Monetary intelligence and behavioral economics across 32 cultures: good apples enjoy good quality of life in good barrels
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 econom...
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my.iium.irep.493882019-03-13T03:08:40Z http://irep.iium.edu.my/49388/ Monetary intelligence and behavioral economics across 32 cultures: good apples enjoy good quality of life in good barrels Thomas, Li-Ping Tang Sutarso, Toto Ansari, Mahfooz A. Lim, Vivien Kim Geok Teo, Thompson Sian Hin Arias-Galicia, Fernando Garber, Ilya E. Chiu, Randy Ki Kwan Charles-Pauvers, Brigitte Luna-Arocas, Roberto Vlerick, Peter Akande, Adebowale Williams Ibrahim, Abdul Hamid Safwat Osman-Gani, AAhad M. Özbek, Mehmet Ferhat HF5001 Business. Business Administration HF5387 Business ethics 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 microlevel (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. Springer 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/49388/1/Monetary_Motive-JBE-2015.pdf application/pdf en http://irep.iium.edu.my/49388/22/49388_Monetary%20Intelligence%20and%20Behavioral_article.pdf application/pdf en http://irep.iium.edu.my/49388/5/49388_Monetary%20intelligence%20and%20behavioral%20economics_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/49388/6/49388_Monetary%20intelligence%20and%20behavioral%20economics_WOS.pdf Thomas, Li-Ping Tang and Sutarso, Toto and Ansari, Mahfooz A. and Lim, Vivien Kim Geok and Teo, Thompson Sian Hin and Arias-Galicia, Fernando and Garber, Ilya E. and Chiu, Randy Ki Kwan and Charles-Pauvers, Brigitte and Luna-Arocas, Roberto and Vlerick, Peter and Akande, Adebowale Williams and Ibrahim, Abdul Hamid Safwat and Osman-Gani, AAhad M. and Özbek, Mehmet Ferhat (2018) Monetary intelligence and behavioral economics across 32 cultures: good apples enjoy good quality of life in good barrels. Journal of Business Ethics, 148 (4). pp. 893-917. ISSN 0167-4544 https://link.springer.com/article/10.1007/s10551-015-2980-y 10.1007/s10551-015-2980-y |
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HF5001 Business. Business Administration HF5387 Business ethics Thomas, Li-Ping Tang Sutarso, Toto Ansari, Mahfooz A. Lim, Vivien Kim Geok Teo, Thompson Sian Hin Arias-Galicia, Fernando Garber, Ilya E. Chiu, Randy Ki Kwan Charles-Pauvers, Brigitte Luna-Arocas, Roberto Vlerick, Peter Akande, Adebowale Williams Ibrahim, Abdul Hamid Safwat Osman-Gani, AAhad M. Özbek, Mehmet Ferhat Monetary intelligence and behavioral economics across 32 cultures: good apples enjoy good quality of life in good barrels |
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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 microlevel (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. |
format |
Article |
author |
Thomas, Li-Ping Tang Sutarso, Toto Ansari, Mahfooz A. Lim, Vivien Kim Geok Teo, Thompson Sian Hin Arias-Galicia, Fernando Garber, Ilya E. Chiu, Randy Ki Kwan Charles-Pauvers, Brigitte Luna-Arocas, Roberto Vlerick, Peter Akande, Adebowale Williams Ibrahim, Abdul Hamid Safwat Osman-Gani, AAhad M. Özbek, Mehmet Ferhat |
author_facet |
Thomas, Li-Ping Tang Sutarso, Toto Ansari, Mahfooz A. Lim, Vivien Kim Geok Teo, Thompson Sian Hin Arias-Galicia, Fernando Garber, Ilya E. Chiu, Randy Ki Kwan Charles-Pauvers, Brigitte Luna-Arocas, Roberto Vlerick, Peter Akande, Adebowale Williams Ibrahim, Abdul Hamid Safwat Osman-Gani, AAhad M. Özbek, Mehmet Ferhat |
author_sort |
Thomas, Li-Ping Tang |
title |
Monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
title_short |
Monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
title_full |
Monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
title_fullStr |
Monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
title_full_unstemmed |
Monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
title_sort |
monetary intelligence and behavioral economics across 32
cultures: good apples enjoy good quality of life in good
barrels |
publisher |
Springer |
publishDate |
2018 |
url |
http://irep.iium.edu.my/49388/1/Monetary_Motive-JBE-2015.pdf http://irep.iium.edu.my/49388/22/49388_Monetary%20Intelligence%20and%20Behavioral_article.pdf http://irep.iium.edu.my/49388/5/49388_Monetary%20intelligence%20and%20behavioral%20economics_SCOPUS.pdf http://irep.iium.edu.my/49388/6/49388_Monetary%20intelligence%20and%20behavioral%20economics_WOS.pdf http://irep.iium.edu.my/49388/ https://link.springer.com/article/10.1007/s10551-015-2980-y |
_version_ |
1643619301862670336 |
score |
13.18916 |