TY - JOUR
T1 - Monetary Intelligence and Behavioral Economics Across 32 Cultures
T2 - Good Apples Enjoy Good Quality of Life in Good Barrels
AU - Tang, Thomas Li Ping
AU - Sutarso, Toto
AU - Ansari, Mahfooz A.
AU - Lim, Vivien Kim Geok
AU - Teo, Thompson Sian Hin
AU - Arias-Galicia, Fernando
AU - Garber, Ilya E.
AU - CHIU, Randy K
AU - Charles-Pauvers, Brigitte
AU - Luna-Arocas, Roberto
AU - Vlerick, Peter
AU - Akande, Adebowale
AU - Allen, Michael W.
AU - Al-Zubaidi, Abdulgawi Salim
AU - Borg, Mark G.
AU - Canova, Luigina
AU - Cheng, Bor Shiuan
AU - Correia, Rosario
AU - Du, Linzhi
AU - Garcia de la Torre, Consuelo
AU - Ibrahim, Abdul Hamid Safwat
AU - Jen, Chin Kang
AU - Kazem, Ali Mahdi
AU - Kim, Kilsun
AU - Liang, Jian
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 - Osman-Gani, AAhad A.M.
AU - Özbek, Mehmet Ferhat
AU - Pereira, Francisco José Costa
AU - Pholsward, Ruja
AU - Pitariu, Horia D.
AU - Polic, Marko
AU - Sardžoska, Elisaveta Gjorgji
AU - Skobic, Petar
AU - Stembridge, Allen F.
AU - Tang, Theresa Li Na
AU - Urbain, Caroline
AU - Trontelj, Martina
AU - Chen, Jingqiu
AU - Tang, Ningyu
N1 - Publisher Copyright:
© 2015, Springer Science+Business Media Dordrecht.
PY - 2018/4/1
Y1 - 2018/4/1
N2 - Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level (GDP per capita) and micro-level (Z income). We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay satisfaction and quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness (money makes people happy). Our theoretical model across three GDP groups offers new discoveries: In high GDP (rich) entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index (CPI) (risk aversion for gains of high probability) (Tang et al. 2015. doi:10.1007/s10551-015-2942-4). In low GDP (poor) entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics.
AB - Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level (GDP per capita) and micro-level (Z income). We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay satisfaction and quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness (money makes people happy). Our theoretical model across three GDP groups offers new discoveries: In high GDP (rich) entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index (CPI) (risk aversion for gains of high probability) (Tang et al. 2015. doi:10.1007/s10551-015-2942-4). In low GDP (poor) entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics.
KW - Behavioral economics
KW - Corporate ethical values
KW - Corruption Perceptions Index/CPI
KW - Cross-cultural
KW - Economists/psychologist
KW - GDP
KW - Global economic pyramid
KW - International
KW - Prospect theory
KW - Satisfaction
UR - http://www.scopus.com/inward/record.url?scp=84951784975&partnerID=8YFLogxK
U2 - 10.1007/s10551-015-2980-y
DO - 10.1007/s10551-015-2980-y
M3 - Journal article
AN - SCOPUS:84951784975
SN - 0167-4544
VL - 148
SP - 893
EP - 917
JO - Journal of Business Ethics
JF - Journal of Business Ethics
IS - 4
ER -
