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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.

THE INTER‐RELATIONSHIPS between the flowering of the fourth estate and popular literature, the democratisation of the reading public, and the growth of radicalism in the first half of the nineteenth century have been long recognised. Yet although literary and political historians have dug deeply and frequently in the periodical press of the time for evidence of contemporary attitudes, less attention has been paid to the journalists whose output is represented. It is unsafe to assume that they were typified by literary giants like Dickens (whose editorship of the Daily news was at best undistinguished) or by those who subsequently produced autobiographical accounts. Most were comparatively faceless men, whose social, educational, literary, and political backgrounds can be discovered only through extensive research. Until numerous bio‐bibliographies are compiled on an individual basis, generalisations about the profession as a whole will remain tenuous. William Weir, editor of the Daily news in 1854–58, was one of this powerful new group of substantially‐neglected communicators, but in his case a unique if scattered range of sources permits a reconstruction of the apprenticeship of a Victorian journalist and some interesting insights into the profession.