Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence

Thomas Li Ping Tang; Toto Sutarso; Mahfooz Alam Ansari; Vivien KG Lim; Thompson S. H. Teo; Fernando Arias-Galicia; Ilya Garber; Peter Vlerick; Bolanle E. Adetoun; Modupe F. Adewuyi; Adebowale Akande; Michael W. Allen; Abdulgawi Salim Alzubaidi; Mark G. Borg; Luigina Canova; Brigitte Charles-Pauvers; Bor Shiuan Cheng; Randy Ki-Kwan Chiu; Rosario Correia; Linzhi Du; Consuelo Adelaida Garcia-de-la-Torre; Abdul Hamid Safwat Ibrahim; Chin Kang Jen; Ali Mahdi Kazem; Kilsun Kim; Jian Liang; Roberto Luna-Arocas; Eva Malovics; Anna Maria Manganelli; Alice S. Moreira; Richard T. Mpoyi; Anthony Ugochukwu Obiajulu Nnedum; Johnsto E. Osagie; Mehmet Ferhat Özbek; Aahad M. Osman-Gani; Francisco Costa Pereira; Ruja Pholsward; Horia D. Pitariu; Marko Polic; Elisaveta Sardzoska; Petar Skobic; Allen F. Stembridge; Theresa Li Na Tang; Martina Trontelj; Caroline Urbain; Jingqiu Chen

doi:10.5465/ambpp.2013.10605abstract

Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence

Thomas Li Ping Tang, Toto Sutarso, Mahfooz Alam Ansari, Vivien KG Lim, Thompson S. H. Teo, Fernando Arias-Galicia, Ilya Garber, Peter Vlerick, Bolanle E. Adetoun, Modupe F. Adewuyi, Adebowale Akande, Michael W. Allen, Abdulgawi Salim Alzubaidi, Mark G. Borg, Luigina Canova, Brigitte Charles-Pauvers, Bor Shiuan Cheng, Randy Ki-Kwan Chiu, Rosario Correia, Linzhi DuConsuelo Adelaida Garcia-de-la-Torre, Abdul Hamid Safwat Ibrahim, Chin Kang Jen, Ali Mahdi Kazem, Kilsun Kim, Jian Liang, Roberto Luna-Arocas, Eva Malovics, Anna Maria Manganelli, Alice S. Moreira, Richard T. Mpoyi, Anthony Ugochukwu Obiajulu Nnedum, Johnsto E. Osagie, Mehmet Ferhat Özbek, Aahad M. Osman-Gani, Francisco Costa Pereira, Ruja Pholsward, Horia D. Pitariu, Marko Polic, Elisaveta Sardzoska, Petar Skobic, Allen F. Stembridge, Theresa Li Na Tang, Martina Trontelj, Caroline Urbain, Jingqiu Chen

Research output: Chapter in book/report/conference proceeding › Conference proceeding › peer-review

Abstract

In this study, we develop a theory of Monetary Intelligence, and explore satisfaction with pay and life from the virtuous money smart perspective: In order to enjoy high pay satisfaction and life satisfaction, money smart individuals must become good stewards and curb their love-of-money motive. We collect data from 6,586 managers in 32 geopolitical entities across six continents. After controlling for Gross Domestic Product (GDP) per capita and individual income, results support our theory: Money smart people simultaneously focus on their intellectual virtues of prudence and “fulfillment”—enhancing stewardship behavior (the works) and “contentment”—reducing affective motive (love of money) and keeping cognitive meaning in perspective which are associated with enviable higher pay satisfaction than life satisfaction. GDP is related to life satisfaction, but not to pay satisfaction; while income is related to both. Counter-intuitively, neither GDP nor income is related to the feelings that money brings happiness. Across three levels of the income pyramid, managers in high (low) GDP countries have higher (lower) life satisfaction than pay satisfaction. Our novel discoveries not only demonstrate the application of a new theory of monetary intelligence in a global context but also illustrate intra-personal, inter-personal, and cross-cultural differences in the pursuit of happiness in people’s lives.

