The Relationship between Love of Money, Islamic Religiosity and Life Satisfaction: A Muslim’s Perspective

This research scrutinizes the relationship between Love of Money (LOM), hedonic behavior and Islamic religiosity in pursuing life satisfaction in consumption. By utilizing accidental sampling method, the research then employed 99 customers who spent their money in one of the biggest department stores in Malang City. The calculation of data with SmartPLS-3.1.8 revealed that Islamic religiosity significantly affects live satisfaction (β = 0.290; ρ-value = 0.003). In the same time, LOM significantly influences hedonic behavior (β = 0.417; ρ-value = 0.000). However, hedonic behavior does not mediate the relationship between LOM and life satisfaction. This study accordingly concludes that Islamic religiosity plays a main role in consumption. Therefore, it is suggested that every Muslim have to instill Islamic religiosity in daily activities for obtaining life satisfaction.


INTRODUCTION
Neoclassical economics emphasizes self-interest in guiding individuals to act rationally as had been taught in Bentham's hedonism philosophy. It was said that a motive in human's actions was substantially nothing more than pleasure and pain (Mondal, 2016). A rational man has been assumed to choose personal enjoyment as his own desire and avoid misery. In many ways, this is also associated with love of money (LOM) which sometimes leads some people to satisfy their greed (Kirchgassner, 2014).

LOM mostly represents individual's desire in achieving life satisfaction.
This motive can be the main motivator and even a "frame of reference" for daily life (Tang, Tang, and Luna-Arocas, 2005). Large companies, for instance, always use money to attract and motivate employees in achieving company objectives. Therefore, it is natural if the workers always demand better wages in line with their productivity (Frakt and Piper, 2014;Krugman and Wells, 2008).

13,1
Life satisfaction may be achieved through hedonic behavior. However, the enjoyment of material things can also sacrifice the spiritual happiness.
Islamic economics has much criticized this dilemma. Al-Quran al-Karim Thus, every Muslim should believe that the presence of Islamic religiosity becomes an important factor and influences this hedonic tendency. However, the measurement of Islamic religiosity is very diverse. Khraim (2010) made the scale of Islamic religiosity related to the consumption patterns. Abou-Youssef et al. (2011) determined the diversity on the dimensions of experience, spiritual, intellectual, and commitment. Whereas Mahdzan et al. (2017) measured Islamic religiosity from faith, virtue, obligation, and choice. Other studies also measured Islamic religiosity according to different contexts (Spierings, 2019;Olufadi, 2016;Dasti and Siswat, 2014;and Khan, 2014).
This study examined more deeply the influence of Islamic religiosity to the relationship between LOM and life satisfaction. A gap in literatures showed a fact that people only hunt for their material satisfaction in life. In line with materialism philosophy, people think about that there is no room for other qualities except material. This research wants to fill the gap by introducing spiritual satisfaction in life when people performs Islamic religiosity. This study also investigates whether hedonic behavior can be a mediator for the relationship between LOM and life satisfaction or not. By taking the samples from consumers in one of the biggest department stores in Malang City, this research then is expected to reveal the effect of Islamic religiosity to life satisfaction and the function of hedonic behavior in mediating LOM and life satisfaction.
The paper is initiated by introduction which is presenting the background and objective of study. Second, literature review provides some theoretical basis of the variables used in this study. Third, research method explains the sample and tools in analyzing the research problem. Fourth, the results of research and its discussion. In the last section, research conclusion and recommendation will be presented.

