Journal of Happiness Studies

, Volume 19, Issue 6, pp 1831–1862 | Cite as

Monetary Wisdom: How Do Investors Use Love of Money to Frame Stock Volatility and Enhance Stock Happiness?

  • Ningyu Tang
  • Jingqiu Chen
  • Kaili Zhang
  • Thomas Li-Ping TangEmail author
Research Paper


Monetary intelligence asserts: individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. Bridging the gap between stock volatility and behavioral economics, we collected longitudinal data from multiple sources and at multiple times: First, private investors (N = 229) in Shanghai—the financial capital of China—completed their love of money attitude measure (Rich-affect, Motivator-behavior, and Importance-cognition) and demographic variables in a survey. Second, we recorded daily Shanghai Stock Exchange Composite Index (“the Index”) for 30 consecutive trading days during the financial crisis in 2008—public records. Third, we text-messaged investors, collecting their daily Index Happiness, Stock Percentage (stocks/liquid assets), and Stock Happiness—private information. Here, investors illustrate: high Rich investors fret about low Index happiness, yet high Rich and high Importance investors boast high stock happiness, supporting the endowment effect and investor hubristic smirk. High Motivator investors quickly adjust their stock percentage/portfolio, suffering low Index happiness and low stock happiness. Gender moderates the relationship between the Index and Index happiness. Our panel data of intra-personal changes of stock happiness demonstrate investor monetary wisdom in the boom-and-bust cycles. Behaviorally, investor must become masters (but not slaves) of money and deactivate money as a Motivator. Curbing the desire to become Rich enhances happiness after gains (boom/risk aversion); appreciating money’s Importance bestows happiness after losses (bust/risk seeking). We expand prospect theory and offer implications to investor wealth, health, and happiness during financial crisis in particular as well as individual subjective well-being and happiness in general.


Behavioral/financial economics Prospect theory Volatility Framing Love of money attitude/value Rich/motivator/importance Gaines-losses Boom-bust cycle 2008 Financial crisis Intra-personal changes of stock happiness Risk aversion/seeking Wealth/health/happiness/quality of life Portfolio Endowment Hedonic editing Longitudinal/panel Hubristic smirk Philanthropy The Matthew Effect 



We would like thank Hai Fu Tong Investment Management Co. Ltd. for data collection, Chinese National Science Foundation (Grant Numbers: 71132003 and 71672114 to Ningyu Tang and 71571118 to Jingqiu Chen) and Shanghai Education Science Research Fund (B11006) to Jingqiu Chen for financial support, Christopher K. Hsee for offering his insightful suggestions to this research project, Ping Ou, Yue Zhou, Xiang Luo, Guomei Yu, Wenjing Liu, Qian Li, Bo Zhu, and Qiufeng Huang for data collection; Dan Morrell and Kevin M. Zhao for their comments; Daniel Coleman Mangrum, Joshua D. Pentecost, and Xinyan Ye for their assistance, and late Fr. Wiatt Funk, and late Kuan-Ying and Fang Chen Tang for their inspiration. Brenda and Deacon John D'Amico (God sent an angle and revealed his amazing grace and miracle on June 11, 2017. I would not discover my typo, If Brenda did not check the Bible. Brenda stated: “It never ceases to amaze me who God uses as a vessel for a particular moment. I am humbled by His faith in us... Thanks be to Our Loving Father.” Here were the lessons for the day: “Bless the Lord, all you angels”, Psalm 103: 20; “I will never forsake you or abandon you”, Hebrews 13: 5).


  1. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179–211.Google Scholar
  2. Ariely, D. (2009). Predictably irrational: The hidden forces that shape our decisions. New York: Harper Collins.Google Scholar
  3. Ariyabuddhiphongs, V., & Hongladarom, C. (2011). Violation of Buddhist five percepts, money consciousness, and the tendency to pay bribes among organizational employees in Bangkok, Thailand. Archive for the Psychology of Religion, 33, 325–344.Google Scholar
