The purposes of this study were to investigate the structural relationships among the factors that affect online learners’ satisfaction with the learning experience, and to develop a structural model that explains online learners’ satisfaction. For these purposes, a research model was developed based on the principles of social cognitive theory and the Macro Model of Motivation and Performance, and the findings reported in past research. The study investigated the effects of self-regulation, self-efficacy, task value, and learning design on perceived learning and satisfaction, and the effect of perceived learning on satisfaction. Participants consisted of higher education students who were enrolled in fully online courses in the Spring 2017 semester at a public university in the Southeastern United States. Data analyses were conducted on a dataset that included 1115 responses. Majority of the participants were female (810 students, 72.6%), and pursued an undergraduate degree (838 students, 75.2%). Participants’ age ranged between 18 and 62 with a mean of 24.14 and a standard deviation of 7.99. Structural equation modeling (SEM) was used to answer the research questions and test the research hypotheses. Assessment of the measurement model revealed that the six-factor model showed a good fit to the data. Assessment of the structural model revealed that eight out of the nine research hypotheses were supported. The results showed that self-regulation, self-efficacy, task value, and learning design had significant direct effects on perceived learning. These four factors explained 66.7% of the total variance in perceived learning. Furthermore, self-regulation, self-efficacy, task value, learning design, and perceived learning had significant direct effects on satisfaction. Contrary to the research hypothesis, the effect of self-regulation on satisfaction was negative. Five factors explained 81.4% of the total variance in satisfaction with the online learning experience. Finally, perceived learning had a mediation effect for the relationships between self-efficacy, task value, learning design, and satisfaction. The results suggested that metacognitive self-regulation, self-efficacy beliefs for interacting with the instructor and peers, task value beliefs, learning design, and perceived learning are important factors to consider in online learning settings in terms of learners’ satisfaction with the learning experience. The results are interpreted and discussed in the light of theory and past research findings. Implications of the research results are shared for instructional designers and online instructors.
