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Peer feedback, as a promising instructional approach, has gained increasing attention in higher education. Students’ learning satisfaction in online peer feedback settings might be associated with their level of self-regulation. This study explored differences in learning satisfaction among higher education students with high, medium, and low self-regulation in an online peer feedback setting in which 240 students completed three tasks. For task 1, students wrote an argumentative essay. For task 2, students provided feedback on their peers' essays. For task 3, students revised their essays and completed questionnaires on learning satisfaction and self-regulation. The findings revealed differences regarding students’ learning satisfaction based on their level of self-regulation favoring high-level self-regulated students compared with low-level self-regulated students.