Original language	English
Title of host publication	Academy of Management Proceedings 2013
Editors	Sonia Taneja
Publisher	Academy of Management
DOIs	https://doi.org/10.5465/ambpp.2013.10605abstract
Publication status	Published - 1 Jan 2013
Event	73rd Annual Meeting of the Academy of Management, AOM 2013: Capitalism in Question - Orlando, United States Duration: 9 Aug 2013 → 13 Aug 2013 http://pd.aom.org/2013/subMenu.asp?mode=setmenu&menuid=14 (Conference program) https://journals.aom.org/toc/amproc/2013/1 (Conference proceedings)

Publication series

Name	Academy of Management Proceedings
Publisher	Academy of Management
Number	1
Volume	2013
ISSN (Print)	0065-0668
ISSN (Electronic)	2151-6561

Conference

Conference	73rd Annual Meeting of the Academy of Management, AOM 2013
Country/Territory	United States
City	Orlando
Period	9/08/13 → 13/08/13
Internet address	http://pd.aom.org/2013/subMenu.asp?mode=setmenu&menuid=14 (Conference program) https://journals.aom.org/toc/amproc/2013/1 (Conference proceedings)

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Cross-cultural
Money Attitudes
Satisfaction

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10.5465/ambpp.2013.10605abstract

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Tang, T. L. P., Sutarso, T., Ansari, M. A., Lim, V. KG., Teo, T. S. H., Arias-Galicia, F., Garber, I., Vlerick, P., Adetoun, B. E., Adewuyi, M. F., Akande, A., Allen, M. W., Alzubaidi, A. S., Borg, M. G., Canova, L., Charles-Pauvers, B., Cheng, B. S., Chiu, R. K.-K., Correia, R., ... Chen, J. (2013). Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence. In S. Taneja (Ed.), Academy of Management Proceedings 2013 (Academy of Management Proceedings; Vol. 2013, No. 1). Academy of Management. https://doi.org/10.5465/ambpp.2013.10605abstract

@inproceedings{8a54492360b541bab03058d92b9d7520,

title = "Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence",

abstract = "In this study, we develop a theory of Monetary Intelligence, and explore satisfaction with pay and life from the virtuous money smart perspective: In order to enjoy high pay satisfaction and life satisfaction, money smart individuals must become good stewards and curb their love-of-money motive. We collect data from 6,586 managers in 32 geopolitical entities across six continents. After controlling for Gross Domestic Product (GDP) per capita and individual income, results support our theory: Money smart people simultaneously focus on their intellectual virtues of prudence and “fulfillment”—enhancing stewardship behavior (the works) and “contentment”—reducing affective motive (love of money) and keeping cognitive meaning in perspective which are associated with enviable higher pay satisfaction than life satisfaction. GDP is related to life satisfaction, but not to pay satisfaction; while income is related to both. Counter-intuitively, neither GDP nor income is related to the feelings that money brings happiness. Across three levels of the income pyramid, managers in high (low) GDP countries have higher (lower) life satisfaction than pay satisfaction. Our novel discoveries not only demonstrate the application of a new theory of monetary intelligence in a global context but also illustrate intra-personal, inter-personal, and cross-cultural differences in the pursuit of happiness in people{\textquoteright}s lives.",

keywords = "Cross-cultural, Money Attitudes, Satisfaction",

author = "Tang, {Thomas Li Ping} and Toto Sutarso and Ansari, {Mahfooz Alam} and Lim, {Vivien KG} and Teo, {Thompson S. H.} and Fernando Arias-Galicia and Ilya Garber and Peter Vlerick and Adetoun, {Bolanle E.} and Adewuyi, {Modupe F.} and Adebowale Akande and Allen, {Michael W.} and Alzubaidi, {Abdulgawi Salim} and Borg, {Mark G.} and Luigina Canova and Brigitte Charles-Pauvers and Cheng, {Bor Shiuan} and Chiu, {Randy Ki-Kwan} and Rosario Correia and Linzhi Du and Garcia-de-la-Torre, {Consuelo Adelaida} and Ibrahim, {Abdul Hamid Safwat} and Jen, {Chin Kang} and Kazem, {Ali Mahdi} and Kilsun Kim and Jian Liang and Roberto Luna-Arocas and Eva Malovics and Manganelli, {Anna Maria} and Moreira, {Alice S.} and Mpoyi, {Richard T.} and Nnedum, {Anthony Ugochukwu Obiajulu} and Osagie, {Johnsto E.} and {\"O}zbek, {Mehmet Ferhat} and Osman-Gani, {Aahad M.} and Pereira, {Francisco Costa} and Ruja Pholsward and Pitariu, {Horia D.} and Marko Polic and Elisaveta Sardzoska and Petar Skobic and Stembridge, {Allen F.} and Tang, {Theresa Li Na} and Martina Trontelj and Caroline Urbain and Jingqiu Chen",

