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This study analyzes the factors influencing the organizational performance of schools in Korea, using the 'governance model'. In recent years, the importance of managerial factors in the public sector has been emphasized. To examine whether this emphasis is justified, this study analyzes data collected from the Korean Educational Panel Study wave II and III. The results of the analysis demonstrate that school leaders' managerial actions are important influential factors, as are parental factors such as social economic status. Among the managerial actions, networking behavior and managerial stability have positive effects on school performance. These findings suggest that managerial factors are important in the running of schools and indicate that the recent trend of stressing the managerial efforts of principals continues to be relevant.