IDEAS home Printed from https://ideas.repec.org/a/spr/annopr/v299y2021i1d10.1007_s10479-019-03488-5.html
   My bibliography  Save this article

Money’s importance from the religious perspective

Author

Listed:
  • Claudiu Herteliu

    (Bucharest University of Economic Studies
    London South Bank University)

  • Ionel Jianu

    (Bucharest University of Economic Studies)

  • Iulia Jianu

    (Bucharest University of Economic Studies)

  • Vasile Catalin Bobb

    (Technical University of Cluj-Napoca)

  • Gurjeet Dhesi

    (London South Bank University)

  • Sebastian Ion Ceptureanu

    (Bucharest University of Economic Studies)

  • Eduard Gabriel Ceptureanu

    (Bucharest University of Economic Studies)

  • Marcel Ausloos

    (Bucharest University of Economic Studies
    University of Leicester)

Abstract

Operational research and finance have natural connections. However, operational research represents a device to be used for catching financial phenomena, and such a device is usually mediated by social norms and corresponding relevant parameters. This paper contributes to this debate by focusing on a particular social norm—namely, religiosity- and its importance to the role of money. Such relationship is here treated under a quantitative perspective. In particular, we provide an econometric-statistic comparison between religion and money importance. The methodological toolkit is tested on high quality empirical data coming from a recent survey of Romanian population involving 842 persons, from the many faiths in the considered country. Specifically, statistical techniques include best fit curves analysis and data cross tabulations are checked using Chi squared test. The distinctions between different religious people beliefs relating to money are discussed. Insights regarding perceptions of different religious denominations are provided. Subsequent effects on entrepreneurship behavior are tested using Logit regression models. Results state that each religion-based segment of population has its own way to understand the importance of money, to promote and to evaluate the power of money, and finally to manage important inter-connections around the money.

Suggested Citation

  • Claudiu Herteliu & Ionel Jianu & Iulia Jianu & Vasile Catalin Bobb & Gurjeet Dhesi & Sebastian Ion Ceptureanu & Eduard Gabriel Ceptureanu & Marcel Ausloos, 2021. "Money’s importance from the religious perspective," Annals of Operations Research, Springer, vol. 299(1), pages 375-399, April.
  • Handle: RePEc:spr:annopr:v:299:y:2021:i:1:d:10.1007_s10479-019-03488-5
    DOI: 10.1007/s10479-019-03488-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10479-019-03488-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.

