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The purposes of this study were to investigate the structural relationships among the factors that affect online learners’ satisfaction and to develop a structural model that explains satisfaction in online learning environments. We used social cognitive theory and the Macro Model of Motivation and Performance as a theoretical framework and investigated the structural relationships among self-regulation, self-efficacy, task value, learning design, perceived learning and satisfaction. Participants consisted of 1297 higher education students who were enrolled in fully online courses. Results revealed that self-regulation, self-efficacy, task value, and learning design had significant effects on perceived learning and satisfaction. Moreover, perceived learning influenced satisfaction. Results are discussed in light of theory and past research findings.