Purpose – This paper aims to explore the influence of career expectations on job satisfaction of Generation Y, as well as the mediating effect of career expectations on the relationship between hotel career management (HCM) and job satisfaction. Design/methodology/approach – Data were collected from the main tourist cities in China with Generation Y employees working in the hospitality industry as the target population. A total of 442 valid questionnaires were obtained, and structural equation modeling was used to examine the relationships among the constructs. Findings – HCM contributed positively to employees’ career expectation and job satisfaction. Career expectation was positively related to job satisfaction, as well as mediated the relationship between HCM and job satisfaction. Research limitations/implications – This study is limited by the use of self-reported data in the cross-sectional design because all participants filled out the questionnaires by themselves. The use of convenience sampling method presents another limitation for this study. Practical implications – This study may serve as a guide for managers and policymakers. First, this study highlights the importance of effective career management activities. Second, this study may help hotels retain the qualified staff members. Third, this study may help hotel managers respond to the career expectation of their young employees. Social implications – The meditating effect of career expectation highlights its importance in the career management system. The main force of market labor is Generation Y, who are known for their high career expectation and their emphasis on their career development. The findings indicate that both extrinsic and intrinsic value factors provide greater contributions to job satisfaction than prestige and stability factors. Therefore, hotels must provide a stable working environment, and care more on employees’ intrinsic value. Aside from providing high compensation, employers should also provide career growth opportunities and challenging job to their employees, as they are important motivational factors. By providing tailor-made career activities, hotel managers may satisfy the career expectations and enhance the job satisfaction of young employees, which, in turn, leads to a mutually beneficial situation for both managers and employees. Originality/value – This study explores the predictors and outcomes of career expectations of Generation Y employees. It highlights the importance of meeting the career expectations and also shows initial evidence on the mediating effect of career expectation. The findings of this study may provide useful guidance to both hotel operators and employees.

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Global crises have created unprecedented challenges for communities and economies across the world, triggering turmoil in global finance and economy. This study adopts the dynamic conditional correlation multiple generalized autoregressive conditional heteroskedasticity (DCC–MGARCH) model to explore contagion effects across financial markets in crisis. The main findings are as follows: (1) the financial crisis and COVID-19 pandemic intensified the connection between the Chinese and US stock markets in the short term; (2) the dynamic conditional correlations (DCCs) during the COVID-19 pandemic are higher than those during the 2008 financial crisis owing to the further opening of the Chinese capital market, and financial institutions’ investments in the European market are higher than those in the American markets; (3) a stepwise increase is observed in the dynamic conditional correlation between the returns on the S&P 500 Index and SSEC during and after the onset of a destructive crisis; and (4) a unidirectional contagion effect exists between the Chinese market and US market, and the Hong Kong stock market contributes to the risk spillover. Effective transmission channels of external negative shocks may be investors’ sentiments, financial institutions, and the RMB exchange rate in the stock markets. This study provides useful suggestions to authorities formulating financial regulations and investors diversifying risk investments.

This study aims to explore the sustainable development of the regional economy from the perspective of human capital. Based on the panel data from 2005 to 2019 in Shandong Province, China, this study first analyzes the interactive coupling mechanism between human capital and sustainable economic growth, and then constructs the evaluation model of coupling coordination degree. Results reveal that Shandong Province’s human capital and sustainable economic growth gradually increased; the coupling coordination degree of human capital and sustainable economic growth changed from a state of mild imbalance to slight coordination; sustainable economic growth lagged human capital development; education scale, innovation capacity, growth level, economic openness, and investment and consumption level are the key factors affecting sustainable economic development. Through the above research, the study puts forward policy suggestions conducive to sustainable development in China.