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Following behavioral finance and monetary wisdom, the authors theorize: Decision-makers (investors) adopt deep-rooted personal values (the love-of-money attitudes/avaricious financial aspirations) as a lens to frame critical concerns (short-term and long-term investment decisions) in the immediate-proximal (current income) and distal-omnibus (future inheritance) contexts to maximize expected utility and ultimate serenity across context, people and time.

The authors collected data from 277 active equity traders (professional money managers and individual investors) in Pakistan’s two most robust investment hubs—Karachi and Lahore. The authors measured their love-of-money attitude (avaricious monetary aspirations), short-term and long-term investment decisions and demographic variables and collected data during Pakistan's bear markets (Pakistan Stock Exchange, PSX-100).

Investors’ love of money relates to short-term and long-term decisions. However, these relationships are significant for money managers but non-significant for individual investors. Further, investors’ current income moderates this relationship for short-term investment decisions but not long-term decisions. The intensity of the aspirations-to-short-term investment relationship is much higher for investors with low-income levels than those with average and high-income levels. Future inheritance moderates the relationships between aspirations and short-term and long-term decisions. Regardless of their love-of-money orientations, investors with future inheritance have higher magnitudes of short-term and long-term investments than those without future inheritance. The intensity of the aspirations-to-investments relationship is more potent for investors without future inheritance than those with inheritance. Investors with low avaricious monetary aspirations and without inheritance expectations show the lowest short-term and long-term investment decisions. Investors' current income and future inheritance moderate the relationships between their love of money attitude and short-term and long-term decisions differently in Pakistan's bear markets.

The authors help investors make financial decisions and help financial institutions, asset management companies, brokerage houses and investment banks identify marketing strategies and investor segmentation and provide individualized services.

Professional money managers have a stronger short-term orientation than individual investors. Lack of wealth (current income and future inheritance) motivates greedy investors to take more risks and become more vulnerable than non-greedy ones—investors’ financial resources and wealth matter. The Matthew Effect in investment decisions exists in Pakistan’s emerging economy.

This study examined a mediating model of income and pay satisfaction with a direct path (income → pay satisfaction) and an indirect path with two mediators (income → the love of money → pay equity comparison → pay satisfaction). Results of the whole sample showed that the indirect path was significant and the direct path was insignificant. When the indirect path was eliminated, income contributed positively to pay satisfaction. We then tested the model across two moderators: culture (the United States versus Spain) and gender. This study provides the following theoretical and empirical contributions: the direct relationship between income and pay satisfaction depends on the indirect path and the extent to which (1) income enhances the love of money and (2) the love of money is applied to evaluate pay equity comparison satisfaction. If both conditions exist, income leads to pay dissatisfaction. If the second condition does not exist, income does not lead to pay dissatisfaction. Pay satisfaction depends on (1) one’s love of money and (2) how one compares. The role of the love of money in pay satisfaction is “not”universal across cultures and gender.

This research examines the effects of organizational change (i.e., change of the hospital name, chief executive officer (CEO), and ownership) on objective performance measures of customer services (hospital beds, payroll, full-time employees, and patients served) in the health care industry. Archival data were collected from 155 Hospitals in the State of Tennessee for four consecutive years. During that time period, there were a lot of mergers and acquisitions (M&A) and organizational changes in the health care industry in Tennessee. Results suggested that there was a significant reduction of hospital beds and a significant increase of payroll during the four-year period. These changes were more significant in urban hospitals than in rural hospitals. In the four-year period, a change of the hospital name resulting from a merger had increased the efficiency of serving customers (patient/FTE ratio), while those without the change had decreased the efficiency. Our results reveal some evidences that acquisitions may be related to short-term financial benefits as expected

This research examines the love of money as a moderator and as a mediator of the self‐reported income‐pay satisfaction relationship among university professors (lecturers). Hierarchical multiple regression results showed that the interaction effect between self‐reported income and the love of money on pay satisfaction was significant. For high‐love‐of‐money professors (lecturers), the relationship between income and pay satisfaction was positive and significant, however, for low‐love‐of‐money professors (lecturers), the relationship was not significant. High‐love‐of‐money participants had lower pay satisfaction than low‐love‐of‐money participants when the self‐reported income was below $89,139.53. When income was higher than $89,139.53, the pattern of pay satisfaction was reversed. Further, the love of money was a mediator of the self‐reported income‐pay satisfaction relationship. Income increases the love of money that, in turn, is used as a “frame of reference” to evaluate pay satisfaction.

This study aims to test a model of pay satisfaction and argue that the income‐pay satisfaction relationship depends on one's love of money and how one compares.

