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This study aims to investigate whether firms purchase directors' and officers' liability (D&O) insurance when the country-level economic policy uncertainty (EPU) is high.

This study uses D&O insurance data from Chinese listed firms between 2003 and 2019 to conduct regression analyses to examine the association between D&O insurance and EPU.

The results show that government EPU, despite being an exogenous factor, increases the likelihood of firms' purchasing D&O insurance, and this effect is more pronounced when firms are exposed to great share price crash risk and high litigation risk, suggesting that firms intend to purchase D&O insurance possibly due to the accentuated stock price crash risk and litigation risk associated with EPU. In addition, the results indicate that the effect of EPU on the D&O insurance purchase decision is moderated by the provincial capital market development and internal control quality.

The study highlights the role of uncertain economic policies in shareholder approval of D&O insurance purchases.

The study enriches the literature on the determinants of D&O insurance purchases by documenting novel evidence that country-level EPU is a key institutional factor shaping firms' decisions to purchase D&O insurance.

This paper investigates the usage and trust of Chinese social media in the travel planning process (pre-trip, during-trip and post-trip) of Chinese tourists.

Through a combination of structured online survey (n = 406) and follow-up interviews, the research identifies the diversification of the demand-and-supply patterns of social media users in China, as well as the allocation of functions of social media as tools before, during and after travel.

Social media users are diverse in terms of their adoption of social media, use behaviour and scope; the levels of trust and influence; and their ultimate travel decisions and actions. Correlations between the level of trust, influence of social media and the intended changes in travel decisions are observed. Destination marketers and tourism industries should observe and adapt to the needs of social media users and potential tourist markets by understanding more about user segmentation between platforms or apps and conducting marketing campaigns on social media platforms to attract a higher number of visitors.

This paper demonstrated the case of social media usage in mainland China, which has been regarded as one of the fastest growing and influential tourist-generating markets and social media expansions in the world. This study further addressed the knowledge gap by correlating social media usage and travel planning process of Chinese tourists. The research findings suggested diversification of the demand-and-supply pattern of social media users in China, as well as the use of social media as tools before, during and after travel. Users were diversified in terms of their adoption of social media, use behaviour, scope, the levels of trust, influence and the ultimate travel decisions.

Destination marketing organizations should note that some overseas social media platforms that are not accessible in China like TripAdvisor, Yelp, Facebook and Instagram are still valued by some Chinese tourists, especially during-trip period in journeys to Western countries. Some tactics for specific user segments should be carefully observed. When promoting specific tourism products to Chinese tourists, it is necessary to understand the user segmentation between platforms or apps.

Social media is a powerful tool for tourism development and sustainability in creating smart tourists and destinations worldwide. In China, the use of social media has stimulated the development of both information and communication technology and tourism.