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The purpose of this paper is to examine guests’ experiences at green hotels and the impact of green experience on customer satisfaction.

A total of 727 green reviews (reviews on green experiences) of the top ten green hotels in the USA were downloaded from TripAdvisor for content analysis. Descriptive statistics and ordinal logistic regressions were then used.

Guests have both positive and negative experiences at green hotels. “Energy”, “purchasing” and “education and innovation” are the most frequently discussed green practices. Some guests’ green experiences, such as “guest training”, “energy”, “water”, “purchasing” and “education and innovation”, significantly influence their overall satisfaction with hotels. Compared with basic green practices, advanced green practices tend to have greater impacts on customer satisfaction.

This study provides insight into guests’ green experiences at hotels and their impact on customer satisfaction. More importantly, this study examines the contribution of different types of green practices to customer satisfaction. As the green hotels examined in this study were not randomly selected, the results should be interpreted with caution.

Different practices impact customer satisfaction in different ways, so hoteliers should refine their green strategies when they implement these green practices.

Very few studies have examined the relationship between green practices and customer satisfaction. A gap still exists in specifically what types of green practices affect customer satisfaction and whether different levels of green practices have different impacts on customer satisfaction. This study investigates guests’ actual experiences and fills the above research gap.

This paper aims to study the impact of external fairness of executive compensation on M&A premium, and examine the moderate role of institutional investors. The high M&A premium is the main factors that induce the huge impairment of listed companies’ goodwill and the plummeting performance. Executives are the decision-makers of M&As, and their decision-making process is inevitably affected by the psychological factors. In recent years, institutional investors have become an important external force that can affect the governance of listed companies.

The authors use M&A data of listed companies from 2008 to 2018 and use OLS regression to test the relationship between executive compensation fairness and M&A premium.

The results show that the lower the external fairness of executive compensation, the greater the M&A premium. Institutional investors can effectively reduce the impact of external compensation unfairness on M&A premiums. The mechanism tests show that executives' psychological perception of fairness induced by external unfairness reduces their motivation to work and prompts them to use high premium to seek alternative compensation incentives. Further examinations of executive characteristics and corporate characteristics show that the role of external unfairness in executive compensation in driving M&A premiums is more pronounced in companies with longer executive tenure, weaker executive reputation incentives and private property.

This paper enriches the research on the pre-factors of M&A premiums from the perspective of executives’ psychological perception of fairness, provides evidence that institutional investors play a positive governance role and provides decision-making references for companies to take corresponding measures to reduce M&A premium risks.