Does the love of money moderate and mediate the income-pay satisfaction relationship?

Abstract

This research examines the love of money as a moderator and as a mediator of the self-reported income-pay satisfaction relationship among university professors (lecturers). Hierarchical multiple regression results showed that the interaction effect between self-reported income and the love of money on pay satisfaction was significant. For high-love-of-money professors (lecturers), the relationship between income and pay satisfaction was positive and significant, however, for low-love-of-money professors (lecturers), the relationship was not significant. High-love-of-money participants had lower pay satisfaction than low-love-of-money participants when the self-reported income was below $89,139.53. When income was higher than $89,139.53, the pattern of pay satisfaction was reversed. Further, the love of money was a mediator of the self-reported income-pay satisfaction relationship. Income increases the love of money that, in turn, is used as a "frame of reference" to evaluate pay satisfaction. © Emerald Group Publishing Limited.