Impact investing is widely expected to direct capital to locations where social and environmental challenges are most severe. Yet such opportunities are often found in places geographically distant from major pools of investment capital. We examine how geographic distance affects the realisation of impact investment deals and how host-country conditions alter that relationship. Integrating transaction cost economics with the location logic of the eclectic paradigm, we argue that impact investment decisions reflect the joint consideration of anticipated transaction value and governance costs. Distance raises the costs of screening, contracting, monitoring, and supporting ventures, while severe sustainability challenges can increase a location's mission-specific attractiveness by signaling greater unmet need and potential scope for additionality. By contrast, trade and investment risk increases transaction hazards that make distant deals harder to execute. We test these arguments using PitchBook data on 3126 impact deals closed in 2022–2023. We analyse 3606 realised investor–venture ties against matched unrealised alternatives in a choice-based sampling design. Distance reduces the likelihood of deal realisation. Challenge severity modestly weakens the distance penalty for a subset of sampled dyads, whereas trade and investment risk strengthens it across most observations. These findings contribute to impact investing by explaining why severe unmet need does not automatically translate into realised investment relationships. They extend transaction cost reasoning in entrepreneurial finance by incorporating mission-adjusted transactional value. They refine international business location logic by distinguishing mission-specific locational attractiveness from host-country transaction hazard.
Learning-based dynamic fault localization techniques play a crucial role in the field of software engineering. These techniques dynamically execute test cases to meticulously extract useful knowledge from the execution information in the program, with the aim of identifying fault locations by leveraging machine learning, deep learning, and large language models. Currently, there is already a flourishing body of research that is intensely focused on learning-based dynamic fault localization. Research literature can be categorized into two main aspects for learning-based dynamic fault localization: data-based enhancements (i.e., the datasets) and model-based enhancements (i.e., the suspiciousness algorithms). Thus, we conduct an extensive literature review on learning-based dynamic fault localization from the aspects of the data task and the model task. Among them, each task is divided into multiple sub-tasks in a systematic manner to comprehensively discuss the details. In addition, we analyze and summarize the datasets and metrics that have been widely used to evaluate the effectiveness of the proposed techniques in recent years, so that researchers can have an intuitive perception of them. We also discuss the present challenges and the directions for future research.
Using an international sample of firms and two country-level measures of financial literacy, we find robust evidence of a positive relation between financial literacy and firms' Environmental, Social and Governance (ESG) disclosures. In cross-sectional analyses, we find that the effect of financial literacy in enhancing ESG disclosures is more prominent in poorer information environments, weaker legal institutions and weaker ESG reporting environments. Lastly, we find that financial literacy also enhances ESG performance. Our study contributes to and extends the literature by providing strong evidence that citizens' financial literacy enhances firms' ESG disclosure and the associated ESG performance.
Creativity and innovation are essential for modern organizations. While abundant research has helped to better understand creativity in everyday work life, considerably less attention has been paid to how individuals achieve creative performance during the implementation of innovation projects. We articulate a dialectical interplay between divergent and convergent processes of self-regulation that supports creative performance in innovation projects. We propose that a divergent exploration orientation contributes to creative performance by inducing a broad search for novelty and by stimulating iteration-repeated cycles of experimentation and refinement. Convergent processes of self-regulation-outcome focus and planning-strengthen the relationship between divergent processes and creative performance. Specifically, an outcome focus ensures focused exploration and persistent goal-striving, while planning provides the structure that directs iterative efforts towards innovation goals. To test our hypotheses, we collected information about 200 innovation projects from 104 employee-manager dyads. Multilevel modelling was used to examine within- and between-person variability in managerial ratings of project-specific creative performance. Employees' exploration orientation was positively related to their creative performance. This relationship was mediated by iteration and moderated by outcome focus. Planning incrementally predicted creative performance. We discuss implications of our study for effective innovation management.
Recently, multiple, speeded assessments (MSAs) have emerged as an attractive selection and assessment method that confronts candidates with a large set of job-related behavioural simulations. This study draws on the theory of behavioural signatures (Mischel & Shoda, 1995, Psychological Review, 102, 246) to argue that there is untapped potential in MSAs. Besides obtaining information on candidate's mean level, it also allows assessing their intraindividual patterns of behaviour variations ("behavioural signatures") across these simulations. We predicted that an assessment of behavioural signatures represents substantive information and improves the prediction of future performance above and beyond mean scores. Data were obtained from a sample of 96 junior managers who were rated by assessors on four interpersonal dimensions in an MSA that contained 18 short interpersonal role-plays. Results showed that participants can indeed be characterized by unique intraindividual patterns of behaviour variations across the role-plays and that participants differ in terms of these behavioural signatures. Moreover, between-person differences in behavioural signatures matter because, for submissiveness, affiliation and quarrelsomeness, they predict supervisory ratings of communication skills above and beyond participants' mean levels of submissiveness, affiliation and quarrelsomeness. The conceptual, research and practical implications of introducing the notion of behavioural signatures in assessment contexts are discussed.