  4. Authers, J. (2016, August 19). Is greed good? No, it’s seriously bad for your wealth.
  5. Bagozzi, R. P., Tybout, A. M., Craig, C. S., & Sternthal, B. (1979). The contrast validity of the tripartite classification of attitudes. Journal of Marketing Research, 16, 88–95.Google Scholar
  6. Baumeister, R. F., Bratslavsky, E., Finkenauer, C., & Vohs, K. D. (2001). Bad is stronger than good. Review of General Psychology, 5(4), 323–370.Google Scholar
  7. Belk, R. W. (1998). Possessions and the extended self. Journal of Consumer Research, 15, 139–168.Google Scholar
  8. Brady, J. V. (1958). Ulcers in executive monkeys. Scientific American, 199, 95–98.Google Scholar
  9. Bruner, J. S., & Goodman, C. C. (1947). Value and needs as organizing factors in perception. Journal of Abnormal and Social Psychology, 42, 33–44.Google Scholar
  10. Carnegie, D. (1936/2014). How to win friends and influence people. New York: Harper Collins.Google Scholar
  11. Carter, T. J., & Gilovich, T. (2010). The relative relativity of material and experiential purchases. Journal of Personality and Social Psychology, 98(1), 146–159.Google Scholar
  12. Chang, S., Chen, S., Chou, R., & Lin, Y. (2008). Weather and intraday patterns in stock returns and trading activity. Journal of Banking & Finance, 32, 1754–1766.Google Scholar
  13. Chen, J. Q., Tang, T. L. P., & Tang, N. Y. (2014). Temptation, monetary intelligence (love of money), and environmental context on unethical intentions and cheating. Journal of Business Ethics, 123, 197–219.Google Scholar
  14. Cohn, A., Fehr, E., & Maréchal, M. A. (2014). Business culture and dishonesty in the banking industry. Nature, 516, 86–89.Google Scholar
  15. Coile, C. C., & Levine, P. B. (2011). The market crash and mass layoffs: How the current economic crisis may affect retirement. Journal of Economic Analysis & Policy, 11, 1–42.Google Scholar
  16. Colquitt, J. A., LePine, J. A., & Wesson, M. J. (2011). Organizational behavior: Improving performance and commitment in the workplace. Boston: McGraw-Hill/Irwin.Google Scholar
  17. Corter, J. E., & Chen, Y. J. (2006). Do investment risk tolerance attitudes predict portfolio risk? Journal of Business and Psychology, 20, 369–381.Google Scholar
  18. Csikszentmihalyi, M. (1999). If we are so rich, why aren’t we happy? American Psychologist, 54, 821–827.Google Scholar
  19. De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of Political Economy, 98(4), 703–738.Google Scholar
  20. Deaton, A. (2012). The financial crisis and the well-being of Americans. Oxford Economic Papers, 64, 1–26.Google Scholar
  21. DeVoe, S. E., Pfeffer, J., & Lee, B. Y. (2013). When does money make money more important? Survey and experimental evidence. ILR Review, 66(5), 1078–1096.Google Scholar
  22. Diener, E., Lucas, R. E., & Scollon, C. N. (2006). Beyond the hedonic treadmill: Revising the adaptation theory of well-being. American Psychologist, 61(4), 3035–3314.Google Scholar
  23. Diener, E., Tay, L., & Oishi, S. (2013). Rising income and the subjective well-being of nations. Journal of Personality and Social Psychology, 104, 267–276.Google Scholar
  24. Dittmar, H., Bond, R., Hurst, M., & Kasser, T. (2014). The relationship between materialism and personal well-being: A meta-analysis. Journal of Personality and Social Psychology, 107(5), 879–924.Google Scholar
  25. Duncan, S. (2016). For the love of money: Why greed isn’t always good. Center for Applied Research, State Street Corporation.Google Scholar
  26. Dunn, E. W., Aknin, L. B., & Norton, M. I. (2008). Spending money on others promotes happiness. Science, 319(5870), 1687–1688.Google Scholar
  27. Easterlin, R. A. (2001). Income and happiness: Towards a unified theory. The Economic Journal, 111, 465–484.Google Scholar
  28. Easterlin, R. A. (2006). Life cycle happiness and its sources: Intersections of psychology, economics, and demography. Journal of Economic Psychology, 27(4), 463–482.Google Scholar
  29. Easterlin, R. A., Morgan, R., Switek, M., & Wang, F. (2012). China’s life satisfaction, 1990–2010. Proceedings of the National Academy of Sciences of the United States of America, 109(25), 9775–9780.Google Scholar
  30. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640.Google Scholar