note = "Publisher copyright: Copyright of Academy of Management Journal is the property of Academy of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder{\textquoteright}s express written permission. However, users may print, download, or email articles for individual use.; 73rd Annual Meeting of the Academy of Management, AOM 2013 : Capitalism in Question ; Conference date: 09-08-2013 Through 13-08-2013",

year = "2013",

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doi = "10.5465/ambpp.2013.10605abstract",

language = "English",

series = "Academy of Management Proceedings",

publisher = "Academy of Management",

number = "1",

editor = "Sonia Taneja",

booktitle = "Academy of Management Proceedings 2013",

address = "United States",

url = "http://pd.aom.org/2013/subMenu.asp?mode=setmenu&menuid=14, https://journals.aom.org/toc/amproc/2013/1",

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Tang, TLP, Sutarso, T, Ansari, MA, Lim, VKG, Teo, TSH, Arias-Galicia, F, Garber, I, Vlerick, P, Adetoun, BE, Adewuyi, MF, Akande, A, Allen, MW, Alzubaidi, AS, Borg, MG, Canova, L, Charles-Pauvers, B, Cheng, BS, Chiu, RK-K, Correia, R, Du, L, Garcia-de-la-Torre, CA, Ibrahim, AHS, Jen, CK, Kazem, AM, Kim, K, Liang, J, Luna-Arocas, R, Malovics, E, Manganelli, AM, Moreira, AS, Mpoyi, RT, Nnedum, AUO, Osagie, JE, Özbek, MF, Osman-Gani, AM, Pereira, FC, Pholsward, R, Pitariu, HD, Polic, M, Sardzoska, E, Skobic, P, Stembridge, AF, Tang, TLN, Trontelj, M, Urbain, C & Chen, J 2013, Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence. in S Taneja (ed.), Academy of Management Proceedings 2013. Academy of Management Proceedings, no. 1, vol. 2013, Academy of Management, 73rd Annual Meeting of the Academy of Management, AOM 2013, Orlando, Florida, United States, 9/08/13. https://doi.org/10.5465/ambpp.2013.10605abstract

Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence. / Tang, Thomas Li Ping; Sutarso, Toto; Ansari, Mahfooz Alam et al.
Academy of Management Proceedings 2013. ed. / Sonia Taneja. Academy of Management, 2013. (Academy of Management Proceedings; Vol. 2013, No. 1).

Research output: Chapter in book/report/conference proceeding › Conference proceeding › peer-review

TY - GEN

T1 - Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence

AU - Tang, Thomas Li Ping

AU - Sutarso, Toto

AU - Ansari, Mahfooz Alam

AU - Lim, Vivien KG

AU - Teo, Thompson S. H.

AU - Arias-Galicia, Fernando

AU - Garber, Ilya

AU - Vlerick, Peter

AU - Adetoun, Bolanle E.

AU - Adewuyi, Modupe F.

AU - Akande, Adebowale

AU - Allen, Michael W.

AU - Alzubaidi, Abdulgawi Salim

AU - Borg, Mark G.

AU - Canova, Luigina

AU - Charles-Pauvers, Brigitte

AU - Cheng, Bor Shiuan

AU - Chiu, Randy Ki-Kwan

AU - Correia, Rosario

AU - Du, Linzhi

AU - Garcia-de-la-Torre, Consuelo Adelaida

AU - Ibrahim, Abdul Hamid Safwat

AU - Jen, Chin Kang

AU - Kazem, Ali Mahdi

AU - Kim, Kilsun

AU - Liang, Jian

AU - Luna-Arocas, Roberto

AU - Malovics, Eva

AU - Manganelli, Anna Maria

AU - Moreira, Alice S.