The paper investigates: a direct path (income → total pay satisfaction); an indirect path (income → the love of money → pay equity comparison → total pay satisfaction) using a structural equation model (SEM) based on 210 full‐time employees; and the model across race and gender in multi‐group analyses.

The paper finds that for the whole sample, there was one significant path (pay equity comparison → total pay satisfaction). Since African‐Americans ($32,073.15) and women ($32,400.58) tended to have lower income than Caucasians ($37,180.73) and men ($38,287.97), respectively, income significantly increased the importance of the love of money for African‐Americans and females, but not for Caucasians and males. The love of money to pay equity comparison path was not significant. Income was not related to pay satisfaction. Results of the direct path alone showed that income contributes to pay satisfaction for the whole sample, male and female employees, and Caucasians, but not for African‐Americans.

If people do not use the love of money to judge pay equity comparison, their income does not lead to low pay satisfaction. The sub‐samples are small.

This paper shows the importance of including the love of money in understanding pay satisfaction.

The present study investigated the money ethic scale among full‐time employees, part‐time employed students, and non‐employed university students. Confirmatory factor analyses results showed that there was a good fit between the three‐factor model and research data for full‐time employees and non‐employed students and a weaker fit for part‐time employees and the whole sample. Further, factors success and evil were predictors of income for full‐time employees. Money attitudes were not related to pay satisfaction. Factor budget was associated with life satisfaction for full‐time employees and non‐employed students. Full‐time employees in this sample tended to be older, male, and have higher education than part‐time employees and students. Non‐employed students tended to have higher life satisfaction, lower protestant work ethic, less type A behavior pattern, and think more strongly that money does not represent their success, that they budget money carefully, and that money is not evil than part‐time employees.

To develop money profiles based on money attitudes and investigate differences in work‐related attitudes across money profiles.

Data from 564 university students in the USA were collected and four money profiles based on the Love of Money Scale (LOMS) were identified using cluster analysis.

Achieving money worshipers (23.22 percent) have the highest scores on factors good, respect, achievement, and power. Careless money admirers (30.16 percent) have the lowest scores on factors budget and evil. Apathetic money managers (31.08 percent) have the lowest scores on factors respect and achievement and the highest on budget. Money repellent Individuals (15.54 percent) have the lowest scores on factors good and power and the highest on factor evil. Achieving money worshipers have the highest level of organization‐based self‐esteem (OBSE), the protestant work ethic (PWE), intrinsic and extrinsic job satisfaction, and satisfaction with social and self‐actualization needs, whereas money repellent individuals have the lowest. Apathetic money managers have the highest level of satisfaction with physiological and safety needs.

This convenience sample does not represent the national population in general or student population in particular. Self‐reported data from the same source at one time can inflate relationships between variables and do not provide the cause‐and‐effect relationship.

Researchers and managers understand that people in different money profiles have different work‐related attitudes and importance and satisfaction of human needs and that they may identify human resource strategies to predict and control behavior in organizations.

The four money profiles, replicated in this study, are valid across several cultures.

This research examines the money ethic scale (budget, evil, equity, success, and motivator), self‐reported income, demographic variables, and life satisfaction among 207 professors in the USA and 102 professors in Spain. Results suggested that the female/male income ratio was 70.95 percent for American professors and 63.82 percent for Spanish professors. American faculty reported higher scores on factors budget, equity, and success, and lower scores on factor evil than their Spanish counterparts. Sex (male), factors budget, education, and work experience were predictors of American professors’ income, while work experience, sex (male), education, and factor motivator were predictors of Spanish professors’ income. For the American sample, marital status (married), factors budget, sex (male), a low level of education, and a low level of factor success were predictors of life satisfaction, whereas for the Spanish sample, marital status (married), young age, and factor budget were predictors of life satisfaction. Income was not related to life satisfaction in both samples.

This study compared people’s endorsement of the money ethic across three countries: Taiwan, the USA and the UK. Exploratory factor analysis results for the whole sample suggested that the six‐item money ethic scale had three independent factors, low cross‐loading, and low inter‐factor correlations. Confirmatory factor analysis was performed for the whole sample and for each group. There was a good fit between the six‐item MES model and the data for the US sample and a poor fit for the Chinese sample, the UK sample, and the whole sample. For the whole sample, regression results showed that those who scored high on factor budget tended to have high self‐esteem, display organizational citizenship behavior (OCB)‐altruism, have low strain, and are female. Factor evil was positively related to OCB‐compliance and negatively related to OCB‐altruism. American men considered money as their success, British men considered money as evil. British women claimed that they budget their money carefully. Results are discussed in light of cultural differences and the rapidly expanding literature on the psychology of money beliefs and behaviors.