Behavioral economics and monetary wisdom: A cross-level analysis of monetary aspiration, pay (dis)satisfaction, risk perception, and corruption in 32 nations

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dc.contributor.authorLi-Ping Tang, Thomas
dc.contributor.authorLi, Zhen
dc.contributor.authorÖzbek, Mehmet Ferhat
dc.contributor.authorLim, Vivien K. G.
dc.contributor.authorTeo, Thompson S. H.
dc.contributor.authorAnsari, Mahfooz A.
dc.contributor.authorSutarso, Toto
dc.contributor.authorGarber, Ilya
dc.contributor.authorChiu, Randy Ki-Kwan
dc.contributor.authorCharles-Pauvers, Brigitte
dc.contributor.authorUrbain, Caroline
dc.contributor.authorLuna-Arocas, Roberto
dc.contributor.authorChen, Jingqiu
dc.contributor.authorTang, Ningyu
dc.contributor.authorTang, Theresa Li-Na
dc.contributor.authorArias-Galicia, Fernando
dc.contributor.authorDe La Torre, Consuelo Garcia
dc.contributor.authorVlerick, Peter
dc.contributor.authorAkande, Adebowale
dc.contributor.authorAl-Zubaidi, Abdulqawi Salim
dc.contributor.authorKazem, Ali Mahdi
dc.contributor.authorBorg, Mark G.
dc.contributor.authorCheng, Bor-Shiuan
dc.contributor.authorDu, Linzhi
dc.contributor.authorIbrahim, Abdul Hamid Safwat
dc.contributor.authorKim, Kilsun
dc.contributor.authorMalovics, Eva
dc.contributor.authorMpoyi, Richard T.
dc.contributor.authorNnedum, Obiajulu Anthony Ugochukwu
dc.contributor.authorSardžoska, Elisaveta Gjorgji
dc.contributor.authorAllen, Michael W.
dc.contributor.authorCorreia, Rosário
dc.contributor.authorJen, Chin-Kang
dc.contributor.authorMoreira, Alice S.
dc.contributor.authorOsagie, Johnston E.
dc.contributor.authorOsman-Gani, Aahad M.
dc.contributor.authorPholsward, Ruja
dc.contributor.authorPolic, Marko
dc.contributor.authorSkobic, Petar
dc.contributor.authorStembridge, Allen F.
dc.contributor.authorCanova, Luigina
dc.contributor.authorManganelli, Anna Maria
dc.contributor.authorPitariu, Adrian H.
dc.contributor.authorPereira, Francisco José Costa
dc.date.accessioned2023-07-26T20:51:25Z
dc.date.available2023-07-26T20:51:25Z
dc.date.issued2023
dc.descriptionArticle originally published in Business Ethics, the Environment & Responsibility, 32(3), 925–945. English. Published online 2023. https://doi.org/10.1111/beer.12505
dc.description.abstractCorruption involves greed, money, and risky decision-making. We explore the love of money, pay satisfaction, probability of risk, and dishonesty across cultures. Avaricious monetary aspiration breeds unethicality. Prospect theory frames decisions in the gains-losses domain and high-low probability. Pay dissatisfaction (in the losses domain) incites dishonesty in the name of justice at the individual level. The Corruption Perceptions Index, CPI, signals a high-low probability of getting caught for dishonesty at the country level. We theorize that decision-makers adopt avaricious love-of-money aspiration as a lens and frame dishonesty in the gains-losses domain (pay satisfaction-dissatisfaction, Level 1) and high-low probability (CPI, Level 2) to maximize expected utility and ultimate serenity. We challenge the myth: Pay satisfaction mitigates dishonesty across nations consistently. Based on 6500 managers in 32 countries, our cross-level three-dimensional visualization offers the following discoveries. Under high aspiration conditions, pay dissatisfaction excites the highest- (third-highest) avaricious justice-seeking dishonesty in high (medium) CPI nations, supporting the certainty effect. However, pay satisfaction provokes the second-highest avaricious opportunity-seizing dishonesty in low CPI entities, sustaining the possibility effect—maximizing expected utility. Under low aspiration conditions, high pay satisfaction consistently leads to low dishonesty, demonstrating risk aversion—achieving ultimate serenity. We expand prospect theory from a micro and individual-level theory to a cross-level theory of monetary wisdom across 32 nations. We enhance the S-shaped Curve to three 3-D corruption surfaces across three levels of the global economic pyramid, providing novel insights into behavioral economics, business ethics, the environment, and responsibility.en_US
dc.identifier.citationThis is a published version of an article that is available at: https://doi.org/10.1111/beer.12505. Recommended citation: Tang, T. L., Li, Z., Özbek, M. F., Lim, V. K., Teo, T. S., Ansari, M. A., Sutarso, T., Garber, I., Chiu, R. K., Charles‐Pauvers, B., Urbain, C., Luna‐Arocas, R., Chen, J., Tang, N., Tang, T. L., Arias‐Galicia, F., De La Torre, C. G., Vlerick, P., Akande, A., … Pereira, F. J. (2023). Behavioral economics and monetary wisdom: A cross‐level analysis of monetary aspiration, pay (dis)satisfaction, risk perception, and corruption in 32 nations. Business Ethics, the Environment & Responsibility, 32(3), 925–945. This item has been deposited in accordance with publisher copyright and licensing terms and with the author’s permission.en_US
dc.identifier.urihttps://hdl.handle.net/11274/15275
dc.identifier.urihttps://doi.org/10.1111/beer.12505
dc.language.isoen_USen_US
dc.publisherWileyen_US
dc.rights.holder© 2023 The Authors.
dc.rights.licenseCC BY-NC 4.0
dc.subjectCross-level analysisen_US
dc.subjectMeasurement invarianceen_US
dc.subjectCommon method varianceen_US
dc.subjectDishonestyen_US
dc.subjectCorruptionen_US
dc.subjectWrongdoingen_US
dc.subjectUnethicalityen_US
dc.subjectGreedy desiresen_US
dc.subjectAvaricious monetary aspirationen_US
dc.subjectLove of money attitudeen_US
dc.subjectMonetary wisdomen_US
dc.subjectInternationalen_US
dc.subjectGlobalen_US
dc.subjectCross-culturalen_US
dc.subjectPay satisfaction-dissatisfactionen_US
dc.subjectGains-lossesen_US
dc.subjectEquity perceptionsen_US
dc.subjectLevel 1en_US
dc.subjectProspect theoryen_US
dc.subjectRisk-takingen_US
dc.subjectRisk-aversionen_US
dc.subjectThe certainty effecten_US
dc.subjectThe possibility effecten_US
dc.subjectS Curveen_US
dc.subjectBehavioral economicsen_US
dc.subjectTheory of planned behavioren_US
dc.subjectTPBen_US
dc.subjectAttitudeen_US
dc.subjectSocial normsen_US
dc.subjectControlen_US
dc.subjectIntentionen_US
dc.subjectTransparencyen_US
dc.subjectHigh-low probability of risken_US
dc.subjectCPIen_US
dc.subjectEnvironmental contexten_US
dc.subjectCountry levelen_US
dc.subjectLevel 2en_US
dc.titleBehavioral economics and monetary wisdom: A cross-level analysis of monetary aspiration, pay (dis)satisfaction, risk perception, and corruption in 32 nationsen_US
dc.typeArticleen_US

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