Monetary Intelligence and Behavioral Economics Across 32 Cultures

Good Apples Enjoy Good Quality of Life in Good Barrels

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 Luna-Arocas, Peter Vlerick, Adebowale Akande, Michael W. Allen, Abdulgawi Salim Al-Zubaidi, Mark G. Borg, Luigina Canova, Bor Shiuan Cheng, Rosario Correia, Linzhi du, Consuelo Garcia de la Torre & 25 others Abdul Hamid Safwat Ibrahim, Chin Kang Jen, Ali Mahdi Kazem, Kilsun Kim, Jian Liang, Eva Malovics, Anna Maria Manganelli, Alice S. Moreira, Richard T. Mpoyi, Anthony Ugochukwu Obiajulu Nnedum, Johnsto E. Osagie, AAhad M. Osman-Gani, Mehmet Ferhat Özbek, Francisco José Costa Pereira, Ruja Pholsward, Horia D. Pitariu, Marko Polic, Elisaveta Gjorgji Sardžoska, Petar Skobic, Allen F. Stembridge, Theresa Li Na Tang, Caroline Urbain, Martina Trontelj, Jingqiu Chen, Ningyu Tang

Research output: Contribution to journalArticle

9 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)1-25
Number of pages25
JournalJournal of Business Ethics
DOIs
Publication statusAccepted/In press - Dec 23 2015

Fingerprint

intelligence
quality of life
money
income
happiness
economics
manager
corruption
love
well-being
macro level
Quality of life
Income
Apple
Quality of Life
micro level
vocabulary
conversation
moral philosophy
Happiness

Keywords

  • Behavioral economics
  • Corporate ethical values
  • Corruption Perceptions Index/CPI
  • Cross-cultural
  • Economists/psychologist
  • GDP
  • Global economic pyramid
  • International
  • Prospect theory
  • Satisfaction

ASJC Scopus subject areas

  • Business and International Management
  • Economics and Econometrics
  • Business, Management and Accounting(all)
  • Law
  • Arts and Humanities (miscellaneous)

Cite this

Tang, T. L. P., Sutarso, T., Ansari, M. A., Lim, V. K. G., Teo, T. S. H., Arias-Galicia, F., ... Tang, N. (Accepted/In press). Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels. Journal of Business Ethics, 1-25. https://doi.org/10.1007/s10551-015-2980-y

Monetary Intelligence and Behavioral Economics Across 32 Cultures : Good Apples Enjoy Good Quality of Life in Good Barrels. / Tang, Thomas Li Ping; 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; Allen, Michael W.; Al-Zubaidi, Abdulgawi Salim; Borg, Mark G.; Canova, Luigina; Cheng, Bor Shiuan; Correia, Rosario; du, Linzhi; Garcia de la Torre, Consuelo; Ibrahim, Abdul Hamid Safwat; Jen, Chin Kang; Kazem, Ali Mahdi; Kim, Kilsun; Liang, Jian; Malovics, Eva; Manganelli, Anna Maria; Moreira, Alice S.; Mpoyi, Richard T.; Nnedum, Anthony Ugochukwu Obiajulu; Osagie, Johnsto E.; Osman-Gani, AAhad M.; Özbek, Mehmet Ferhat; Pereira, Francisco José Costa; Pholsward, Ruja; Pitariu, Horia D.; Polic, Marko; Sardžoska, Elisaveta Gjorgji; Skobic, Petar; Stembridge, Allen F.; Tang, Theresa Li Na; Urbain, Caroline; Trontelj, Martina; Chen, Jingqiu; Tang, Ningyu.

In: Journal of Business Ethics, 23.12.2015, p. 1-25.

Research output: Contribution to journalArticle

Tang, TLP, Sutarso, T, Ansari, MA, Lim, VKG, Teo, TSH, Arias-Galicia, F, Garber, IE, Chiu, RKK, Charles-Pauvers, B, Luna-Arocas, R, Vlerick, P, Akande, A, Allen, MW, Al-Zubaidi, AS, Borg, MG, Canova, L, Cheng, BS, Correia, R, du, L, Garcia de la Torre, C, Ibrahim, AHS, Jen, CK, Kazem, AM, Kim, K, Liang, J, Malovics, E, Manganelli, AM, Moreira, AS, Mpoyi, RT, Nnedum, AUO, Osagie, JE, Osman-Gani, AAM, Özbek, MF, Pereira, FJC, Pholsward, R, Pitariu, HD, Polic, M, Sardžoska, EG, Skobic, P, Stembridge, AF, Tang, TLN, Urbain, C, Trontelj, M, Chen, J & Tang, N 2015, 'Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels', Journal of Business Ethics, pp. 1-25. https://doi.org/10.1007/s10551-015-2980-y
Tang, Thomas Li Ping ; 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 ; Allen, Michael W. ; Al-Zubaidi, Abdulgawi Salim ; Borg, Mark G. ; Canova, Luigina ; Cheng, Bor Shiuan ; Correia, Rosario ; du, Linzhi ; Garcia de la Torre, Consuelo ; Ibrahim, Abdul Hamid Safwat ; Jen, Chin Kang ; Kazem, Ali Mahdi ; Kim, Kilsun ; Liang, Jian ; Malovics, Eva ; Manganelli, Anna Maria ; Moreira, Alice S. ; Mpoyi, Richard T. ; Nnedum, Anthony Ugochukwu Obiajulu ; Osagie, Johnsto E. ; Osman-Gani, AAhad M. ; Özbek, Mehmet Ferhat ; Pereira, Francisco José Costa ; Pholsward, Ruja ; Pitariu, Horia D. ; Polic, Marko ; Sardžoska, Elisaveta Gjorgji ; Skobic, Petar ; Stembridge, Allen F. ; Tang, Theresa Li Na ; Urbain, Caroline ; Trontelj, Martina ; Chen, Jingqiu ; Tang, Ningyu. / Monetary Intelligence and Behavioral Economics Across 32 Cultures : Good Apples Enjoy Good Quality of Life in Good Barrels. In: Journal of Business Ethics. 2015 ; pp. 1-25.
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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.",
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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 Ki Kwan

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 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

PY - 2015/12/23

Y1 - 2015/12/23

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.

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KW - Prospect theory

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