Two hypotheses that are derived from investment theory were tested with a sample of part-time, working community college students. According to investment theory, satisfaction (perceived benefits minus perceived costs), alternative value (the quality of the best alternative), and investment (stake in organization) exert direct effects on intent to stay or leave an organization and indirect effects on persistence/departure behavior. As predicted, alternative value and college satisfaction were strong predictors of intent (to stay, to leave, or to stop out). Contrary to our hypothesis, investment predicted institutional persistence when intent was included in the model. A heuristic, psychological framework is proposed for examining the departure decision process among nontraditional college students.