  31. Erdener, C., & Garkavenko, V. (2012). Money attitudes in Kazakhstan. Journal of International Business and Economics, 12(3), 87–94.Google Scholar
  32. Fama, E. F. (1965). The behavior of stock-market prices. Journal of Business, 38, 34–105.Google Scholar
  33. Fiske, S., & Dupree, C. (2014). Gaining trust as well as respect in communicating to motivated audiences about science topics. Proceedings of the National Academy of Sciences of the United States of America, 111(S4), 13593–13597.Google Scholar
  34. Frijters, P., Johnston, D. W., Shields, M. A., & Sinha, K. (2015). A lifecycle perspective of stock market performance and wellbeing. Journal of Economic Behavior & Organization, 112, 237–250.Google Scholar
  35. Furnham, A. (2014). The new psychology of money. London: Routledge.Google Scholar
  36. Gbadamosi, G., & Joubert, P. (2005). Money ethic, moral conduct and work related attitudes: Field study from the public sector in Swaziland. Journal of Management Development, 24(8), 754–763.Google Scholar
  37. Gehring, W. J., & Willoughby, A. R. (2002). The medial frontal cortex and the rapid processing of monetary gains and losses. Science, 296, 2279–2282.Google Scholar
  38. Gentina, E., Tang, T. L. P., & Gu, Q. X. (2016). Do parents and peers influence adolescents’ monetary intelligence and consumer ethics? French and Chinese adolescents and behavioral economics. Journal of Business Ethics. doi: 10.1007/s10551-016-3206-7.CrossRefGoogle Scholar
  39. Gillespie, P. (2016, August 16). Don’t be greedy…it works against you.
  40. Gino, F., & Pierce, L. (2009). The abundance effect: Unethical behavior in the presence of wealth. Organizational Behavior and Human Decision Processes, 109, 142–155.Google Scholar
  41. Goleman, D. (1995). Emotional intelligence. New York: Bantam Books.Google Scholar
  42. Gomez-Mejia, L. R., & Balkin, D. B. (1992). Determinants of faculty pay: An agency theory perspective. Academy of Management Journal, 35, 921–955.Google Scholar
  43. Graham, C. (2010). Happiness around the world: The paradox of happy peasants and miserable millionaires. New York: Oxford University Press.Google Scholar
  44. Grant, A. M. (2008). Does intrinsic motivation fuel the prosocial fire? Motivational synergy in predicting persistence, performance, and productivity. Journal of Applied Psychology, 93, 48–58.Google Scholar
  45. Gu, Q. X., Tang, T. L. P., & Jiang, W. (2015). Does moral leadership enhance employee creativity? Employee identification with leader and leader-member exchange (LMX) in the Chinese context. Journal of Business Ethics, 126(3), 513–529.Google Scholar
  46. Harpaz, I. (1990). The importance of work goals: An international perspective. Journal of International Business Studies, 21(1), 79–93.Google Scholar
  47. Howard, L. W., Tang, T. L. P., & Austin, M. J. (2015). Teaching critical thinking skills: Ability, motivation, intervention, and the Pygmalion effect. Journal of Business Ethics, 128(1), 133–147.Google Scholar
  48. Hsee, C. K., Hastie, R., & Chen, J. Q. (2008). Hedonomics: Bridging decision research with happiness research. Perspectives of Psychological Science, 3, 224–243.Google Scholar
  49. Hsee, C. K., & Weber, E. U. (1999). Cross-national differences in risk preference and lay predictions. Journal of Behavioral Decision Making, 12, 165–179.Google Scholar
  50. Hsee, C. K., Zhang, J., Cai, C. F., & Zhang, S. (2013). Overearning. Psychological Science, 24, 852–859.Google Scholar
  51. Jenkins, G. D., Mitra, A., Gupta, N., & Shaw, D. (1998). Are financial incentives related to performance? A meta-analytic review of empirical research. Journal of Applied Psychology, 83, 777–787.Google Scholar
  52. Jia, S. W., Zhang, W. X., Li, P., Feng, T. Y., & Li, H. (2013). Attitude toward money modulates outcome processing: An ERP study. Social Neuroscience, 8, 43–51.Google Scholar
  53. Jordan, B. D., & Riley, T. B. (2015). Volatility and mutual fund manager skill. Journal of Financial Economics, 118, 289–298.Google Scholar
  54. Jurgensen, C. E. (1978). Job preferences (What makes a job good or bad). Journal of Applied Psychology, 63(3), 267–276.Google Scholar
  55. Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211, 453–458.Google Scholar
