimately results in more diverse research.
The publication has already paid off for the TUM School of Management, gaining lots of media attention and increased citations. Prof. Friedl expects the relevance of open data to increase further in the future and advocates the continuous development of European solutions in order to make Europe independent from the US. This is why the annual study by the TUM and DSW is openly accessible to anyone.
Find the interview here. (in German)
Find a summary of the study here. (in English)
Find the study here. (in English)
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