This paper provides new evidence on the simple and interaction effects of School-Based Management and Standards-Based Accountability on student achievement. The data used in the analysis comes from PISA (Programme for International Student Assessment) 2006 survey that assesses the performance in reading, mathematics and science of around 400,000 15 year-old students from 57 countries. We build a Structural Equation Model to investigate the relationship between student achievement and the other latent variables. Our findings indicate that the joint adoption of School-Based Management and Standards-Based Accountability has a significant positive effect on student achievement.