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Economic policy uncertainty (EPU) has huge impact and harm on real economy, so the economic logic and other economic effects behind this must be further studied. By constructing the “China Economic Policy Uncertainty Index” to capture the degree of EPU faced by Chinese companies, the authors empirically test whether and how EPU affects the level of executives' perquisite consumption.

This study investigates the relationship between EPU and executive perquisite consumption based on a sample of 3,185 publicly listed firms in China. To examine the relationship between EPU and executives' perquisite consumption, a mixed least squares method was used for regression. To alleviate the problem of missing variables that do not change over time and control the influence of unobservable individual heterogeneity at the firm level, the firm fixed effects model is used for regression.

The study finds that EPU is positively associated with executive perquisite consumption. This positive association is stronger for firms with smaller size, lower management shareholding and higher levels of separation of ownership and control. Effective external governance (i.e., analyst coverage, media coverage, auditor and market competition) can mitigate the relationship between EPU and executive perquisite consumption. Further analysis reveals that EPU increases executive perquisite consumption by holding more cash and decreasing firm risk taking. EPU hurts market value of firms by boosting executive perquisite consumption and tunneling.

In an environment with high EPU, the board of directors should reduce managers' compensation performance sensitivity to ease the agency conflict caused by uncertainty. Firms should improve their governance mechanisms and standard and pay attention to their environmental changes. Policymakers should pay attention to maintaining the continuity and predictability of policies, stabilizing the economic policy expectations of market entities and avoiding frequent changes in policies that can harm economic and firm value. The regulatory authorities should actively guide listed companies to increase active information disclosure during periods of high policy uncertainty.

This study contributes to the research on corporate governance by showing how EPU influences executives' behaviors. The authors advance relative studies by showing that this uncertainty embedded in a firm's external environments influences executive perquisite consumption. This study also contributes to the literature on how internal and external governances influence corporate behavior during uncertainty. These findings extend this line of research by suggesting that effective external governance is an attribute that can alleviate the effect of uncertainty on managers' opportunistic behaviors.

This paper seeks to explore the functions of Christmas mythemes for children’s consumption culture development. In addition, the purpose of this study is to provide an insight on the development of Central European Children into customers and how mythemes are associated with the wishing behaviour.

Levi-Strauss’ (1955) structural analysis was used to uncover the mythemes of the Christmas story for Austrian children. These mythemes then informed a thematic analysis of 283 Austrian children’s Christmas letters. Campbell’s (1970) functions of myths were used to reflect on the findings.

The Christmas mythemes uncovered were found to encourage materialism by linking self-enhancement (good acquirement) with self-transcendent (good behaviour) values. The role of myths to relieve the tension between the incongruent values of collective/other-oriented and materialistic values is expanded upon. Such sanctification of selfish good acquisition is aided by the mythemes related especially to the Christkind and baby Jesus. Instead, marketers should use Christmas mythemes which emphasise family and collective/other-centred values.

By first uncovering the “mythemes” related to Christmas, the authors contribute to the academic understanding of Christmas, going beyond origin or single myth understandings and acknowledging the multifaceted components of Christmas. The second contribution is in exploring mytheme’s representation in children’s Christmas letters and reflecting on their functions. This differs from previous literature because it looks at one of the main cultural vehicles for Christmas socialisation and its intersection with the mythemes that feed children’s consumption culture formation. Through the authors’ presentation of a conceptual framework that links mytheme functions with proximal processes using a socioecological viewpoint, the authors demonstrate the guidance of mythemes in children’s development. The third contribution is a reflection on the potential ethical implications for children’s formation of their consumer culture based on the functions of the mythemes. Furthermore, the authors add to the existing body of research by investigating a Central European context.