This paper utilizes individual institutional level data upon which the published American Association of University Professors (AAUP) salary survey results are based to compute continuation rates for associate professors during the 1996-97 and 2001-02 period. It summarizes the levels of continuation rates, by institutional category and public/private form of control during the period, and it uses AAUP institutional level data and data from other sources to estimate continuation rate equations. A key concern of the paper is the level of average faculty compensation at an institution and its effect on professorial turnover. Data analysis indicates that associate professor continuation rates are positively associated with the average level of compensation that associate professors receive. Holding other factors constant, including the public/private control of an institution, unionization of faculty, and highest degree that the institution grants, a $10,000 increase in associate professor compensation is related to a 0.5-0.8 percentage point increase in its associate professor continuation rate and thus an equivalent decline in its associate professor turnover rate. (SM)