    File URL: https://libkey.io/10.1007/s10479-019-03488-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Keister,Lisa A., 2011. "Faith and Money," Cambridge Books, Cambridge University Press, number 9780521721103.
    2. Tu, Qin & Bulte, Erwin & Tan, Shuhao, 2011. "Religiosity and economic performance: Micro-econometric evidence from Tibetan area," China Economic Review, Elsevier, vol. 22(1), pages 55-63, March.
    3. Wu, Dejun & Lin, Chen & Liu, Sibo, 2016. "Does community environment matter to corporate social responsibility?," Finance Research Letters, Elsevier, vol. 18(C), pages 127-135.
    4. Robert Hoffmann, 2013. "The Experimental Economics Of Religion," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 813-845, December.
    5. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2006. "Does Culture Affect Economic Outcomes?," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 23-48, Spring.
    6. Abdoulaye Diop & Trevor Johnston & Kien Trung Le & Yaojun Li, 2018. "Donating Time or Money? The Effects of Religiosity and Social Capital on Civic Engagement in Qatar," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 138(1), pages 297-315, July.
    7. James J. Lynch, 1991. "Surviving in an Age of Default," Palgrave Macmillan Books, in: Ethical Banking, chapter 10, pages 175-181, Palgrave Macmillan.
    8. Merchant, Altaf & Rose, Gregory & Martin, Drew & Choi, Sunmee & Gour, Mohit, 2017. "Cross-cultural folk-tale-elicitation research on the perceived power, humanistic and religious symbolisms, and use of money," Journal of Business Research, Elsevier, vol. 74(C), pages 113-119.
    9. Daniel J. Benjamin & James J. Choi & Geoffrey Fisher, 2016. "Religious Identity and Economic Behavior," The Review of Economics and Statistics, MIT Press, vol. 98(4), pages 617-637, October.
    10. Keister,Lisa A., 2011. "Faith and Money," Cambridge Books, Cambridge University Press, number 9780521896511.
    11. Vishal K. Gupta & Daniel B. Turban & S. Arzu Wasti & Arijit Sikdar, 2009. "The Role of Gender Stereotypes in Perceptions of Entrepreneurs and Intentions to Become an Entrepreneur," Entrepreneurship Theory and Practice, , vol. 33(2), pages 397-417, March.
    12. Laurence R. Iannaccone, 1998. "Introduction to the Economics of Religion," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1465-1495, September.
    13. Granger, Karen & Lu, Vinh Nhat & Conduit, Jodie & Veale, Roberta & Habel, Cullen, 2014. "Keeping the faith! Drivers of participation in spiritually-based communities," Journal of Business Research, Elsevier, vol. 67(2), pages 68-75.
    14. Claudiu Herteliu & Bogdan Vasile Ileanu & Marcel Ausloos & Giulia Rotundo, 2015. "Effect of religious rules on time of conception in Romania from 1905 to 2001," Papers 1509.04564, arXiv.org, revised Oct 2015.
    15. Baxamusa, Mufaddal & Jalal, Abu, 2014. "Does religion affect capital structure?," Research in International Business and Finance, Elsevier, vol. 31(C), pages 112-131.
    16. Huang, Yan & Kou, Gang & Peng, Yi, 2017. "Nonlinear manifold learning for early warnings in financial markets," European Journal of Operational Research, Elsevier, vol. 258(2), pages 692-702.
    17. Claudiu VINTE & Titus Felix FURTUNA & Marian DARDALA, 2017. "R Spatial and GIS Interoperability for Ethnic, Linguistic and Religious Diversity Analysis in Romania," Romanian Statistical Review, Romanian Statistical Review, vol. 65(4), pages 85-97, December.
    18. Ingrid-Mihaela Dragotă & Victor Dragotă & Andreea Curmei-Semenescu & Daniel Traian Pele, 2018. "Capital Structure and Religion. Some International Evidence," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(3), pages 415-442, September.
    19. Keeney, Ralph L., 1996. "Value-focused thinking: Identifying decision opportunities and creating alternatives," European Journal of Operational Research, Elsevier, vol. 92(3), pages 537-549, August.
    20. Ma, Tiejun & Tang, Leilei & McGroarty, Frank & Sung, Ming-Chien & Johnson, Johnnie E. V, 2016. "Time is money: Costing the impact of duration misperception in market prices," European Journal of Operational Research, Elsevier, vol. 255(2), pages 397-410.
    21. Catherine C. Eckel & Philip J. Grossman, 2004. "Giving to Secular Causes by the Religious and Nonreligious: An Experimental Test of the Responsiveness of Giving to Subsidies," Monash Economics Working Papers archive-07, Monash University, Department of Economics.
    22. Roman, Monica & Goschin, Zizi, 2011. "Does religion matter? Exploring economic performance differences among Romanian emigrants," MPRA Paper 31779, University Library of Munich, Germany.
    23. Cordero, José Manuel & Salinas-Jiménez, Javier & Salinas-Jiménez, M Mar, 2017. "Exploring factors affecting the level of happiness across countries: A conditional robust nonparametric frontier analysis," European Journal of Operational Research, Elsevier, vol. 256(2), pages 663-672.
    24. Cao, Nguyen Vi & Fragnière, Emmanuel & Gauthier, Jacques-Antoine & Sapin, Marlène & Widmer, Eric D., 2010. "Optimizing the marriage market: An application of the linear assignment model," European Journal of Operational Research, Elsevier, vol. 202(2), pages 547-553, April.
    25. Scott Vitell & Jatinder Singh & Joseph Paolillo, 2007. "Consumers’ Ethical Beliefs: The Roles of Money, Religiosity and Attitude toward Business," Journal of Business Ethics, Springer, vol. 73(4), pages 369-379, July.
    26. Rotundo, G. & Ausloos, M. & Herteliu, C. & Ileanu, B., 2015. "Hurst exponent of very long birth time series in XX century Romania. Social and religious aspects," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 429(C), pages 109-117.
    27. Laurence R. Iannaccone, 1998. "Corrigenda [Introduction to the Economics of Religion]," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 1941-1941, December.