  56. Kahneman, D. (2011). Thinking, fast and slow. New York: Farrar, Strass and Giroux.Google Scholar
  57. Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of the National Academy of Sciences of the United States of America, 107, 16489–16493.Google Scholar
  58. Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1990). Experimental tests of the endowment effect and the Coase Theorem. Journal of Political Economy, 98(6), 1325–1348.Google Scholar
  59. Kahneman, D., & Tversky, A. (1979). Prospect theory: Analysis of decision under risk. Econometrica, 47, 273–291.Google Scholar
  60. Kasser, T., & Ryan, R. M. (1993). A dark side of the American dream: Correlates of financial success as a central life aspiration. Journal of Personality and Social Psychology, 65, 410–422.Google Scholar
  61. Kish-Gephart, J. J., Harrison, D. A., & Treviño, L. K. (2010). Bad apples, bad cases, and bad barrels: Meta-analytic evidence about sources of unethical decisions at work. Journal of Applied Psychology, 95, 1–31.Google Scholar
  62. Kramer, A. D. I., Guillory, J. E., & Hancock, J. T. (2014). Experimental evidence of massive-scale emotional contagion through social networks. Proceedings of the National Academy of Sciences of the United States of America, 111(24), 8788–8790.Google Scholar
  63. Lea, S. E. G., & Webley, P. (2006). Money as tool, money as drug: The biological psychology of a strong incentive. Behavioral and Brain Sciences, 29, 161–176.Google Scholar
  64. Lemrová, S., Reiterová, E., Fatěnová, R., Lemr, K., & Tang, T. L. P. (2014). Money is power: Monetary intelligence—Love of money and temptation of materialism among Czech university students. Journal of Business Ethics, 125, 329–348.Google Scholar
  65. Lim, V. K. G., & Sng, Q. S. (2006). Does parental job insecurity matter? Money anxiety, money motives, and work motivation. Journal of Applied Psychology, 91, 1078–1087.Google Scholar
  66. Lim, V. K. G., & Teo, T. S. H. (1997). Sex, money and financial hardship: An empirical study of attitudes towards money among undergraduates in Singapore. Journal of Economic Psychology, 18, 369–386.Google Scholar
  67. Lin, H. L., Zhang, Y. H., Xu, Y. J., Liu, T., Xiao, J. P., Luo, Y., et al. (2013). Large daily stock variation is associated with cardiovascular mortality in two cities of Guangdong, China. PLoS ONE, 8(7), e68417.Google Scholar
  68. Locke, E. A., Feren, D. B., McCaleb, V. M., Shaw, K. N., & Denny, A. T. (1980). The relative effectiveness of four methods of motivating employee performance. In K. D. Duncan, M. M. Gruneberg, & D. Wallis (Eds.), Changes in working life (pp. 363–388). New York: Wiley.Google Scholar
  69. Loewenstein, G., Weber, E. U., Hsee, C. K., & Welch, N. (2001). Risk as feelings. Psychological Bulletin, 127, 267–286.Google Scholar
  70. Luna-Arocas, R., & Tang, T. L. P. (2015). Are you satisfied with your pay when you compare? It depends on your love of money, pay comparison standards, and culture. Journal of Business Ethics, 128(2), 279–289.Google Scholar
  71. Lyubomirsky, S., King, L., & Diener, E. (2005a). The benefits of frequent positive affect: Does happiness lead to success? Psychological Bulletin, 131, 803–855.Google Scholar
  72. Lyubomirsky, S., Sheldon, K. M., & Schkade, D. (2005b). Pursuing happiness: The architecture of sustainable change. Review of General Psychology, 9(2), 111–131.Google Scholar
  73. Ma, W. J., Chen, H. L., Jiang, L. L., Song, G. X., & Kan, H. D. (2011). Stock volatility as a risk factor for coronary heart disease death. European Heart Journal, 32, 1006–1011.Google Scholar
  74. Mayer, J. D., Caruso, D. R., & Salovery, P. (1999). Emotional intelligence meets the traditional standards for an intelligence. Intelligence, 27(4), 267–298.Google Scholar
  75. McShane, S. L., & Von Glinow, M. A. (2008). Organizational behavior (4th ed.). Boston: McGraw-Hill Irwin.Google Scholar
  76. Merton, R. C. (1973a). An intertemporal capital asset pricing model. Econometrica, 41(5), 867–887.Google Scholar
  77. Merton, R. C. (1973b). Theory of rational option ricing. Bell Journal of Economics, 4(1), 141–183.Google Scholar
  78. Merton, R. K. (1968). Matthew effect in science. Science, 159(3810), 56–58.Google Scholar
  79. Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). Boston: Irwin/McGraw-Hill.Google Scholar
