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The Value of Money and Leisure and College Student's Choice of Major
Abstract
The primary purpose of this study was to investigate the potential differences in the value of leisure and money among students majoring in recreation and leisure services, education, or business administration. Data was collected during fall semester 2002 in courses within the three disciplines. A self-administered survey instrument consisting of the Money Ethic Scale (MES) (Tang, 1992, 1995), Leisure Ethic Scale (LES) (Crandall & Slivken, 1978, 1980), and select demographic variables were utilized. Although few meaningful differences were found overall, the recreation and leisure services students valued leisure more than the other two groups. This group and the teacher education group were less likely to value money than the business administration group. Moreover, the relationships found between leisure and money ethic for each of the three student groups were relatively insignificant suggesting little to no relationship between leisure and money across the sample population. Implications for practitioners and academicians are addressed.
... In fact, 89,390 bachelor's degrees MD 46,2 in business administration and management were awarded in 1992-1993, making it the most popular undergraduate major in college. It is reasonable to expect that many students enter business schools due to their preexisting dispositional values (Staw et al., 1986), i.e. "the value of being financially well off" (McCabe et al., 2006, p. 295), or the love of money (Cunningham et al., 2004;Tang et al., 2006) and maintain these values over time. Through the process of the Attraction-Selection-Attrition (ASA, Chatman, 1989;Schaubroeck et al., 1998) and mutual influences, business students may have certain dispositional values (e.g. the love of money, machiavellianism, risk taking, and ethical values) and behavioral tendencies that are different from students in other fields, students in psychology, for example. ...
... For the past several decades, more students have entered business schools due to their preexisting money attitudes (e.g. Cunningham et al., 2004;McCabe et al., 2006;Tang et al., 2005). Some become managers and executives, years later. ...
... Students major in business have higher love-of-money orientation than those in other majors (i.e. recreation and leisure services) (Cunningham et al., 2004). Business professors have a much higher level of the love of money than those in other colleges . ...
Purpose: In this study, we attempt to use several variables measured at Time 1 to predict cluster membership (bad apples vs. good apples) measured at Time 2 and investigate possible differences between business and psychology students in unethical behavior. Design: We measured business and psychology students' propensity to engage in unethical behavior (PUB), the love of money, Machiavellianism, and risk tolerance at Time 1 and propensity to engage in unethical behavior at Time 2 (four weeks later). We used cluster analysis to analyze Time 2 data and identified bad apples (Cluster 1, high propensity to engage in unethical behavior) and good apples (Cluster 2, low propensity to engage in unethical behavior). We then used all the variables measured at Time 1 to predict cluster membership (bad apples vs. good apples) measured at Time 2. Findings: In three discriminant analyses, we found that variables at Time 1 predicted cluster membership at Time 2 for the whole sample and the business sample, but not for the psychology sample. The differences between bad apples and good apples were significant for business students, but not significant for psychology students. Correlation data showed that the love of money was significantly correlated with Machiavellianism and risk tolerance. Research limitations/implications: Students are not assigned randomly to business and psychology courses. We measure students' behavioral intention, not actual unethical behavior. Can professors change people's love of money, Machiavellianism, risk tolerance, and the propensity to engage in unethical behavior and enhance students' and future managers' ethical decision making? This issue deserves critical attention in future research. Practical implications: It is plausible that corruptions and scandals are caused not by lack of intelligence, but lack of wisdom, or virtue. Professors and researchers may have to focus on ethics training, in general, and the bad apples in bad (business) barrels (mostly male business students), in particular, identify the most critical time and methods in teaching business ethics, enhance learning based on students' own experiences, and promote ethical values in schools, universities, and organizations. Originality/value: This research shows the importance of incorporating propensity to engage in unethical behavior (PUB), the love of money, Machiavellianism, and risk tolerance in identifying bad apples vs. good apples across majors.
... In fact, 89,390 bachelor's degrees MD 46,2 in business administration and management were awarded in 1992-1993, making it the most popular undergraduate major in college. It is reasonable to expect that many students enter business schools due to their preexisting dispositional values (Staw et al., 1986), i.e. " the value of being financially well off " (McCabe et al., 2006, p. 295), or the love of money (Cunningham et al., 2004; Tang et al., 2006) and maintain these values over time. Through the process of the Attraction-Selection-Attrition (ASA, Chatman, 1989; Schaubroeck et al., 1998) and mutual influences, business students may have certain dispositional values (e.g. the love of money, machiavellianism, risk taking, and ethical values) and behavioral tendencies that are different from students in other fields, students in psychology, for example. ...
