Research has suggested that self or co-regulated learning is very helpful for the development of students' autonomy, and is particularly important in online learning environments, because such non-linear environments tend to lack focus and teachers' monitoring. The social cognitive research suggests that highly self-regulated learners have higher motivation and more control of their learning behaviors, and thus generate better outcomes on an individual basis rather on a group basis. This study thus attempts to extend the social cognitive perspective of self-regulated learning to collective regulated learning, and to investigate the relationships among collective beliefs (i.e., collective task value, a newly developed group motivation), collaborative behaviors (i.e., group cohesion, cognitive quality of collaborative interactions), and collaborative performance through collaborative creation in the CSCL environment. A total of 96 college students participated in this study. Both quantitative and qualitative analyses were applied. The results indicate that collective task value is a reliable and valid construct. The results also show that collective task value significantly predicts students' group cohesion and collaborative performance, although it does not predict students' cognitive quality of collaborative interactions. Students' group cohesion and higher level of cognitive quality in collaborative interactions also both significantly predict their collaborative performance through collaborative creation in the CSCL environment.