  80. Mitchell, T. R., & Mickel, A. E. (1999). The meaning of money: An individual difference perspective. Academy of Management Review, 24, 568–578.Google Scholar
  81. Nandi, A., Prescott, M. R., Cerda, M., Vlahov, D., Tardiff, K. J., & Galea, S. (2012). Economic conditions and suicide rates in New York City. American Journal of Epidemiology, 175(6), 527–535.Google Scholar
  82. Newman, J. M., Gerhart, B., & Milkovich, G. T. (2017). Compensation (12th ed.). New York: McGraw-Hill.Google Scholar
  83. Nkundabanyanga, S. K., Omagor, C., Mpamizo, B., & Ntayi, J. M. (2011). The love of money, pressure to perform and unethical marketing behavior in the cosmetic industry in Uganda. International Journal of Marketing Studies, 3(4), 40–49.Google Scholar
  84. OECD. (2012, November). Looking to 2060: Long-term global growth prospects. A going for growth report. OECD Economic Policy Papers. No. 03.Google Scholar
  85. Phillips, J. M., & Gully, S. M. (2013). Organizational behavior: Tools for success (2nd ed.). South-Western: Cengage Learning.Google Scholar
  86. Piff, P. K., Stancato, D. M., Côté, S., Mendoza-Denton, R., & Keltner, D. (2012). Higher social class predicts increased unethical behavior. Proceedings of the National Academy of Sciences of the United States of America, 109, 4086–4091.Google Scholar
  87. Rao, Y., Mei, L., & Zhu, R. (2016). Happiness and stock-market participation: Empirical evidence from China. Journal of Happiness Studies, 17(1), 271–293.Google Scholar
  88. Ratcliffe, A., & Taylor, K. (2015). Who cares about stock market booms and busts? Evidence from data on mental health. Oxford Economic Papers-New Series, 67(3), 826–845.Google Scholar
  89. Richins, M. L., & Dawson, S. (1992). A consumer values orientation for materialism and its measurement: Scale development and validation. Journal of Consumer Research, 19, 303–316.Google Scholar
  90. Rubenstein, C. (1981). Money and self-esteem, relationships, secrecy, envy, satisfaction. Psychology Today, 15(5), 29–44.Google Scholar
  91. Ryan, M. R., & Deci, E. L. (2001). On happiness and human potentials: A review of research on hedonic and eudaimonic well-being. Annual Review of Psychology, 52, 141–166.Google Scholar
  92. Rynes, S. L., & Gerhart, B. (2000). Compensation in organizations: Current research and practice. San Francisco, CA: Jossey-Bass.Google Scholar
  93. Sandra, C., Gladstone, J. J., & Stillwell, D. (2016). Money buys happiness when spending fits our personality. Psychological Science. doi: 10.1177/0956797616635200.CrossRefGoogle Scholar
  94. Sardžoska, E. G., & Tang, T. L. P. (2009). Testing a model of behavioral intentions in the Republic of Macedonia: Differences between the private and the public sectors. Journal of Business Ethics, 87(4), 495–517.Google Scholar
  95. Sardžoska, E. G., & Tang, T. L. P. (2015). Monetary Intelligence: Money attitudes—Unethical intentions, intrinsic and extrinsic job satisfaction, and coping strategies across public and private sectors in Macedonia. Journal of Business Ethics, 130, 93–115.Google Scholar
  96. Scandura, T. A. (2016). Essentials of organizational behavior: An evidence-based approach. Los Angeles: Sage.Google Scholar
  97. Schwartz, B. G., Pezzullo, J. C., McDonald, S. A., Poole, W. K., & Klone, R. A. (2012). How the 2008 Stock market crash and seasons affect total and cardiac deaths in Los Angeles County. American Journal of Cardiology, 109, 1445–1448.Google Scholar
  98. Seligman, M. (2011). Flourish: A visionary new understanding of happiness and well-being. New York: Free Press.Google Scholar
  99. Shiller, R. J. (2015). Irrational exuberance. Princeton: Princeton University Press.Google Scholar
  100. Siganos, A., Vagenas-Nanos, E., & Verwijmeren, P. (2014). Facebook’s daily sentiment and international stock markets. Journal of Economic Behavior & Organization, 107(SI), 730–743.Google Scholar
  101. Srivastava, A., Locke, E. A., & Bartol, K. M. (2001). Money and subjective well-being: It’s not the money, It’s the motives. Journal of Personality and Social Psychology, 80, 959–971.Google Scholar
  102. Smith, A. (1776/1937). An inquiry into the nature and causes of the wealth of nations. New York: Modern Library (Original work published 1776).Google Scholar