... For the past several decades, more students have entered business schools due to their preexisting money attitudes (e.g. Cunningham et al., 2004; McCabe et al., 2006; Tang et al., 2005). Some become managers and executives, years later. ...
... Students major in business have higher love-of-money orientation than those in other majors (i.e. recreation and leisure services) (Cunningham et al., 2004). Business professors have a much higher level of the love of money than those in other colleges (Tang et al., 2005). ...
Purpose
The purpose of this paper is to attempt to use several variables measured at Time 1 to predict cluster membership (bad apples vs good apples) measured at Time 2 and investigate possible differences between business and psychology students in unethical behavior.
Design/methodology/approach
Business and psychology students' propensity to engage in unethical behavior (PUB), the love of money, machiavellianism, and risk tolerance at Time 1 and propensity to engage in unethical behavior at Time 2 (four weeks later) were measured. Cluster analysis was used to analyze Time 2 data and bad apples (Cluster 1, high propensity to engage in unethical behavior) and good apples (Cluster 2, low propensity to engage in unethical behavior) were identified. Then all the variables measured at Time 1 were used to predict cluster membership (bad apples vs good apples) measured at Time 2.
Findings
In three discriminant analyses, it was found that variables at Time 1 predicted cluster membership at Time 2 for the whole sample and the business sample, but not for the psychology sample. The differences between bad apples and good apples were significant for business students, but not significant for psychology students. Correlation data showed that the love of money was significantly correlated with machiavellianism and risk tolerance.
Research limitations/implications
Students are not assigned randomly to business and psychology courses. Students' behavioral intention, not actual unethical behavior, is measured here. Can professors change people's love of money, machiavellianism, risk tolerance, and the propensity to engage in unethical behavior and enhance students' and future managers' ethical decision making? This issue deserves critical attention in future research.
Practical implications
It is plausible that corruptions and scandals are caused not by lack of intelligence, but by lack of wisdom, or virtue. Professors and researchers may have to focus on ethics training, in general, and the bad apples in bad (business) barrels (mostly male business students), in particular, identify the most critical time and methods in teaching business ethics, enhance learning based on students' own experiences, and promote ethical values in schools, universities, and organizations.
Originality/value
This research shows the importance of incorporating propensity to engage in unethical behavior (PUB), the love of money, machiavellianism, and risk tolerance in identifying bad apples vs good apples across majors.
... In 1992–1993, with 89,390 degrees awarded, business administration and management was the most popular undergraduate college major. Many students enter business schools due to their dispositional values, i.e., ''the value of being financially well off'' (McCabe et al., 2006, p. 295), or the love of money (Cunningham et al., 2004; Tang et al., 2006 Tang et al., , 2007) and maintain these values over time (Staw, Bell, Clausen, 1986). Years later, business students become business managers and executives. ...
... College major (business vs. psychology) We speculate the following differences between business and psychology students. First, due to existing dispositional values (Staw et al., 1986), the economic return to an individual of a college education (Bok, 1993), and the attraction–selection– attrition (ASA) process, individuals with a strong love-of-money orientation may enter the business major (Cunningham et al., 2004; McCabe et al., 2006 ), whereas those with a strong helping orientation may enter the psychology major. Thus, college major is a reflection of students' self-selection and personal values and attitudes. ...
... Our professors' power or ability to influence students may be overrated. Students enter business schools due to their love of money (Cunningham et al., 2004; McCabe et al., 2006). In this study, business students have a stronger belief that money is a motivator than psychology students, supporting the literature (Tang et al., 2005). ...