    28. Thomas Tang & Toto Sutarso & Grace Davis & Dariusz Dolinski & Abdul Ibrahim & Sharon Wagner, 2008. "To Help or Not to Help? The Good Samaritan Effect and the Love of Money on Helping Behavior," Journal of Business Ethics, Springer, vol. 82(4), pages 865-887, November.
    29. Hui Yuan & Wei Xu & Qian Li & Raymond Lau, 2018. "Topic sentiment mining for sales performance prediction in e-commerce," Annals of Operations Research, Springer, vol. 270(1), pages 553-576, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kirill Antropov & Ravil Akhmadeev & Olga Yurievna Voronkova & Xenia Kotova & Svetlana Khoruzhaya & Vladimir Mikhailovich Kurikov, 2021. "Identification of corruption risks in the banking sector of the economy," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(2), pages 123-133, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. León, Anja Köbrich & Pfeifer, Christian, 2017. "Religious activity, risk-taking preferences and financial behaviour: Empirical evidence from German survey data," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 69(C), pages 99-107.
    2. Matthias Basedau & Simone Gobien & Sebastian Prediger, 2018. "The Multidimensional Effects Of Religion On Socioeconomic Development: A Review Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 32(4), pages 1106-1133, September.
    3. Sadok El Ghoul & Omrane Guedhami & Yang Ni & Jeffrey Pittman & Samir Saadi, 2012. "Does Religion Matter to Equity Pricing?," Journal of Business Ethics, Springer, vol. 111(4), pages 491-518, December.
    4. Livio Di Matteo, 2016. "All equal in the sight of God: economic inequality and religion in the early twentieth century," European Review of Economic History, European Historical Economics Society, vol. 20(1), pages 23-45.
    5. Kirchmaier, Isadora & Prüfer, Jens & Trautmann, Stefan T., 2018. "Religion, moral attitudes & economic behavior," Other publications TiSEM 669f51df-0d23-4657-8b16-5, Tilburg University, School of Economics and Management.
    6. Charles Noussair & Stefan Trautmann & Gijs Kuilen & Nathanael Vellekoop, 2013. "Risk aversion and religion," Journal of Risk and Uncertainty, Springer, vol. 47(2), pages 165-183, October.
    7. Thomas R. Berry-Stölzle & Jianren Xu, 2022. "Local religious beliefs and insurance companies’ risk-taking behaviour," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 242-278, April.
    8. M. Leroch & C. Reggiani & G. Rossini & E. Zucchelli, 2012. "Religious attitudes and home bias: theory and evidence from a pilot study," Working Papers wp811, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Laeven, Luc & Popov, Alexander & Sievert, Clara, 2024. "Is religion an inferior good? Evidence from fluctuations in housing wealth," Journal of Economic Behavior & Organization, Elsevier, vol. 217(C), pages 705-725.
    10. Kirchmaier, Isadora & Prüfer, Jens & Trautmann, Stefan T., 2018. "Religion, moral attitudes and economic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 148(C), pages 282-300.
    11. Cornelius A. Rietveld & Brigitte Hoogendoorn, 2022. "The mediating role of values in the relationship between religion and entrepreneurship," Small Business Economics, Springer, vol. 58(3), pages 1309-1335, March.
    12. Robert Hoffmann, 2013. "The Experimental Economics Of Religion," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 813-845, December.
    13. Yalin Mo & Junyu Zhao & Thomas Li-Ping Tang, 2023. "Religious Beliefs Inspire Sustainable HOPE (Help Ourselves Protect the Environment): Culture, Religion, Dogma, and Liturgy—The Matthew Effect in Religious Social Responsibility," Journal of Business Ethics, Springer, vol. 184(3), pages 665-685, May.
    14. Mertzanis, Charilaos & Pavlopoulos, Athanasios & Vetsikas, Apostolos & Reppas, Dimitrios & Hamill, Philip A., 2023. "Religion and the financing of corporate investment around the world," International Review of Financial Analysis, Elsevier, vol. 90(C).
    15. Chuah, Swee Hoon & Gächter, Simon & Hoffmann, Robert & Tan, Jonathan H. W., 2015. "Religion, Discrimination and Trust," IZA Discussion Papers 9616, Institute of Labor Economics (IZA).
    16. Bittschi, Benjamin & Borgloh, Sarah & Wigger, Berthold, 2015. "Secularization, tax policy and prosocial behavior," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113065, Verein für Socialpolitik / German Economic Association.
    17. Benjamin Bittschi & Sarah Borgloh & Berthold U. Wigger, 2020. "Philanthropy in a Secular Society," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 176(4), pages 640-664.
    18. Robert Hoffmann, 2013. "The Experimental Economics Of Religion," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 813-845, December.
    19. Chuah, Swee Hoon & Gächter, Simon & Hoffmann, Robert & Tan, Jonathan H.W., 2016. "Religion, discrimination and trust across three cultures," European Economic Review, Elsevier, vol. 90(C), pages 280-301.
    20. Agnieszka Sowa & Stanisława Golinowska & Dorly Deeg & Andrea Principi & Georgia Casanova & Katherine Schulmann & Stephania Ilinca & Ricardo Rodrigues & Amilcar Moreira & Henrike Gelenkamp, 2016. "Predictors of religious participation of older Europeans in good and poor health," European Journal of Ageing, Springer, vol. 13(2), pages 145-157, June.

    More about this item

    Keywords

    Quantitative and statistical methods; Regression analysis; Money perception; Money valorization; Religion; Beliefs;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • C46 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Specific Distributions
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
    • Z19 - Other Special Topics - - Cultural Economics - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:annopr:v:299:y:2021:i:1:d:10.1007_s10479-019-03488-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.