This article aims to examine the impact of debriefing (a reflective stage following action) on the relationship between satisfaction and perceived learning (encompassing knowledge, skills, and attitudes [KSA]) within the context of business games. The study analyzes self-reported data from 108 eighth-semester Business Administration students across two higher education institutions in Brazil, divided into two groups: an experimental group (who underwent debriefing) and a control group (who did not). The data was analyzed using Partial Least Squares Path Modeling (PLS-PM) . The findings of this paper do not support the hypothesis that the debriefing stage significantly influences the relationship between satisfaction and perceived learning. Therefore, it is concluded that during business games, participants engage in ex-ante reflection in the decision-making process, oversee the implementation of proposed solutions ex-cursum, and evaluate results ex-post. While the debriefing process reinforces this final stage, it does not significantly affect the relationship between satisfaction and perceived learning.