This research investigates the efficacy of business ethics intervention, tests a theoretical model that the love of money
is directly or indirectly related to propensity to engage in unethical behavior (PUB), and treats college major (business
vs. psychology) and gender (male vs. female) as moderators in multi-group analyses. Results suggested that business students
who received business ethics intervention significantly changed their conceptions of unethical behavior and reduced their
propensity to engage in theft; while psychology students without intervention had no such changes. Therefore, ethics training
had some impacts on business students’ learning and education (intelligence). For our theoretical model, results of the whole
sample (N=298) revealed that Machiavellianism (measured at Time 1) was a mediator of the relationship between the love of money (measured
at Time 1) and unethical behavior (measured at Time 2) (the Love of Money → Machiavellianism → Unethical Behavior). Further,
this mediating effect existed for business students (n=198) but not for psychology students (n=100), for male students (n=165) but not for female students (n=133), and for male business students (n=128) but not for female business students (n=70). Moreover, when examined alone, the direct effect (the Love of Money → Unethical Behavior) existed for business students
but not for psychology students. We concluded that a short business ethics intervention may have no impact on the issue of
virtue (wisdom).
... Jest ona niezaprzeczalnie jedn z najwa niejszych idei obecnych w trakcie zg biania nauk ekonomicznych. Sugesti tak daj nam ponadto badania pokazuj ce, e wybór studiów zwi zanych z zarz dzaniem podyktowany jest mi o ci do pieni dzy (Cunningham, Frauman, Ivy i Perry, 2004;McCabe i in., 2006) oraz e studenci tego kierunku w wi kszym stopniu wierz , e pieni dze s g ówn si napdzaj c dzia anie ni na przyk ad studenci psychologii . ...
Artyku omawia wykorzystanie aktywizacji weksperymentach psychologicznych, skupiajc si na katego-riach zwizanych zwadz ipienidzmi. Odnosi si ponadto do obserwowanych wwielu badaniach rónic pomidzy studentami zarzdzania iekonomii oraz innych kierunków, wyjaniajc je jako potencjalne skutki chronicznej aktywizacji kategorii wadzy i pienidzy. Prezentowane s wyniki bada przeprowadzonych na uczniach warszawskich szkó rednich (N = 134) sugerujce, e wspomniane rónice pomidzy studentami wynikaj z samoselekcji raczej ni socjalizacji. Sowa kluczowe: aktywizacja, wadza, idea pienidzy, zarzdzanie, ekonomia. An article discusses the use of activation in experimental psychological research, focusing on the categories associated with power and money. It further addresses the issue of potential chronic power and money activation by relating to the observable differences between students of management and economics and those of other disciplines. Results of the study conducted on the students of three Warsaw high schools are presented (N = 134), suggesting that the abovementioned differences stem from self-selection rather than socialization.
... It is well known that business education is not only a big business but is more commercialized than any other form of education (Pfeffer and Fong 2002). Most of the business students have more love for money and enter the field to make money (McCabe et al. 2006;Cunningham et al. 2004;Tang and Chiu 2003). ...
Current organizations are underpinned by utilitarian ethics of Modernity. Pure economic motive driven organizations detach themselves from larger societal interest. Rising number of corporate scandals and intraorganizational income inequalities are breeding similar trends in society at large. Current organizations base their competitive advantage on resources and capabilities which boils down to economic supremacy at all cost whether it is named I/O or RBV of the firm. This theoretical article posits Ethics-based Trust as the main competency and capability for attaining sustained competitive advantage. It in no way condemns utility view of the firms but treats it as a natural yet secondary outcome of genuine ethicality of the firm. Cultivating an ethical culture in the firm through identifying antecedents, organizational practices, and the outcomes where profitability is an automatic but secondary outcome under the supremacy of ethics is detailed in the multilevel model presented in this article. The main call of this article is to posit ethics and morality over and above short-term profits so that organizations fulfill their trustee role for society through enacting socio-humanistic theories within organizations. A brief analysis of the proposed ethical theory of firm is undertaken in light of the “schooling” notion in the contemporary organization theory literature.
... It is well known that business education is not only a big business but is more commercialized than any other form of education (Pfeffer and Fong 2002). Most of the business students have more love for money and enter the field to make money (McCabe et al. 2006; Cunningham et al. 2004; Tang and Chiu 2003). ...
There is enormous discussion on resource based view (RBV), scattered in the literature of strategic management. The purpose of this article is to establish a sequence of the study of RBV in a simplified and comprehensive way and to highlight the linkage between marketing and RBV. The roots and basic assumptions of RBV are explored in this article, along with a discussion on the construct of RBV. Moreover, this article highlights the significance of RBV in marketing research. Finally it reinforces some useful areas of relevance for future research in this domain.
