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Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels

Author

Listed:
  • Thomas Li-Ping Tang

    (Middle Tennessee State University)

  • Toto Sutarso

    (Middle Tennessee State University)

  • Mahfooz A. Ansari

    (University of Lethbridge)

  • Vivien Kim Geok Lim

    (National University of Singapore)

  • Thompson Sian Hin Teo

    (National University of Singapore)

  • Fernando Arias-Galicia

    (Universidad Autónoma del Estado de Morelos)

  • Ilya E. Garber

    (Saratov State University)

  • Randy Ki-Kwan Chiu

    (Hong Kong Baptist University)

  • Brigitte Charles-Pauvers

    (University of Nantes)

  • Roberto Luna-Arocas

    (University of Valencia)

  • Peter Vlerick

    (Ghent University)

  • Adebowale Akande

    (Independent Research Collaboration)

  • Michael W. Allen

    (İpek University)

  • Abdulgawi Salim Al-Zubaidi

    (Sultan Qaboos University)

  • Mark G. Borg

    (University of Malta)

  • Luigina Canova

    (University of Padua)

  • Bor-Shiuan Cheng

    (National Taiwan University)

  • Rosario Correia

    (Polytechnic Institute of Lisbon – Portugal)

  • Linzhi Du

    (Nankai University)

  • Consuelo Garcia de la Torre

    (Technological Institute of Monterrey)

  • Abdul Hamid Safwat Ibrahim

    (Suez Canal University)

  • Chin-Kang Jen

    (National Sun-Yat-Sen University)

  • Ali Mahdi Kazem

    (Sultan Qaboos University)

  • Kilsun Kim

    (Sogang University)

  • Jian Liang

    (Shanghai Jiao Tong University)

  • Eva Malovics

    (University of Szeged)

  • Anna Maria Manganelli

    (University of Padua)

  • Alice S. Moreira

    (Federal University of Pará)

  • Richard T. Mpoyi

    (Middle Tennessee State University)

  • Anthony Ugochukwu Obiajulu Nnedum

    (Nnamdi Azikiwe University)

  • Johnsto E. Osagie

    (Florida A&M University)

  • AAhad M. Osman-Gani

    (International Islamic University of Malaysia)

  • Mehmet Ferhat Özbek

    (Gümüşhane University)

  • Francisco José Costa Pereira

    (Lusófona University)

  • Ruja Pholsward

    (Rangsit University)

  • Horia D. Pitariu

    (Babes-Bolyai University)

  • Marko Polic

    (University of Ljubljana)

  • Elisaveta Gjorgji Sardžoska

    (University St. Cyril and Methodius)

  • Petar Skobic

    (ALDI, Inc.)

  • Allen F. Stembridge

    (Andrews University)

  • Theresa Li-Na Tang

    (Tang Global Consulting Group)

  • Caroline Urbain

    (University of Nantes)

  • Martina Trontelj

    (University of Ljubljana)

  • Jingqiu Chen

    (Shanghai Jiao Tong University)

  • Ningyu Tang

    (Shanghai Jiao Tong University)

Abstract

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.

Suggested Citation

  • Thomas Li-Ping Tang & Toto Sutarso & Mahfooz A. Ansari & Vivien Kim Geok Lim & Thompson Sian Hin Teo & Fernando Arias-Galicia & Ilya E. Garber & Randy Ki-Kwan Chiu & Brigitte Charles-Pauvers & Roberto, 2018. "Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels," Journal of Business Ethics, Springer, vol. 148(4), pages 893-917, April.
    • Handle: RePEc:kap:jbuset:v:148:y:2018:i:4:d:10.1007_s10551-015-2980-y
    DOI: 10.1007/s10551-015-2980-y
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