Love of Money (LOM) and Hedonic Behavior
Money has a high appeal and captivates everyone. In order to get money, people are willing to work hard (Tang and Liu, 2012;Akande, 2006). Business people also have the same goal when they pursue high profits by accumulating corporate and personal wealth (Tang, Tillery, Lazarevski, and Luna-Arocas, 2004). LOM thus becomes a self-desire that influences ethical behavior of an individual. Tang et al. (2005) figured the patterns of one's behavior towards wealth by referring to personal's love of money. Individuals then perceive that money in the same time plays the role as a love and a greed. Therefore, Tang (2007) insisted that money relates to someone's subjective happiness.
The concept of LOM refers to desirable organizational behaviors such as the high levels of job satisfaction and low employee turnover rates. Theoretically, LOM was closely related to the concept of "greed" and commonly becomes a motivation that lead to unethical behavior (Tang and Jia-Chen, 2008). People who urge to get rich are always motivated to accumulate money, and see money as important (Tang and Liu, 2012). This attitude may lead to egoistic behavior (Gasiorowska and Helka, 2012) and shopping habits for pleasure (Kaul, 2007).
People love money because they want happiness. Chitchai et al. (2018) stated that money has a close relationship between person's socio-economic conditions and the happiness that they expect. To some extent, it may direct to hedonic behavior. Yilmaz and Kocoglu (2018) pointed out that hedonic behavior initially refers to a valuation over consumption which is perceived as a pleasure. This behavior has accelerated modernity atmosphere into highly hedonic lifestyles (Firat, 2013), forms a consumerist society (Yener et al., 2014), and often refers to monetary greed (Soper, 2017). In department stores, for instance, people hunt all desires and spend their money which are often impulsively (Gultekin and Ozer, 2012). Especially for young people, the shopping habits drive them to pursue satisfaction which is characterized by hedonic desire not only utilitarian one (Basaran and Buyukyilmaz, 2015).
In order to measure hedonic behavior, Borges et al. (2016) identified items of hedonism in eighteen Asian, European and American countries. Kaczmarek (2017) measures hedonic motives in behavior. Meanwhile, Ksendzova et al. (2015) made measurements and differences between individuals in assessing hedonism for their behavior.

39
The Relationship between Love of Money 10).

Islamic Religiosity
Islamic religiosity reflects the practice of a Muslim in his daily life. It reflects beliefs, rituals, devotion, experience, manner and knowledge. Zubairu et al.
(2017) asserted that religiosity and moral competence cannot be separated.
In consumption behavior, Islamic religiosity often becomes a controlling factor that direct a consumer to spend money properly. For example, Aliman Therefore, measuring the level of religiosity for Muslim's life is very complex. All of his daily behaviors should reflect this religiosity. Islam is the way of life not just a rule of ritual (Faruqi, 2007) and in line with the times (Lamido, 2016). Some indicators of Islamic religiosity might be categorized as believe and ethics. This categorization does not mean that they can be separated, but it has to be combined as Muslim's behavior. Thus, the measurement of Islamic religiosity needs to be adjusted to the context.
In relation to hedonism, Islamic religiosity appears from simple consumption patterns. Religious consumers tend to be less materialistic and hence influence to avoid hedonic behavior (Joshanloo, 2013). Within this view, Islamic religiosity might be measured. Abdullah and Abdul Majid (2003) made some indicators of Islamic religiosity in consumption by limiting it to what was required and mandated. Based on the criteria, consumption must be fitted to three rules namely fard (obligatory), sunnah (commended), and haram (prohibited).

41
The Relationship between Love of Money Furthermore, Alam et al. (2011) specified that Islamic religiosity in consumption must satisfy six qualities. First, every Muslim should direct his/her consumption to an efficient life. It means that every muslim has to consume in proper manner without wasting any resources. Second is not to consume illicit goods. Islam has forbidden some goods to be consumed such as liqueur, pork, something that is illegally obtained and other haram goods. Third is consuming goods moderately. It means that every muslim is forbidden to consume excessively since Islam called it as the brothers of satan. Fourth is not to consump goods simply to achieve satisfaction but for higher goals and values. Islam has emphasized that consumption must be intended to achieve barakah, that is Allah's favor in the worldly life and the hereafter. Fifth is prioritizing more important preferences. And sixth is prioritizing meeting basic needs, and overall utility of goods and services. Life satisfaction is categorized in income, family, and work satisfactions (Chitchai et al., 2018). Boes and Winkelmann (2010) stated that the level of income significantly reduces life dissatisfaction. Evans and Kelley (2004) showed that in Australia, people having a family feel more satisfied than a divorce. Whereas Aydintan and Koc (2016)