Girişimcilik ekonomik kalkınmanın itici güçlerindendir ve bu nedenle girişimciliğe yönlendiren faktörlerin belirlenmesinin genç nüfusun girişimciliğe niyetlenmesinde önemli olduğu düşünülmektedir. Bu çalışmada planlı davranış teorisinden hareketle üniversite öğrencilerinin girişimcilik niyetleri ile paraya duydukları sevginin ilişkisi incelenmiştir. Çalışmanın bağımsız değişkeni olan para sevgisi ölçeği için Tang ve Chen’in (2008) çalışmalarından, girişimcilik niyeti ölçeği için Linan ve Chen’in (2009) çalışmalarından faydalanılmıştır. Çalışmanın verileri ön lisans ve lisans okuyan öğrencilere uygulanan öz bildirime dayalı çevrimiçi anket aracılığıyla toplanmış ve 354 katılımcının anketi geçerli kabul edilmiştir. Yapılan çoklu regresyon analizi sonucunda yalnızca paranın motivasyon sağlama boyutunun girişimcilik niyeti üzerinde istatistiksel olarak anlamlı bir etkisi olduğu görülmüştür. Bu makale TÜBİTAK 2209-A Üniversite Öğrencileri Bilimsel Araştırma Projeleri Destekleme Programı- 2022/2 kapsamında tamamlanan projenin bir çıktısıdır.
We investigate the relationships between two work-related attitudes (the love of money and leisure ethic) and affective, continuance, and normative occupational commitment controlling gender, organizational tenure, and career tenure and test the model across Baby Boomers and Gen-Xers in a multi-group analysis. We collected data from a stratified random sample of the National Recreation and Park Association (NRPA) in the USA (N = 397). Results suggested that leisure ethic was positively related to affective commitment for Baby Boomers, whereas the love of money was negatively related to affective commitment for Gen-Xers. Career tenure was positively related to all three components of occupational commitment for both age cohorts. Gender (male) was positively related to love of money and negatively related to leisure ethic for Gen-Xers, but not for Baby Boomers. Further, the love of money was negatively related to affective commitment for male Gen-Xers, but not for female Gen-Xers. Results provide important implications for managing Baby Boomers and Gen-Xers.
We developed a model and investigated the relationship between (1) leisure ethic, money ethic and (2) occupational commitment. We collected data from 397 professionals in the public sector using a stratified random sample of National Recreation and Park Association (NRPA) professionals in the USA. Results suggested that females had high leisure ethic, low money ethic, and low continuance commitment. Career tenure was associated with high leisure ethic and all three components of commitment. After controlling for gender and tenure, leisure ethic was positively related to affective commitment; but money ethic was negatively related to affective commitment. Moreover, for males, leisure ethic was positively related to affective commitment; whereas money ethic was negatively related to affective commitment, but positively related to continuance commitment. Males with affective occupational commitment had high leisure ethic and low love of money; those with continuance occupational commitment had high love of money. For females, these results failed to exist. Females do not stay in the profession due to their values and interests in leisure activities. Managers need to develop different strategies to attract, retain, and motivate male and female professionals in the public sector.
College students were surveyed in their 1st year and again 1 year later about their decision regarding which major to declare. They listed criteria and alternatives under consideration, rated the importance of each, and gave overall impressions of each alternative. They also rated their affective responses to the decision-making process. Students listed approximately 7 criteria and 4 alternatives during their 1st year and approximately 7 criteria and 3 alternatives during their 2nd year. Only about half of the criteria and alternatives originally listed appeared the second time. Students' overall impressions correlated with predictions of linear models of decision making. However, confidence and comfort with the decision-making process were not correlated with measures of rational decision making, suggesting that students may have maladaptive expectations about what effective real-life decision making should be. (PsycINFO Database Record (c) 2012 APA, all rights reserved)
This study was designed to replicate and extend 2 sets of earlier findings reported by J. Bodden and his colleagues. With regard to the first of these, the results in contrast to Bodden's, failed to reveal any relation between aspects of vocational structure and the selection of an appropriate academic major. Second, the replicability of Bodden and L. James's (see record
1978-03042-001) finding that providing occupational information decreases vocational differentiation was investigated. Results of the study again confirmed this decrease in differentiation, but only when Ss used experimentally provided constructs, not when they used their own, personally elicited constructs. The implications of these findings for vocational counseling are discussed, and future directions for research are noted. (PsycINFO Database Record (c) 2012 APA, all rights reserved)
This study analyzes choice of academic major for different racial groups. While Asian Americans choose different majors than non-Asians, differences in factors affecting choice of major occur between European Americans and African, Hispanic, and Native Americans. Academic preparation, private schools, and maternal influence are areas of disparate influence for different racial categories.
