The purpose of this study was to investigate to what level work-related and environmental/personality characteristics explain individual differences in psychological and physical well-being, and absenteeism. The Michigan model, as developed by the Institute for Social Research at the University of Michigan, was used as a base for further analyses. A number of 376 bank directors was included in the study. Using the LISREL program for testing causal assumptions, a model resulted that explained substantial amounts of variance for psychological and physical well-being. The model, however, was not effective to explain absenteeism.