Purpose: This study aims to identify school-level variables that influence academic outcomes, and to determine the extent of their influence. Using state-level panel data, this study estimates a simple achievement function to explore the nexus between three identified factors (percentage of students eligible for reduced/free lunch program, school enrolment and per-pupil expenditure) and student achievement (percentage of satisfactory of 4^th grade math and read) in the United States.

Method: Based on literature reference and rational hypotheses, the effects of the percentage of student eligible for reduced or free lunch, school enrolment and per-pupil expenditure on the percentage of 4th grade student satisfactory in math and read were tested for a certain group of students separately. Ordinary Least Squares regression model was used to determine the validity and strength of each relationship.

Result: The data set consisted of 1823 observations located in different districts. Final test result shows that:

1) Significant negative effect on student achievement is found under the factor of percentage of students eligible for reduced or free lunch.

2) Slight negative effect on student achievement is found under the factor of school enrollment.

3) Slight positive effect on student achievement is found under the factor of per-pupil expenditure.

Students in school with lower percentage of students eligible for reduced or free lunch program, lower enrolment record, and more per-pupil expenditure will have better academic performance.