Elder consumers are important consumer segment because of baby boomers and incoming aging societies in many countries. MacInnis and Mello (2005) indicate that hope is an important construct to influence consumer decisions. For many elder people who rely on others to lead a life gradually lose control of making consumption decision for themselves. If autonomy is one of the important value for elder people as Leventhal (1997) proposed, the moderating effect of decision autonomy to counterbalance the effect of hope is discussed in this study if it can enhance elder consumers’ SWB. This study firstly explored the antecedent factors of hope by adopting subjective evaluation from elder consumers. Then, hope was further manipulated in terms of goal importance and goal uncertainty to investigate the mechanism on consumption decision and SWB. A between-subjective experiment manipulated hope in two dimensions, goal importance (high / low) and goal outcome certainty (certainty / uncertainty), invited 142 consumers aged above 65 years old to participate. Result indicates that better mental health and financial ability as well as younger cognitive age relate to the hope of elder consumers and influence SWB. Hope is partially the psychological mechanism to influence more on SWB. Decision autonomy is not found its moderating effect on hope to SWB.

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.