In this study, we propose an integrative framework in which the effect of positive psychological capital (i.e., PsyCap) on academic performance is best understood when considered in conjunction with the character strength of self-regulation. Drawing from a sample of 128 undergraduate business students, the results indicate that self-regulation partially mediates the relationship between PsyCap and GPA. These findings explain how PsyCap orients students to contextually regulate their behaviors that lead to better academic performance.