The purpose of this study was to explore differences in the perceptions among executive college leaders regarding the importance of shared governance and to investigate whether these perceptions effect their job satisfaction. This quantitative study explored these factors in order to provide insight into this relationship and provide college leaders with information with which to inform their own development and that of other leaders in their institutions. This study used extant data collected in 2012 using the National Survey of Community College Leaders (NSCCL) instrument, which surveyed 212 senior community college leaders regarding their perceptions of shared governance and job satisfaction. The analytic procedure used in this study employed a four-stage design, to include (a) exploratory data analysis, (b) factor analysis, (c) ANOVA, and (d) correlation and regression, to explore whether there were differences in perceptions among leadership rank and whether these perceptions effect job satisfaction among college leaders. When exploring the relationship between perceptions and job satisfaction, the findings in this study concluded the most recurrent determinant of a leaders' job satisfaction was building stakeholder relations. The perception of the importance of building stakeholder relations was identified as a significant predictor of job satisfaction across all significant models, to include professional success, professional credibility, collegiality, and ability to facilitate institutional change. Additionally, perceptions about the importance of institutional strategic planning was found to be predictive of a leaders' satisfaction with their ability to facilitate institutional change, while perceptions about personnel issues were predictive of their satisfaction with collegiality.