Chapter 5: The Importance of Money as an Individual Difference Attribute

In this chapter, we claim that individual differences about the importance of money are valuable for understanding attitudes and behaviors relevant to the field of management. We assert that the Importance of Money is a multidimensional construct and that the Money Importance Scale (MIS) is a valid instrument to measure the Importance of Money. We present findings which suggest that certain Money Importance dimensions are associated with a set of individual difference attributes and behaviors including: age, gender, marital status, equity sensitivity, and risk-taking propensities. Some of the Money Importance dimensions are also related to how entrepreneurs use money as a motivator and use formal control policies in the organization. Future organizational research on the Importance of Money as an individual difference attribute is discussed.