Heather Morrison has published "Small Scholar-Led Scholarly Journals: Can They Survive and Thrive in an Open Access Future?" in Learned Publishing (open access article).
Here's an excerpt:
This article presents early results of a research project designed to further our understanding of how to ensure that small scholar-led journals can survive and thrive in a global open access knowledge commons. This phase of the research focuses on generation of ideas through interviews and focus groups with 15 participants involved in producing small scholar-led journals that either are or would like to become open access. Although a couple of journals reported that they could survive in an open access future based on existing resources, most were concerned about survival and none expressed confidence that they could thrive in an open-access future.