I would expect from a reflection operator $\hat{M}$ to leave a wavefunction unchanged if two times applied, thus $\hat{M}^2=1$. However, for a spin-1/2 particle this is not the case when following the standard definition of $\hat{M}$. Is there some scope to define the reflection operator in a different way? Where does the standard definition come from?
By standard definition I mean: The action of a reflection at the yz-plane (with normal in x-direction) $\hat{M}_x$ on the spin part is expressed via an inversion (which has no influence on the spin) and a 180° rotation around the x-axis. Rotations $\hat{R}_{\alpha}(\vec{n})$ of an angle $\alpha$ around the vector $\vec{n}$ can be expressed via: \begin{equation} \hat{R}_{\alpha}(\vec{n}) =exp\left(-i\frac{\alpha}{2}\vec{\sigma}\cdot\vec{n}\right) = \cos \left(\frac{\alpha}{2} \right) - i \vec{\sigma}\cdot\vec{n} \sin \left(\frac{\alpha}{2} \right) \end{equation} with the Pauli matrices $\vec{\sigma}$. For a 180° rotation around e.g. the $x$-axis we get \begin{equation} \hat{R}_{\pi}(\vec{n}_x) = - i \sigma_x = -i \begin{pmatrix} 0 & 1 \\ 1 & 0 \\ \end{pmatrix}\, . \end{equation} Obviously, $\hat{M}_x^2=\hat{R}^2_{\pi}(\vec{n}_x)=-1$.