RESEARCH METHOD
This research is inteded to find the relationship between LOM, Islamic religiosity, and life satisfaction, and the mediating effect of hedonic behavior.
To achieve this objective, the research is contextualized to consumers who shop at one of the largest department stores in Malang. The 99 respondents were obtained by accidental sampling from consumers who physically behave as Muslims. The data collected from the questionnaires which are distributed in November 2019 were analyzed by Smart-PLS version 3.2.8.
The proposed model includes a description of the correlations between the four variables namely Love of Money (LOM), hedonic behavior, Islamic religiosity and life satisfaction. LOM is thought to play an important role in influencing life satisfaction; it is directly related to life satisfaction and indirectly is passed through hedonic behavior. Then, Islamic religiosity also influence life satisfaction. Figure 1 describes these relationships as follows:

43
The Relationship between Love of Money (2018), and life satisfaction refered to Chitchai (2018  Finally, around 59.59 per cent of the respondents earned income below IDR 3.000.000 and was followed by 33.33 per cent who earned income in the range of IDR 3.000.000-10.000.000. Categorically, people having income below IDR 3.000.000 are included in low income recipients.  Hair et al. (2014). According to them that the cut off for Cronbach's Alpha value is 0.6, Composite Reliability is 0.6, and AVE is 0.5.

Table 2. Loading Factors, CR and AVE of Constructs * = α is Cronbach's Alpha and λ is Loading Factors of Indicators
After getting these values, the calculation of hypotheses is presented in Table 3 and Figure 2. It shows that LOM significantly influences hedonic behavior (β = 0.417; ρ-value = 0.000) and Islamic religiosity contributes to life satisfaction (β = 0.290; ρ-value = 0.003). Hence, hypothesis H 3 is supported. The result also shows that LOM affects hedonic behavior.
However, hedonic behavior does not mediate the relationship between LOM and life satis-faction. People might percieve that they will obtain satisfaction if they consume much and enjoy the pleasure in shopping. Factually, this perception does not happen in reality which means that hypothesis H 2 is not accepted. In the same time, LOM does not influence life satisfaction directly, hence, hypothesis H 1 is not supported.

DISCUSSION
This study has proved that for a muslim life satisfaction is not only related to something that materially satisfy all his desire in life. There is another aspect that more strengthens the taste of life satisfaction namely spiritual bliss. In spending behavior, for instance, LOM indeed affects muslim consumers to hedonic behavior. When they go to the mall, they can enjoy every spending.
According to Patel and Sharma (2009)  According to Carter (2014), the act of spending money is an emotional decision. It contains some hedonic consequences that can last far into the future. Tong et al. (2013) proved that money priming in spending shows various behaviors. Consumers in the money priming condition are more likely to choose utilitarian over hedonic spending, but not when primed with credit cards. Meanwhile, Yu et al. (2018) stated that hedonic shopping values are mainly influenced by entertainment construct.
This study in line with all these researches. Shooping at the mall or department store, for example, can make consumers to enjoy the atmosphere of shopping center. There are a lot of entertainment desires that attract consumers' interest to shop. Consequently, this activity raises the sense of addiction so that shopping at the mall is used as a means to please them.
Along with rising incomes, hedonic behavior has now become the lifestyle of modern society. Along to fulfil to daily needs, people shop in department store is intended to seek pleasures and enjoyments.
However, this hedonic behavior does not mean that it will influence to obtain satisfaction in life. Theoretically, according to microeconomics that an individual will be motivated to maximize his utility. In consumer behavior, the maximization of utility becomes a main motive for consumer.
Nevertheless, this study does not prove this proposition. The results support Martin et al. (2010) although they have differentiated between pleasure and life satisfaction. According to them, that hedonic behavior will influence a pleasure, not life satisfaction.
Islamic relgiosity becomes an important factor for getting life satisfaction and happiness. It affects customers to spend their money proportionally between material and spiritual enjoyment. Islamic believe and ethics guided Muslim customers to accept willingly their incomes as a bounty from Allah.