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ABSTRACT This article reports the results of a 2‐year study examining the effects of subject matter, course structure, and participant behaviors on students' perceived learning and satisfaction with delivery medium in Web‐based courses of an MBA program in the midwestern United States. Using finance as the referent discipline, we found statistically significant differences in the mean course outcomes (students' perceived learning and satisfaction with delivery medium) associated with 13 business disciplines. Although most of these disciplinary differences ceased to be significant predictors of student perceived learning as structural and behavioral characteristics were incorporated into the model, these differences remained significant predictors of perceived delivery medium satisfaction. We also found that some structural and behavioral characteristics were significant predictors of course outcomes, but in opposite directions. For instance, media variety was a positive predictor of delivery medium satisfaction but a negative predictor of perceived learning, while learner–learner interaction positively predicted perceived learning but negatively predicted delivery medium satisfaction. These findings suggest that instructors of online graduate courses must manage trade‐offs in balancing students' learning with their perceptions of the internet as a course delivery medium.
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