Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels
verfasst von:
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, Ningyu Tang
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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.
We treat China, Hong Kong, and Taiwan as separate geopolitical entities and use the terms geopolitical entities, countries, or cultures interchangeably.
Those who want to get rich are falling into temptation and a trap and into many foolish and harmful desires, which plunge them into ruin and destruction. For the love of money is the root of all evils (1 Timothy 6: 9–10).
Remember then, it is the Lord, your God, who gives you the power to acquire wealth (Deuteronomy 8: 18). He who will not economize will have to agonize (Confucius, 551 BC–479 BC).
It is more blessed to give than to receive (Acts 20: 35). God loves a cheerful giver (2 Corinthians 9: 7). Give and gifts will be given to you (Luke 6: 38).
To anyone who has, more will be given, and he will grow rich; from anyone who has not, even what he has will be taken away (Matthew 13: 12). See also The Parable of the Sower (Matthew 13: 1–14), The Parable of the Talents (Matthew 25: 14–30), and The Parable of the Ten Gold Coins (Luke 19: 12–28).
Monetary Intelligence and Behavioral Economics Across 32 Cultures: Good Apples Enjoy Good Quality of Life in Good Barrels
verfasst von
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 Ningyu Tang