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 (), 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 () and Ningyu Tang ()
Additional contact information
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
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
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

Journal of Business Ethics, 2018, vol. 148, issue 4, No 12, 893-917

Abstract: 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.

Keywords: Prospect theory; GDP; Corruption Perceptions Index/CPI; Satisfaction; Corporate ethical values; International; Cross-cultural; Global economic pyramid; Behavioral economics; Economists/psychologist (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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DOI: 10.1007/s10551-015-2980-y

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