The Love of Money, Pay Satisfaction and Academic Tenure: Professors in a Public Institution of Higher Education

Abstract

This study tests a model of pay satisfaction using a sample of 207 American professors, treats academic tenure as a moderator, and investigates the model across tenured (n = 126) and non-tenured (n = 77) professors simultaneously. The direct path examines the relationship between income and pay satisfaction, whereas the indirect path consists of income, the love of money, pay comparison, and pay satisfaction. For the whole sample, results supported the direct path in that income led to pay satisfaction. When both the direct and indirect paths were examined simultaneously, income led to low pay satisfaction. Income enhanced the love of money that was used to frame referent pay comparison that had an impact on pay satisfaction. For tenured professors, the indirect path was significant and the direct path approached significance. For non-tenured professors, the referent comparison to pay satisfaction path was significant. Our research contributes to our new insights and understanding of pay satisfaction among tenured and non-tenured professors in a public institution of higher education.

Ethical intentions among frontline employees working in the US-based fast food chains in Pakistan

“…The hedonic values (e.g. attainment of pleasure and social status) by earning sufficient amount of money (understood as love of money (LOM)) has the potential to induce individuals to make unethical decisions (Tang and Tang, 2012). An increase in unethical practices at work are threatening to establish an ethical workplace climate (Bowen and Schneider, 2014) especially in a high-context service business context where (by virtue of co-creation) customers observe the unethical activities of frontline employees (FLEs) (Kashif and Zarkada, 2015).…”

Understanding pay satisfaction in public sector: evidence from Sri Lanka

“…Finally, salary surveys are used to achieve external equity in terms of pay others outside the organization doing comparable jobs in the relevant labour market receive. Maintaining external equity is important for competitiveness in the labour market (Tang and Tang, 2012).…”

“…Love of money operates as an individual's "frame of reference", "standard" or "aspiration" when making judgements on pay, which can be used to evaluate pay satisfaction (Tang, 1992). Love of money is identified to be composed of several affective (such as rich, good and evil), behavioural (such as motivator and budget) and cognitive (success, respect, power and important) dimensions (for a detailed review, refer to Tang, 1992;Tang and Tang, 2012), and the meaning of money is "in the eye of the beholder" (McClelland, 1967, p. 10). For example, an individual may treat money as a symbol of success (Furnham, 2014), and for them, money represents achievement, security and autonomy on a score card (Tang, 1992).…”

“…Individuals with higher levels of love of money always want to have more money. In the context of work, employees work for their pay and they want to have more pay, that is, when an employee bestows a high love of money, he/she may pay more attention to it and expect to receive a large pay (for a detailed review see Tang, 1992;Tang and Tang, 2012). Previous research established a negative relationship between love of money and pay satisfaction (Tang et al, 2005).…”

Instituições de ensino superior públicas em Portugal: sua administração sob as premissas da new public management e da crise econômica global

“…A introdução dessa nova filosofia levou à formação de mercados ou quase mercados em educação superior, resultando na competição por alunos e por financiamento para a investigação; no financiamento com base em resultados, sobressaindo a figura do contrato de desempenho; e na autonomia institucional para gerir com eficácia (Dias, 2008;Ferlie;Musselin;Andresani, 2008;Santiago, 1998;Tang;Tang, 2012).…”