AU - Mpoyi, Richard T.

AU - Nnedum, Anthony Ugochukwu Obiajulu

AU - Osagie, Johnsto E.

AU - Özbek, Mehmet Ferhat

AU - Osman-Gani, Aahad M.

AU - Pereira, Francisco Costa

AU - Pholsward, Ruja

AU - Pitariu, Horia D.

AU - Polic, Marko

AU - Sardzoska, Elisaveta

AU - Skobic, Petar

AU - Stembridge, Allen F.

AU - Tang, Theresa Li Na

AU - Trontelj, Martina

AU - Urbain, Caroline

AU - Chen, Jingqiu

N1 - Publisher copyright: Copyright of Academy of Management Journal is the property of Academy of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder’s express written permission. However, users may print, download, or email articles for individual use.

PY - 2013/1/1

Y1 - 2013/1/1

N2 - In this study, we develop a theory of Monetary Intelligence, and explore satisfaction with pay and life from the virtuous money smart perspective: In order to enjoy high pay satisfaction and life satisfaction, money smart individuals must become good stewards and curb their love-of-money motive. We collect data from 6,586 managers in 32 geopolitical entities across six continents. After controlling for Gross Domestic Product (GDP) per capita and individual income, results support our theory: Money smart people simultaneously focus on their intellectual virtues of prudence and “fulfillment”—enhancing stewardship behavior (the works) and “contentment”—reducing affective motive (love of money) and keeping cognitive meaning in perspective which are associated with enviable higher pay satisfaction than life satisfaction. GDP is related to life satisfaction, but not to pay satisfaction; while income is related to both. Counter-intuitively, neither GDP nor income is related to the feelings that money brings happiness. Across three levels of the income pyramid, managers in high (low) GDP countries have higher (lower) life satisfaction than pay satisfaction. Our novel discoveries not only demonstrate the application of a new theory of monetary intelligence in a global context but also illustrate intra-personal, inter-personal, and cross-cultural differences in the pursuit of happiness in people’s lives.

AB - In this study, we develop a theory of Monetary Intelligence, and explore satisfaction with pay and life from the virtuous money smart perspective: In order to enjoy high pay satisfaction and life satisfaction, money smart individuals must become good stewards and curb their love-of-money motive. We collect data from 6,586 managers in 32 geopolitical entities across six continents. After controlling for Gross Domestic Product (GDP) per capita and individual income, results support our theory: Money smart people simultaneously focus on their intellectual virtues of prudence and “fulfillment”—enhancing stewardship behavior (the works) and “contentment”—reducing affective motive (love of money) and keeping cognitive meaning in perspective which are associated with enviable higher pay satisfaction than life satisfaction. GDP is related to life satisfaction, but not to pay satisfaction; while income is related to both. Counter-intuitively, neither GDP nor income is related to the feelings that money brings happiness. Across three levels of the income pyramid, managers in high (low) GDP countries have higher (lower) life satisfaction than pay satisfaction. Our novel discoveries not only demonstrate the application of a new theory of monetary intelligence in a global context but also illustrate intra-personal, inter-personal, and cross-cultural differences in the pursuit of happiness in people’s lives.

KW - Cross-cultural

KW - Money Attitudes

KW - Satisfaction

U2 - 10.5465/ambpp.2013.10605abstract

DO - 10.5465/ambpp.2013.10605abstract

M3 - Conference proceeding

T3 - Academy of Management Proceedings

BT - Academy of Management Proceedings 2013

A2 - Taneja, Sonia

PB - Academy of Management

T2 - 73rd Annual Meeting of the Academy of Management, AOM 2013

Y2 - 9 August 2013 through 13 August 2013

ER -

Are Money Smart People Satisfied with Pay and Life? A Theory of Monetary Intelligence

Abstract

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