Culture and Love of Money: Evidence From the Iberian Peninsula and U.S. Hispanic Residents

Abstract

Money has become a key element in any kind of relationship, both within and outside national borders. However, different cultures may give money a distinct role in society. Hence, the current study investigated the relationship between cultural values and the love of money. A survey was carried out to collect data from 813 individuals in total, 613 Spanish and Portuguese and 200 U.S. Hispanic. The hypotheses were tested through structural equation modeling (SEM) with partial least squares (PLS). Despite several differences in the results of both samples, Iberian and North American Hispanic samples have in common the fact that long-term orientation and indulgence positively influence the love of money budget factor. This study presents new evidence and reinforces fresh insights for managers to better understand their staff worldwide. Furthermore, organizational policies and practices related to ethics and organizational behavior should be adequately implemented, according to the love of money perception of members of their teams.