  103. Stress in America: Paying with our health. (2015, February 4). (American Psychological Association).
  104. Tang, T. L. P. (1992). The meaning of money revisited. Journal of Organizational Behavior, 13, 197–202.Google Scholar
  105. Tang, T. L. P. (1993). The meaning of money: Extension and exploration of the money ethic scale in a sample of university students in Taiwan. Journal of Organizational Behavior, 14, 93–99.Google Scholar
  106. Tang, T. L. P. (1996). Pay differential as a function of rater’s sex, money ethic, and job incumbent’s sex: A test of the Matthew Effect. Journal of Economic Psychology, 17(1), 127–144.Google Scholar
  107. Tang, T. L. P. (2016). Theory of monetary intelligence: Money attitudes—Religious values, making money, making ethical decisions, and making the grade. Journal of Business Ethics, 133(3), 583–603.Google Scholar
  108. Tang, T. L. P., & Baumeister, R. F. (1984). Effects of personal values, perceived surveillance, and task labels on task preference: The ideology of turning play into work. Journal of Applied Psychology, 69, 99–105.Google Scholar
  109. Tang, T. L. P., & Chen, Y. J. (2008). Intelligence vs. wisdom: The love of money, Machiavellianism, and unethical behavior across college major and gender. Journal of Business Ethics, 82, 1–26.Google Scholar
  110. Tang, T. L. P., Chen, Y. J., & Sutarso, T. (2008a). Bad apples in bad (business) barrels: The love of money, Machiavellianism, risk tolerance, and unethical behavior. Management Decision, 4, 243–263.Google Scholar
  111. Tang, T. L. P., & Chiu, R. K. (2003). Income, money ethic, pay satisfaction, commitment, and unethical behavior: Is the love of money the root of evil for Hong Kong managers? Journal of Business Ethics, 46, 13–30.Google Scholar
  112. Tang, T. L. P., & Gilbert, P. R. (1995). Attitudes toward money as related to intrinsic and extrinsic job satisfaction, stress and work-related attitudes. Personality and Individual Differences, 19, 327–332.Google Scholar
  113. Tang, T. L. P., & Ibrahim, A. H. S. (1998). Importance of human needs during retrospective peacetime and the Persian Gulf War: Mideastern employees. International Journal of Stress Management, 5(1), 25–37.Google Scholar
  114. Tang, T. L. P., Ibrahim, A. H. S., & West, W. B. (2002). Effects of war-related stress on the satisfaction of human needs: The United States and the Middle East. International Journal of Management Theory and Practices, 3(1), 35–53.Google Scholar
  115. Tang, T. L. P., Kim, J. K., & Tang, D. S. H. (2000). Does attitude toward money moderate the relationship between intrinsic job satisfaction and voluntary turnover? Human Relations, 53, 213–245.Google Scholar
  116. Tang, T. L. P., & Liu, H. (2012). Love of money and unethical behavior intention: Does an authentic supervisor’s personal integrity and character (ASPIRE) make a difference? Journal of Business Ethics, 107(3), 295–312.Google Scholar
  117. Tang, T. L. P., Luna-Arocas, R., Quintanilla Pardo, I., & Tang, T. L. N. (2014). Materialism and the bright and dark sides of the financial dream in Spain: The positive role of money attitudes—The Matthew Effect. Applied Psychology: An International Review, 63(3), 480–508.Google Scholar
  118. Tang, T. L. P., & Sutarso, T. (2013). Falling or not falling into temptation? Multiple faces of temptation, monetary intelligence, and unethical intentions across gender. Journal of Business Ethics, 116(3), 529–552.Google Scholar
  119. Tang, T. L. P., Sutarso, T., Akande, A., Allen, M. W., Alzubaidi, A. S., Ansari, M. A., et al. (2006). The love of money and pay level satisfaction: Measurement and functional equivalence in 29 geographical entities around the world. Management and Organization Review, 2(3), 423–452.Google Scholar
  120. Tang, T. L. P., Sutarso, T., Ansari, M. A., Lim, V. K. G., Teo, T. S. H., Arias-Galicai, F., Garber, I., Vlerick, P., et al. (2011). The love of money is the root of all evil: Pay satisfaction and CPI as moderators. In L. A. Toombs (Ed.), Best paper proceedings of the 2011 annual meeting of the academy of management. doi: 10.5465/AMBPP.2011.65869480.
