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The aim of the present work is to validate a model of antecedents and consequences of university perceived value among graduates, and to analyse the moderating role of their level of involvement with Higher Education. Perceived value is proposed as the principal antecedent of perceived value, comprising four dimensions: teaching staff, infrastructures, administration staff, and support services. Overall satisfaction with the university and the overall image of the institution are taken as consequences, for the purpose of this study. The final sample – comprising 352 university graduates from all areas of knowledge – was obtained via computer-assisted telephone interviewing (CATI). The theoretical model was estimated using Consistent Partial Least Squares (PLSc) and Multi-group Analysis (PLS–MGA). The results of the analysis confirm that perceived quality is a multidimensional construct formed by four …