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Theory of Monetary Intelligence: Money Attitudes—Religious Values, Making Money, Making Ethical Decisions, and Making the Grade

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  • Thomas Li-Ping Tang

    (Middle Tennessee State University)

Abstract

This study explores (1) the effect of a short ethics intervention—a chapter of business ethics in a business course—on perceptions of business courses and personal values toward making money and making ethical decisions and (2) Monetary Intelligence (MI). Since attitudes predict intentions and behaviors, Monetary Intelligence, a form of social intelligence, is defined as the extent to which individuals monitor their own monetary motive, behavior, and cognition; apply the information to evaluate critical concerns and options; select strategies to achieve financial goals; and reach ultimate success and subjective well-being. I theorize that the affective (love of money motive) aspect of MI is unrelated to perceptions of “course work,” yet it is positively related to their “personal values” toward making money, but negatively related to making ethical decisions. Individuals with high MI (low affective love of money motive) have low interests in making money, but high levels of intrinsic religiosity and recall of the Ten Commandments and high interests in making ethical decisions and making the grade (objective academic performance). Based on data from multiple panels and multiple sources, this study provides the following discoveries. Contrary to expectations, there are no differences in students’ perceptions of course work and their personal values toward making money and making ethical decisions between two measures—before and after the ethics intervention. Results of this study not only provide empirical supports for the bright side of theory of Monetary Intelligence (MI, Monetary Quotient, MQ) but also reveal a new paradox—recall of the Ten Commandments (the priming effect) is positively related to making ethical decisions, but negatively related to making money. Results illustrate important theoretical, empirical, and practical implications to the literature of money attitudes, religiosity, intrinsic motivation, and business ethics.

Suggested Citation

  • Thomas Li-Ping Tang, 2016. "Theory of Monetary Intelligence: Money Attitudes—Religious Values, Making Money, Making Ethical Decisions, and Making the Grade," Journal of Business Ethics, Springer, vol. 133(3), pages 583-603, February.
    • Handle: RePEc:kap:jbuset:v:133:y:2016:i:3:d:10.1007_s10551-014-2411-5
    DOI: 10.1007/s10551-014-2411-5
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    Cited by:

    1. Elodie Gentina & Carole Daniel & Thomas Li-Ping Tang, 2021. "Mindfulness Reduces Avaricious Monetary Attitudes and Enhances Ethical Consumer Beliefs: Mindfulness Training, Timing, and Practicing Matter," Journal of Business Ethics, Springer, vol. 173(2), pages 301-323, October.
    2. Ningyu Tang & Jingqiu Chen & Kaili Zhang & Thomas Li-Ping Tang, 2018. "Monetary Wisdom: How Do Investors Use Love of Money to Frame Stock Volatility and Enhance Stock Happiness?," Journal of Happiness Studies, Springer, vol. 19(6), pages 1831-1862, August.
    3. Zucheng Zhou & Ben Nanfeng Luo & Thomas Li‐Ping Tang, 2018. "Corporate Social Responsibility Excites ‘Exponential’ Positive Employee Engagement: The Matthew Effect in CSR and Sustainable Policy," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(4), pages 339-354, July.
    4. D. M. Sachinthanee Dissanayake & Ananda K. L. Jayawardana, 2023. "The impact of personal sense of power on unethical decision-making: a moderated mediation model of love of money motive and power distance orientation," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 50(1), pages 19-34, March.
    5. Yanping Gong & Xiuyuan Tang & Julan Xie & Long Zhang, 2022. "Exploring the Nexus Between Work-to-Family Conflict, Material Rewards Parenting and Adolescent Materialism: Evidence from Chinese Dual-Career Families," Journal of Business Ethics, Springer, vol. 176(3), pages 593-607, March.
    6. Chandra, Yanto & Tjiptono, Fandy & Setyawan, Andhy, 2021. "The promise of entrepreneurial passion to advance social entrepreneurship research," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    7. Yalin Mo & Junyu Zhao & Thomas Li-Ping Tang, 2023. "Religious Beliefs Inspire Sustainable HOPE (Help Ourselves Protect the Environment): Culture, Religion, Dogma, and Liturgy—The Matthew Effect in Religious Social Responsibility," Journal of Business Ethics, Springer, vol. 184(3), pages 665-685, May.
    8. Elodie Gentina & Thomas Li-Ping Tang & Qinxuan Gu, 2018. "Do Parents and Peers Influence Adolescents’ Monetary Intelligence and Consumer Ethics? French and Chinese Adolescents and Behavioral Economics," Journal of Business Ethics, Springer, vol. 151(1), pages 115-140, August.

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