  121. Tang, T. L. P., Sutarso, T., Ansari, M. A., Lim, V. K. G., Teo, T. S. H., Arias-Galicai, F., et al. (2015). Monetary intelligence and behavioral economics across 32 cultures: Good apples enjoy good quality of life in good barrels. Journal of Business Ethics. doi: 10.1007/s10551-015-2980-y.CrossRefGoogle Scholar
  122. Tang, T. L. P., Sutarso, T., Ansari, M. A., Lim, V. K. G., Teo, T. S. H., Arias-Galicai, F., et al. (2016). Monetary intelligence and behavioral economics: The Enron effect—Love of money, corporate ethical values, Corruption Perceptions Index (CPI), and dishonesty across 31 geopolitical entities. Journal of Business Ethics. doi: 10.1007/s10551-015-2942-4.CrossRefGoogle Scholar
  123. Tang, T. L. P., Sutarso, T., Davis, G. M. T., Dolinski, D., Ibrahim, A. H. S., & Wagner, S. L. (2008b). To help or not to help? The Good Samaritan Effect and the love of money on helping behavior. Journal of Business Ethics, 82(4), 865–887.Google Scholar
  124. Tang, T. L. P., & West, W. B. (1997). The importance of human needs during peacetime, retrospective peacetime, and the Persian Gulf War. International Journal of Stress Management, 4(1), 47–62.Google Scholar
  125. Thaler, R. H., & Johnson, E. J. (1990). Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Management Science, 36, 643–660.Google Scholar
  126. The Economist. (2015). China’s stockmarket crash: Uncle Xi’s bear market. 426(8946), 63–65.Google Scholar
  127. Veenhoven, R. (1993). Happiness in nations, subjective appreciation of life in 56 nations, 1946–1992. Rotterdam: Erasmus University.Google Scholar
  128. Vohs, K. D., Mead, N. L., & Goode, M. R. (2006). The psychological consequences of money. Science, 314, 1154–1156.Google Scholar
  129. Wang, X. J., & Krumhuber, E. G. (2016). The love of money results in objectification. British Journal of Social Psychology. doi: 10.1111/bjso.12158.CrossRefGoogle Scholar
  130. Welsh, D. T., & Ordóñez, L. D. (2014). Conscience without cognition: The effects of subconscious priming on ethical behavior. Academy of Management Journal, 57, 723–742.Google Scholar
  131. Wong, H. M. (2008). Religiousness, love of money, and ethical attitudes of Malaysian evangelical Christians in business. Journal of Business Ethics, 81, 169–191.Google Scholar
  132. Zhang, L. Q. (2009). An exchange theory of money and self-esteem in decision making. Review of General Psychology, 13, 66–76.Google Scholar
  133. Zhang, W., Li, X., Shen, D. H., & Teglio, A. (2016). Daily happiness and stock returns: Some international evidence. Physica A: Statistical Mechanics and its Applications, 460, 201–209.Google Scholar
  134. Zhang, Y. H., Wang, X., Xu, X. H., Chen, R. J., & Kan, H. D. (2013). Stock volatility and stroke mortality in a Chinese population. Journal of Cardiovascular Medicine, 14, 617–621.Google Scholar

Copyright information

© Springer Science+Business Media Dordrecht 2017

Authors and Affiliations

  1. 1.Management and Organization Department, Antai College of Economics and ManagementShanghai Jiao Tong UniversityShanghaiChina
  2. 2.Department of Management, Jennings A. Jones College of BusinessMiddle Tennessee State UniversityMurfreesboroUSA

Personalised recommendations