This study attempted to devise and evaluate four belief systems regarding how people acquire their money and spend their time: the Protestant Work Ethic (P WE) which emphasizes the positive feature of work, the leisure ethic which sees recreation rather than work as the main means to personalfulfillment, the wealth ethic which stresses the accumulation of wealth to ensure independence from others and work, and the welfare ethic which is based on the idea that one should exploit state benefits as a primary source of income. As predicted, the PWE was significantly negatively correlated with the leisure and welfare ethic which were themselves positively correlated. The wealth ethic was significantly correlated with the leisure ethic. Correlations between subscale scores derived from factor analysis and other related measures showed an interesting and predicted pattern of work-related beliefs. Results are discussed in terms of developing and testing belief systems associated with the PWE.
To examine the interrelationships among undergraduate students' interests and values, their self-concepts, and their choice of an academic major, 298 college students (116 males, 182 females) completed a self-report questionnaire, the Tennessee Self-Concept Scale, and the Allport-Vernon-Lindzey Study of Values. An analysis of the results showed that students whose current major was the same as their desired major scored significantly higher on total self-concept than did students who reported a discrepancy between their current and preferred major. A significant interaction between risk and self-concept revealed that low risk students scored lower than high risk students on social and personal self-concept. High risk students reported higher values in the social realm, while low risk students reported higher theoretical values. Sex by self-concept interaction revealed that females scored high on the moral-ethical self, family self, and social self, while males scored higher in the areas of physical and personal self. Males scored highest on economic, political, and theoretical values, while females were highest on aesthetic, religious, and social values. Finally, males in this study had changed their majors more frequently than had females, but tended to exhibit a greater consistency between their personal values and choice of an academic major. (BL)
Exploratory and confirmatory factor analyses were conducted to examine the measurement and dimensions of the 6-item Money Ethic Scale (MES) using a sample of mental health workers. Results showed that the items of the new Money Ethic Scale had very low and negligible cross-loadings and the inter-factor correlations were small. Thus, the three factors (Budget, Evil, and Success) measured fairly independent constructs. Further, the results of a multivariate multiple regression showed that the linear combination of the Factors Budget, Evil, and Success was a significant predictor of the linear combination of organizational citizenship behavior, job satisfaction, and organizational commitment.
Examined level of self-concept and degree of agreement between academic major and personality profile on the Strong-Campbell Interest Inventory in 242 junior and senior college students. Multiple regression analysis confirmed the hypotheses that Ss with high self-concepts showed significantly more congruence between their academic major and vocational interest profiles than did Ss with low self-concepts. This relationship was not significantly affected by gender or ethnic origin. (PsycINFO Database Record (c) 2012 APA, all rights reserved)
In this research, the author developed a 30-item, 6-factor Money Ethic Scale based on a sample of 249 full-time employees. Reliability and validity of the Money Ethic Scale were presented.
http://www.jstor.org/stable/2488183
In order to measure people's attitudes toward money, a 12-item Money Ethic Scale (MES) was developed based on a sample of 740 subjects. Three factors were identified: Success, Budget, and Evil. Attitudes toward money as related to people's demographic variables, personality variables, and job satisfaction were examined. Those who scored high on the Money Ethic Scale (the overall Money score) tended to have high economic values, low religious values, high Type A behavior pattern, to be older, to have low pay satisfaction, and high political values. Implications related to compensation management are discussed.
This study examines peoples' attitudes toward money (the Money Ethic Scale, MES) as related to intrinsic and extrinsic job satisfaction, stress, and work-related attitudes in a sample of mental health workers. The results show that intrinsic job satisfaction is related to the attitude that money is freedom/power, whereas extrinsic job satisfaction is related to the notion that money is not evil. Workers with low organizational stress tend to see that money is good. Those who claim that they budget their money carefully tend to have high self-esteem, Type A personality, be older, have low organizational stress, and low income. Those who endorse Protestant Work Ethic tend to think that money represents achievement and money is good.
Effects of college student's perceptions of labor market variables and conditions on choice of academic majors. Unpublished doctoral dissertation
- N B Hu