To what extent do differences in regulatory climate among states influence the satisfaction levels of campus managers? This study first measures the financial, personnel, and academic dimensions of state regulation, and examines the extent to which university and state characteristics have an effect on the regulatory climate and administrative flexibility granted to campuses. Second, the research analyzes the dimensions of managerial satisfaction and tests the hypothesis that the state's regulatory climate exercises an influence on the satisfaction levels of managers who are in functional areas impacted by state control. An array of organizational, individual, and work climate variables is used as controls. Atmospheres of administrative teamwork and interpersonal stress appear to exert the strongest positive and negative influences on administrative satisfaction.